SwatchFOB Executive Summary
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This is an executive summary presentation for a new product called SwatchFob which is for my final project for my Integrated Marketing Communication (MKT 605 course) class that is part of my Masters program at Southern New Hampshire University
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SwatchFOB Executive Summary
- 1. SwatchFOB Introduces Reference: Information and logo from SwatchGroup.com
- 2. Many styles and designs Operates with most vehicles Has clock and calendar Used as key fob Voice operated and controlled Fingerprint auto theft protection Lifeline emergency connection Drinking and driving prevention Distracted driving prevention SwatchFOB Benefits and Features Reference: Picture of watches from store.swatch.com
- 3. SwatchFOB Brand Ambassadors Conduct SwatchFOB demonstrations in person and online Build individualized relationships with all customers Establish a truthful and honest relationship with customers Treat all customers with dignity and respect Answer questions individually
- 4. SwatchFOB U.S. Target Market Baby Boomers Men and women, ages 50 to 65 Appreciate their aging but refuse to grow old Lively and active Want to make their lives and daily living easier Love to be on the go and love to drive Tech savvy and use the electronic devices Frequent users of the Internet and social media Reference: Information and photo from AARP.com and flag from WorldAtlas.com
- 5. SwatchFOB Brazil Target Market Men and women, ages 50 to 65 Appreciate their aging but refuse to grow old Lively and active Want to make their lives and daily living easier Love to be on the go and love to drive Tech savvy and use the electronic devices Frequent users of the Internet and social media Reference: Brazil Flag from WorldAtalas.com
- 6. SwatchFOB South Korea Target Market Men and women, ages 50 to 65 Majority speak Korean Want instant feedback Will ask a lot of questions Know spoken and written English Family oriented, high respect for elders Use Internet and social media daily Do not like saying “No” when asked questions Personal and business relationships are important Prefer to learn about new products in person and online Reference: South Korea Flag from WorldAtalas.com
- 7. SwatchFOB International Target Markets Commonalities Family oriented Lively and active Prefer living life rather than aging Their cultures are important to them Use Internet and social media for business and personal Accept to new technology Will use the internet for decision making Prefer face to face communication for instant feedback Reference: United States, Brazil and South Korea Flags from WorldAtalas.com
- 8. SwatchFOB Website Marketing Advantages Disadvantages oAttract and hold visitors attention oOffer opt in and opt out oBuild trust and honesty oSome visitors may see information overload oWebsite does not generate word-of-mouth advertising oSome visitors will visit website and leave
- 9. SwatchFOB Social Media Marketing Advantages Disadvantages oOffers constant and consistent updates oOffers live and recorded demonstrations oVisitors have instant access 24/7 oMany visitors may not participate oSome use as social connection oSome are not familiar with instant feedback apps
- 10. SwatchFOB Face-to-Face Marketing Advantages Disadvantages oVisitors can see and touch product oVisitors get instant answers and feedback oGenerates word-of-mouth advertising oMany events become overcrowded oGiveaways can become expensive oWeather plays a role on attendance
- 11. SwatchFOB Online Communications oOnline Written Communication oOnline Verbal Communication oOnline Nonverbal Communication oOnline Visual Communication oActive Listening Adjustments, Avoidances, and Requirements Reference: United States, Brazil and South Korea Flags from WorldAtalas.com
- 12. Inspire SwatchFOB Brand Ambassadors Convert Customers to Ambassadors Attract Engage Convert
Notas del editor
- SwatchFOB Introduction Swatch Group is a renowned multinational watchmaking and sales company with its headquarters located in Biel/Bienne, Switzerland and has 19 brands with a wide array of styles and price points including the swatch brand. The company is famous for its pristine, high quality, long lasting watch movements and components that meet the wants and needs of their customers for accuracy, comfort, style, and design. Swatch Group also has companies that are experts with sports timing devices and consumer and industrial electronics. Therefore, the next step for Swatch Group to expand globally is to introduce and launch the SwatchFOB in the automotive sector.
- SwatchFOB Benefits and Features SwatchFOB provides a wide array of features and benefits that include that it is easy to put and take off and its various sleek designs make it comfortable to wear. With its many benefits, SwatchFOB is voice activated that eliminates pressing buttons and will operate several worldwide. In addition, SwatchFOB includes other benefits such as having access to a clock, alarm, and calendar. More importantly, SwatchFOB is adaptable for any year, make, and model of all auto manufacturers worldwide. Some of SwatchFOB major features include: Some of the major benefits of SwatchFOB include: Emergency lifeline connection in case a driver has an accident or health emergency while on the road. Global Positioning System vehicle locator in case the driver becomes incompacited. Roadside assistance that provides numerous services such as towing, emergency fuel delivery, and free SwatchFOB repair service to name a couple of examples. Built in auto theft protection such as the vehicle will not start without wearing SwatchFOB. Drinking and driving prevention based on chemical reaction of skin under the backside of SwatchFOB. Distracted driving prevention that prevents drivers from talking on the cell phone and texting and driving based on the hand, wrist, and arm movements that the SwatchFOB is being worn on. Will save drivers up to 20 percent on their car insurance premiums.
- SwatchFOB Brand Ambassador Swatch Group will utilize SwatchFOB Brand Ambassadors within all of its Integrated Marketing Communication (IMC) Plan mediums. Brand ambassadors go beyond have celebrity spokespersons because brand ambassadors are integrated within the recommended marketing mediums because they will conduct SwatchFOB demonstrations whether it be face-to-face, online live stream, video blogs, or online recorded video, they will be able to answer questions whether in person, via email, live chat, via social media, and so forth. In other words, SwatchFOB Brand Ambassadors will become extremely familiar to all potential customers worldwide. Brand ambassadors will be familiar with the SwatchFOB because they use it and appreciate its features and benefits so they can honestly recommend it to potential customers in person and online. Brand ambassadors will be localized throughout the world thereby preventing any cultural, business etiquette, and language and communication barriers. More importantly, SwatchFOB Brand Ambassadors will know their potential customers and all potential customers will get to know their localized brand ambassadors both in person and over the Internet. These special relationships between SwatchFOB Brand Ambassadors and potential customers will create a special bond of truth and honesty, which is the solid foundation for any business and professional relationship. In turn, this foundation of truth and honesty will support, reflect, and represent the fact that SwatchFOB is a truthful, honest, and reliable product. More importantly, the honest and truthful relationships will make all potential consumers feel that they are being treated as individuals with dignity and respect rather than as a group of individuals where the lack of individual attention and focus is lost. Most importantly, all SwatchFOB potential customers will appreciate the special individualized attention that they receive from SwatchFOB Brand Ambassadors that they, in turn, will spread and share the message about SwatchFOB both in person and online converting them to SwatchFOB Brand Ambassadors.
- SwatchFOB Target Market: Baby Boomers When SwatchFOB is introduced and launched in the United States, its target market audience will be the baby boomers, the men and women between the ages of 50 and 65. The members of this group have the discretionary income and desire to invest in new products especially technological devices such as SwatchFOB because not only are they tech savvy and use electronic devices, they search, investigate, and purchase products mainly online that will make their lives and daily activities easier because they do realize that they are aging but they refuse to grow old by staying active and acting young. It is this group of potential customers that enjoy driving and will utilize any product available in order for them to continue driving as long as they possibly can. In turn, the members of this target group, the members of this group utilize the internet and social media on a daily basis to keep in touch with family and friends and to research information in order to make sound purchasing decisions especially with tech products and new products like SwatchFOB.
- SwatchFOB Brazil Target Market The Brazilian target market consist of men and women ages 50 to 65. They speak Portuguese because it is their national language but can speak, read, and write English, which they find easier. They are also active and lively individuals just like the US baby boomers. They are extremely family oriented as well and care about their elders and the younger generation, their children and great grandchildren. They are very tech savvy and utilize the Internet and social media daily. However, they also prefer to learn about new products in person where they can get feedback immediately. They also prefer verbal communication over written communication thereby they prefer live chats and live streams on the Internet as well.
- SwatchFOB South Korea Target Market South Korean target market also consist of men and women ages 50 to 65. Korean is the national language but many South Koreans can read, write, and speak English. In fact, they prefer written English over spoken English due to having fewer characters to learn and when they speak English, it is often broken because many Korean words cannot be translated into English. The members of this group demand respect and expect to be called “Mr., Mrs., and Dr” and the men are most often highly educated. They are extremely family oriented and hold high respect and regards to their elders and will do anything to protect their children and grandchildren in order to keep them safe and secure. The men of this age group are most often the decision maker unless there is somebody older living in the home while the women will learn about new products and help with making the decisions, the final decision is always left to the eldest male of the household. This group of people also active and lively and prefer to act and stay young. South Korea benefits from having the highest speed Internet service in the world and the members of this target market know how to take advantage of it by utilizing the Internet and social media frequently to research information and to keep in touch with family and friends. In fact, they are not risk takers and are skeptical of new products so they will do extensive research in person and online. Prefer face to face communication because strong personal and business relationships are very important to them. They will ask a lot of questions and will repeat them to make sure they truly understand what they are hearing and learning. They do not like saying “no” so they will say “yes” extensively and quite often. Therefore, closed ended questions are not appropriate to ask South Koreans because they will most often answer “yes” to them. Therefore, it is important to ask them an open ended question that requires a detailed answer.
- SwatchFOB International Target Markets Commonalities There are several commonalities among Americans, Brazilians, and South Koreans that are as follows: Family oriented Lively and active Prefer living life rather than aging Their cultures are important to them Use Internet and social media for business and personal reasons Accept to new technology Will use the internet for decision making Prefer face to face communication for instant feedback
- International IMC Plan Medium Recommendation 1: Website Marketing Advantages SwatchFOB website provides the features as discussed earlier that will attract and hold the attention of potential customers. The potential customers can easily opt in and opt out of any email or e-newsletter subscription at any time they choose and have the freedom to sign up again when they choose to do so. SwatchFOB website must build trust and honesty between the product and all potential customers as discussed earlier (Ehret, 2011). Disadvantages Some potential consumers may find the SwatchFOB offering information overload. Websites do not tend to generate word-of-mouth advertising as direct marketing does. Some SwatchFOB website visitors merely visit the website to gather information and do not take advantage of visiting the various SwatchFOB social media sites or sign up for email newsletters (Ehret, 2011).
- International IMC Plan Medium Recommendation 2: Social Media Marketing Advantages Potential customers will be constantly and consistently updated about SwatchFOB. Social media sites such as Facebook and YouTube provide live or taped SwatchFOB demonstrations for those who do not prefer to attend a direct marketing event. SwatchFOB social media sites visitors will always have access to instant feedback 24/7 when they have questions and concerns (Stevens, 2013). Disadvantages Many visitors to SwatchFOB social media sites may not like, share, tweet, retweets, and pin SwatchFOB information on their social media sites. Some social media users merely use social media to keep in touch with family and friends. Some baby boomers may not even use any social media whatsoever while some may not be familiar with instant feedback apps such Facebook Messenger and Google+ (Stevens, 2013).
- International IMC Plan Medium Recommendation 3: Face to Face Marketing Advantages Potential consumers can utilize all of their senses when watching SwatchFOB demonstrations in person. Potential customers will be able to get immediate answers and feedback regarding the SwatchFOB as well as printed materials to take with them for future reference and SwatchFOB website and social media sites web addresses. Direct marketing events tend to generate lots of word-of-mouth advertising because people most often attend events in groups and then after leaving, tell their family and friends what they learned about the SwatchFOB (Marketing Charts Staff, 2015). Disadvantages Many of these direct marketing events may become overcrowded to where potential consumers will not be able fully see, understand, and appreciate the SwatchFOB features and benefits when demonstrated. The giveaways could become expensive because people tend to take more than their fair share. Weather always plays an inclement role with attendance such as rain and storms affecting outside events during spring and summer months and snow, ice, and blizzards during indoor events during the winter months (Marketing Charts Staff, 2015).
- Online Communication Adjustments, Avoidances, and Requirements Online written communication is necessary because words mean different things in different languages with some words untranslatable from one language to another. Typographical and punctuation errors on the SwatchFOB website and social media sites can lead to additional confusion even to those who are fluent in reading English. It may be necessary to use a translator specialist to ensure that translation from a language to English is as accurate as possible. Verbal communication online is just as important as it is with face to face marketing because SwatchFOB Brand Ambassadors will be conversing with people online is much more personal and individualized building stronger business interpersonal relationships. Nonverbal communication must be paid close attention to because some hand gestures will mean one thing in one country and something offensive in another. Furthermore, regardless of what country, SwatchFOB Brand Ambassadors must stand tall and sit up straight when doing a live or recorded demonstration because slouching when sitting or standing reflects laziness and a lackadaisical attitude that does reflect the image of SwatchFOB. Visual communication is also important because in many countries certain colors reflect death and mourning and can be found offensive while some colors represent regal, pageantry, happiness, and so forth and thereby reflect a positive image. Even the use of fonts is important to reflect an international image because some fonts will make reading English for some potential customers is a second language. Proper attire is also a must because in most countries, business dress is strictly adhered to in a professional relationship. Active listening is what makes the circle of communication come full circle and complete and it is what builds the trustworthy and honest relationships between SwatchFOB Brand Ambassadors and online customers. It is the comprehension, understanding, and appreciation of what the online customers is saying while the SwatchFOB Brand Ambassador is going beyond just hearing them by actually understanding what the person is saying and listening with care, concern, understanding, and appreciation. This is what makes the business relationships between SwatchFOB Brand Ambassadors and online customers stronger with trust and honesty and making all potential customers feel appreciated by treating them with dignity and respect on as an individual fellow human being.
- SwatchFOB Converts Customers to Ambassadors The ultimate goal of Swatch Group is to convert SwatchFOB customers to become SwatchFOB Brand Amassadors! The first step is to attract potential customers to the SwatchFOB website and social media and utilizing face to face marketing as discussed will definitely do this. In any of the mediums utilized, getting potential customers engaged is the next vital step and this is accomplished by answering their questions and getting them excited about what they are learning and how SwatchFOB features and benefits will improve their lives. Once potential customers realize that their needs and wants can be fulfilled and their daily lives can be made easier, it will be easier for SwatchFOB Brand Ambassadors to establish trustworthy and honest business relationships with them. In doing so, each and every potential customer will appreciate the individual attention they are receiving and appreciate SwatchFOB even more. In turn, they will become inspired by what SwatchFOB has to offer them that they will not hesitate to share what they learned to their family and friends either in person, by telephone, online via chat and social media, and any other avenue of communication. Ultimately, these SwatchFOB customers will now be SwatchFOB Brand Ambassadors! Their support and promotion is priceless and invaluable for SwatchFOB to become a successful product and brand worldwide!