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Macy's Marketing Challenge 2016

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Macy's Marketing Challenge 2016

  1. 1. The George Washington University Asha Kumar-Omelian, Navneet Pandher, & Alexandria Paterra EVERYDAY MAGIC, EVERYWHERE
  2. 2. WHO WE ARE Navneet Pandher Senior Double Majoring in Marketing & Event Management. Enjoys dancing and warm weather! Alexandria Paterra Senior Majoring in Marketing & Minoring in Sociology. Enjoys reading to her son & hiking with her husband! Asha Kumar-Omelian Senior Majoring in Marketing. Loves camping and exploring restaurants in DC.
  3. 3. MACY’S: A MAGICAL BRAND ❖  Department store brand that has been at the center of American culture for more than 150 years. ❖  Macy’s creates magical experiences for customers through a broad product offering and iconic events like the Thanksgiving Day Parade and the Fourth of July Fireworks. ❖  The omnichannel strategy aims to provide a seamless experience for customers from their stores, to their website, to their app. ❖  My Macy’s - each store’s inventory and assortment is based on local and regional demands and preferences.
  4. 4. BRAND CHALLENGE The Challenge Brand Opportunities ❖  Differentiate Macy’s in a retail landscape where omnichannel convenience and endless choices emerge as real threats. ❖  Position Macy’s as the dominant retail and entertainment giant; delivering on convenience, innovation, valued selection and magical experiences. ❖  Find the right mix of category growth, new service extensions, and entertainment platforms. These are the brand characteristics that Macy’s still has room to grow in that we wish to focus on: ❖  Magical ❖  Service ❖  Convenient ❖  Inspiring
  5. 5. THE MILLENNIAL Millennials are becoming less and less interested in shopping at Macy’s.There seems to be a lack of awareness of the different Macy’s services, entertainment ventures, and social media platforms which may have been the reason why Macy’s saw a 1.7% drop in sales and 8% drop in earnings since last year. ❖  Macy’s must cater to the millennial customer. ❖  The millennial wants to be engaged with on social media. ❖  The millennial wants a brand that will provide them with an experience that they can’t get in their everyday life rather than just a product. ❖  The millennial wants to know what companies are doing in terms of CSR, and they value social involvement. (Information from Forbes)
  6. 6. The Positioning Strategy: Macy's is the brand millennials look to, to bring inspiration and magic to every aspect of their life through every channel and social media platform. The Big Idea: Everyday magic, everywhere. Brand Opportunity Focus: CREATIVE STRATEGY v  Magic v  Valued Service v  Convenience v  Inspiration
  7. 7. OUR SOLUTION Tactic The Challenges Addressed 1. The Magic Team & Increasing CSR Position Macy’s as the dominant retailer and creating the right mix of customer engagement and new services. 2. Blogger Outreach & Promotion Position Macy’s as the dominant retail and entertainment giant that delivers innovation and valued selection & differentiate Macy’s in a retail landscape where endless choices and omnichannel convenience emerge as real threats. 3. Streamlining In-Store Experience Differentiate Macy’s in a retail landscape where omnichannel convenience and endless choices emerge as real threats. 4. Improving Social Media Presence Creating the right mix of entertainment platforms & position Macy’s as the dominant retail and entertainment giant that delivers innovation and valued selection
  8. 8. THE MAGIC TEAM (CSR) Forbes found that millennials prefer to shop at a company that has positive consumer social responsibility. They like to see that the companies that they are shopping at care about the world we live in and give back to the community on a regular basis. The Idea ❖  Macy’s would create a CSR team called the “Magic Team.” It would consist of a group of energetic Macy’s employees committed to spreading the magic of Macy’s to the less fortunate members of the community. ❖  Macy’s Magic Team events would include delivering beanies and scarves to the homeless during the winter, holding a prom event at various children’s hospitals and giving patients dresses and free makeup sessions, holding back to school events with free fashionable finds for inner city students, and bringing nice clothes to senior citizens who can’t afford them. Considerations ❖  This could be an expensive strategy in terms of providing free clothes to many people. However, the value of the CSR benefits would outweigh the costs. ❖  This tactic would sit well with not just millennials, but the media, organizations, and all consumers. ❖  No one looks down on positive CSR. ❖  This is a long-term strategy with many options.
  10. 10. Right now, bloggers on Youtube and Instagram are taking the fashion industry by storm. These bloggers have large spheres of influences with millennials and Gen X’ers. They drive valuable traffic to brand websites and stores and are the faces of relatable, everyday fashion. The Idea ❖  Macy’s would reach out to 200 of the most popular fashion bloggers and allow them to pick certain pieces from their clothing assortment. These bloggers would then create various looks with those pieces and promote the Macy’s brand to their followers. Their captions can include specific keywords and hashtags. ❖  Macy’s would feature these bloggers on its social media platforms and collect their photos to create a lookbook on Macy’s website and app. Shoppers then would be able to peruse through the lookbook of these familiar bloggers and purchase outfits these bloggers have put together. This enhances the omnichannel experience of convenience because shoppers will be able to visualize outfits and occasions to wear specific Macy’s products. Considerations ❖  This tactic has minimal risk or barriers of entry, besides cost. Bloggers would get the opportunity to get cost-free clothing and accessories and Macy’s would be promoted to their followers. ❖  This tactic would help Macy’s compete in the fast fashion industry and the luxury segment. ❖  Macy’s can start with fashion and beauty bloggers on Instagram and Youtube and as the success of this tactic is measured, it can expand to mommy, food, house decor, and other lifestyle bloggers that are relevant to Macy’s product offerings. BLOGGER OUTREACH
  11. 11. EXAMPLE BLOGGER Song of Style is one of the most influential bloggers out there. Aimee and bloggers like her would be great partners as Macy’s begins its blogger outreach.
  12. 12. THE IMPACT OF INSTAGRAM Source: Mashable Instagram has completed transfigured the fashion industry. Users can now shop for products by liking photos, get exclusive sneak peaks of the latest fashion trends, and get inspired to create their own outfits. This is why fashion bloggers have such a large influence with their followers: they are relatable, engaging, and inspire people. v  73 Instagram photos from New York Fashion Week were selected to be a part of Getty Images’ Library. v  For every 1 foursquare check-in, there are 480 Instagram photos posted.   v  The New York Times has an Instagram account solely dedicated to fashion, with over 189K followers.
  13. 13. MASTERS OF SOCIAL MEDIA Millennials are the masters of social media and want to be brand loyal. Attract their attention by making the Macy’s social media profiles engaging, interactive, and attractive. The Idea ❖  Accounts should be updated regularly with products and content, including pictures and videos, that place an emphasis on how customers can daily experience the magic of Macy's in every part of their lives. ❖  Feature and promote bloggers’ posts that highlight Macy’s products to increase reach and brand awareness. ❖  Use social media analytics (e.g.: Zoomph) to understand what customers and potential customers, i.e. followers, are talking about, interested in, and engaging with. Adjust your social media interactions and strategy to turn likes and comments into traffic and sales. Considerations v Consider tailoring social media profiles to the platform user preferences, or multiple social media accounts on a platform to better target potential customers. E.g.: Instagram Accounts- Macy’s Home, Macy’s Women, Macy’s Men v Proper social media branding is all about relevance and engagement - respond to comments in a timely manner, post content that is relevant to current events, use trending hashtags, and “tag” your exclusive brands to highlight them. v Consider investing in social media development and digital strategy staff or outsourcing to a social media marketing agency.
  15. 15. STREAMLINE MACY’S MAGIC IN-STORE Macy's many options and featured brands can leave customers feeling overwhelmed and exhausted. Macy's has a powerful collection of brands, but individual brands are over played, while the Macy's brand is underplayed. The Idea v Macy’s can diminish a consumer’s potential for decision fatigue by reducing the size and quantity  of advertisements by featured brands. Customers can then focus on the valued service & convenience of having  all of their favorite brands in one place. v Streamline in-store branding so that the Macy’s branding is first and forefront in the customer’s mind. v Continue to emphasize the Magic Selling training program to ensure that every customer is helped and happy - make everyday a magical day. Considerations v Contracts with private label brands and leased business may dictate imagery and advertisement sizes in store. v Changing store layout and developing new Macy’s in store branding will be expensive to develop and implement, however the reduction in ad and decision fatigue will encourage consumers to stay longer and buy more.
  16. 16. THE MARKETING BEHIND THE MAGIC How we plan to bring awareness to our new tactics. Tactic Marketing/PR Strategy Brand Opportunity Magic Team Advertorials, Press Releases, Online Magazine/News Articles (e.g. HerCampus, Buzzfeed, NYTimes) Magic, Valued Service Bloggers Social Media Cross Promotion Inspiration, Magic Social Media Instagram, Pinterest, Twitter, FB, Periscope, Snapchat, YouTube Inspiration, Magic In-Store In-store Experience, Word-of-Mouth Valued Service, Convenience, Magic
  17. 17. BIBLIOGRAPHY 1.  Macy's is Still Struggling to Figure Out Millennials 2.  Macy's Plan to Win Millenials 3.  Macy's CEO Faces Company's Challenges Ahead 4.  Five Millennial Trends that will Pave the Way for Marketers 5.  10 New Findings about the Millennial Consumer