Big Skinny Case Study
Summary StatementBig Skinny produces thin, light, and machine washable wallets for both men and women. The company is gearing for the launch of an online marketing campaign and is considering several technology based solutions to create an online presence. In my view, Big Skinny should focus on existing customers by launching an all-out social media campaign instead of paying per click or expensive keyword search to attract new customers. The recommended social media strategy to engage existing fan base will require a massive brand awareness campaign, a complete website refresh, traditional print media advertising channels, and forming alliances with prominent fashion retailers.Problem IdentificationIn the case, Big Skinny’s CEO Kiril Alexandrov and his wife and marketing director, Catherine Alexandrov are thinking about rolling out an online marketing campaign after an overwhelming response to a promotion glitch that confirmed consumers appetite and interest for the product. Traditionally, Big Skinny has relied on traditional marketing avenues such as street fairs, print advertising, word of mouth advertising and retail distribution primarily to drive sales. Over time, the company has perfected the art of street fair pitches and this highly interactive strategy has created a loyal customer base. Although the company has always had an online presence but generating sales through this channel has been difficult primarily because a wallet is typically an impulse purchase and the online platform lacks the interactive in person demonstration feature.
Kiril understands that an online marketing strategy is the next phase for the company but is uncertain whether marketing efforts should be directed towards acquiring new customers through search engines or on engaging existing customer base with social and other interactive media. Similarly, Kiril is also considering whether marketing dollars should be invested in online or offline marketing platforms. Evaluative CriteriaIn my mind, the key evaluation criteria for various alternatives would be:Conversion Rate: Percentage of visitors that turn into buyers.Abandonment Rate: Rate at which new visitors visit your site and immediately click away. Low interaction could be due to poor website design, low usability, and high load times.Interactions per Visit: Measures and monitors the amount of visitors that interact with social media through the website. Items such as likes, comments, shares, and time spent on the website.Site Search: Tracks keywords that lead to the website.Traffic Sources: Monitors traffic sources driving visitors to your website.Revenue: Total revenue through online and offline marketing channels.Actual Media Cost: Total cost for marketing the alternative including cost per click.Ease of implementation and suitability of alternative.AlternativesThe online marketing alternatives presented in the case are either focussed on attracting new customers with Display Ads, Algorithmic and Sponsored Search or engaging existing customers through Social Media and Interactive Content. Another issue to consider is retail versus online distribution channel. Lastly, we will briefly discuss an evaluation marketing tool discussed in the case.