Missguided is an online fashion retailer aimed at women aged 16-34. It was set up by Manchester-based entrepreneur Nitin Passi in 2008. The etailer, which employs over 300 people, sells celebrity inspired products at reasonable price points. It operates a fast fashion model bringing hundreds of new products to its site each week. It sells own brand product and, despite requests from retailers including fashion giant Asos, it has shunned wholesaling in favour of growing its own retail operation.
After a Red Hobbs dress by Pipa Middleton sold out, it took Missguided only five days to have a similar one on sale, according to Passi.
He said: 'We are very reactive and quick to market. We can turn round a product in three days, which is important in fashion. We can also offer next-day delivery to America compared with Asos's four-day delivery to the US
The etailer is achieving 20% sales growth each month. Passi expects to unveil sales of £50m to £55m for its year to March 2013 which he predicts will grow to over £100m in its current financial year. Missguided ship to 160 countries and have celebrity ambassadors such as form pussy cat doll Nicole Sherzinger.
With Missguided attracting more than eight million website visits a month, which included a record 265,000 orders made in December 2013, the Missguided business sees significant opportunity to grow into a prominent global player as it moves into its sixth year of operation.
Overall, with the growing demand for young women to have the similar wardrobes to the celebrities they idolize, Missguided have become successful in giving their audience what they want which is one reason as to why they are so successful. Their buisness is constantly expanding and gaining more and more customers each month.
Situation Analysis
With the buisness expanding and demands booming, the pressure for Missguided to meet the expectations of their customers has become difficult. With large numbers of orders they recieve during the week and more importantly, for the weekends, it's become difficult for the company to meet their given delivery time brackets. Missguided are failing to deliever their customers orders on time, or even deliever the correct items. 1 in 8 people recieve their 'next day delievery' orders whilst the rest are still left waiting days later. This has resulted in a lot of negative press and damage to brand reputation. The aftermath of missguided not delievering properly, literally, leaves angry customers to take to twitter to express their anger and upset towards the company. by simply typing in 'Missguided' into twitter, thousands of tweets and photos appear from angry customers with nothing but bad things to say. This has left Missguided with the problem of damaged trust with existing and potential customers.
Competitive Enviroment
One of Missguided's main competitors is ASOS, with others being 'Boohoo' and 'Pretty Little Thing'. With customers being presented 4 powerful and successful fashion etailers, their comes a rival when decisions need to be made by the public on which company they should buy their products from. They each become threats to each other as they all want to be successful in having a large number of sales, as well as good press and brand recognition. With Missguided recently slacking more than usual to deliver their customers items on time, better delivery services from the other etailers such as Asos and boohoo are winning the publics trust as they are viewed as better companies to shop at.
Target Market/Research data
Missguided is a company that exists to bring customers not only the latest trends in fashion but celebrity inspired fashion trends and items of clothing. Missguided shadow the rich and famous on their red carpet debuts to offer their customers extremely precise dupes of their clothing. That is what they offer. Another platform that helps missguided understand their target audience and little bit more is that as they are an etailer, one of their key elements of advertisement is through social media. When customers tweet about Missguided or tweet too them, Missguided can check them out and see what type of people are buying their products. It's highly unlikely you'll get somebody in their 50's on twitter, tweeting Missguided about a kim kardashian inspired pencil skirt they just purchased. Missguided already expect for young women and teenage girls to be using their products. This also allows for missguided to target their chosen target audience, which is 16-34 year olds, repeteadly.
Missguided use young, popular and attractive celebrities as their inspirations and ambassadors. Besides Nicole Sherzinger, more recently 'Pia Mia', a young teenage music artist from the USA has just made a collaboration with the company. Missguided and there customers know that she is close friends with the kardashians, especially Kylie Jenner who is one of this generations biggest beauty and fashion inspirations. Missguided already know that customers are going to want to be wearing what Pia Mia is wearing, they're going to want to know where they can get what she has on, they're going to adapt their style to hers, and for Missguided, it means lots more sales and a lot more popularity and brand recognition. The other positive to this for Missguided is that in the celebrity world, other celebs will be asking or finding out that Pia Mia is wearing clothing from Missguided which means even more recognition on a much higher level.
Action Plan
First thing is first, GoldMasters believe the campaign promotion of the advert and the release of the £50 voucher needs to happen first. This is because its very important Missguided get their feedback from the public about their new delivery services so they can get an understanding about whether the changes that were made were actually beneficial and if they need to solve any other problems, and so they can do it quickly.
The advert is their to increase sales overall and remind customers that missguided may have lost due to poor delievery services, and exisiting customers, what we have to offer. The press release and the advert will be released on the same day, July the 25th. The campaign will be ongoing for around a week. This gives Missguided time to recieve in their feedback and to finalize their response back out to the public about what was said about the new delievery services as a whole.
The reason it is being released so specifically on the 25th is because the other startergy we have which is the article for Glamour Magazine must be released in a new issue of the companies magazine which will lead us up to july 1st which will mark the end of the campaign, so it will last a week. The article in Glamour Magazine will be the last thing to be released as having an opinion and review coming from a third party, especially someone like Glamour, will allow people to understand how successful Missguided have been with the new delievery services.
Campaign Schedule:
No comments:
Post a Comment