Mahogany Western Wear
Execution
Marketing & Sales
Marketing Plan
With Social Media our marketing strategy will focus heavily on sales promotion, niche positioning in the market, and customer service with loyalty and retention in sales.
- The marketing budget will not exceed 5% of our gross annual sales.
- Our promotions will always stay in tune with our company objectives and mission statement.
We plan on maintaining a flexible pricing strategy. We base the product lines that we carry on their reputation and quality as western wear apparel. Most of our lines come with a suggested retail price that we will follow.
We will also keep an up-to-date Facebook page and Twitter persona with regularly updated content. We will be slow to do promotions over social media, emphasizing useful content instead. Some of that will include community content.
Our retail location will be the foundation of building our customer base. We will also manage a direct mail program that will focus on our top 50% customers spotlighting any in-house sales and promotions.
Sales Plan
We plan on implementing the following sales strategy:
- We will utilize the Retail ICE POS software with every sales transaction. With each purchase the software will record and maintain in its database the customer’s name, address and purchases. This information will be used with our direct mailing program to focus on our top 50% of customers.
- We will offer a 14 day return/exchange policy to build trust with our customers and maintain retention and loyalty.
Operations
Locations & Facilities
Mahogany Western Wear will be located at 13328 1/2 Almeda Rd., Houston, TX 77045. This space has 1,020 square feet and has been leased for two years. This location is central to the geographical location for the African-American cowboy community in the southern part of Houston, TX. We feel it is essential to our initial and ongoing success that we locate ourselves in the heartbeat of the community. We also strive to create an atmosphere of acceptance and community, as well as a retail environment where individuals can identify and bond with their culture.
All business deliveries and shipments will be handled through the store. The company office will also be housed at this location.
Milestones & Metrics
Milestones Table
| Milestone | Due Date | |
|---|---|---|
|
Secure D.B.A
|
Sept 13, 2018 | |
|
Secure Retail Location Lease
|
Sept 13, 2018 | |
|
Apply for Occupancy Permit
|
Sept 13, 2018 | |
|
Place Inventory Orders
|
Sept 13, 2018 | |
|
Purchase ICE Retail Program
|
Sept 13, 2018 | |
|
Contact Utility Company
|
Sept 13, 2018 | |
|
Create Store Policies
|
Sept 13, 2018 | |
|
Contact Telecheck Guarenty Services
|
Sept 17, 2018 | |
|
Order Color Flyers or Postcards
|
Sept 25, 2018 | |
|
Purchase Computer / Cash register
|
Sept 28, 2018 | |
|
Grand Opening
|
Sept 28, 2018 |
Key Metrics
The Key Metrics that help us identify good performance:
Have sales keep track of our top 6 most popular items that bring in the most sales. Buying inventory on credit will comprise no more than 20 to 25 percent of our overall cost of goods. We need to focus on keeping our most popular items always in our store.
We will engage customers on Facebook and Twitter. We will aim to have Social media only promotions comprise 5 percent of sales and 15 percent of inquiries. Our website will show how the traffic flows and we will make sure to engage and link to our partners.
Return customers should comprise 20 percent of sales rising to over 45 percent. We want our customers to come back for our sales and the new styles. We can keep track of that by customer loyalty programs, have them register in our system so their account comes up whenever they purchase. We give them incentive to sign up by giving those who return specialized sales.
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