...needs replacement, hence are natural impulse purchases often bought as gifts. Hence, Kiril started Big Skinny to offer the world’s thinnest wallets and to solve five key problems men/women have with their wallets. - Size: their nylon fabric material was 5-7 times thinner than traditional wallets - Weight: most weighted under an ounce, better for back and posture - Card Pocket Size: offered extra wide pockets - Slipperiness: wallet interiors were rubbery to reduce slipperiness - Lack of Versatility: water resistant wallets though enough for machine wash Kiril along with his marketing director and wife, Catherine Alexandrov was beginning to think about online marketing plans after overwhelming response to Big Skinny’s promotion glitch confirmed that consumers were ready to buy the product online. However, reaching consumers online was challenging due to high costs and other constraints. Taking Big Skinny Online Big Skinny had internet presence since outset, even after having their own website marketing on internet was a tough puzzle: products were sold on impulse and value primarily, attributes straightforward to showcase in person, however difficult on internet. The options were: - Display Ads: seemed as internet’s closest equivalent to booth at street fairs, their primary model. Although display ads provided rich graphic capabilities online, it has complications too. Internet users were conditioned against display ads for they are irrelevant...
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...Summary In 2010, Big Skinny CEO Kiril Alexandrov was looking to transcend from retail distribution and print advertising to the world of online marketing to achieve maximum growth. The retail sales pitch was an easy one, as Alexandrov focused on the value of the wallet and the impulsiveness of consumers (Benjamin & Kominers, 2012). Unfortunately, translating this type of sales pitch was much harder to do in the world of cyberspace. Big Skinny centered their online marketing efforts around display Ads, keyword searches, social media and relationships with online distributors and deep discounted sites such as Amazon and Groupon respectively. The expansion caused much hardship, as Big Skinny received negative feedback on the review website Yelp that stemmed from their Groupon experiment. They also faced a glitch in their online promotion that allowed 4,000 people to order free wallets from their online store. Big Skinny needs to refocus their online marketing strategy by getting rid of display Ads, refining keyword searches and severing ties with deep discounted sites. Big Skinny can create value for their product and manage their orders better by being more selective with who distributes their product and by keeping the price steady. A more seasonal approach surrounding keyword searches can create new revenue from those who are looking to make quick and impulsive purchases. Lastly, by being responsible for who distributes their products, Big Skinny can deliver their...
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...| Title slide | 2 | Executive Summary | 3 | Statement of the marketing challenge and evidence in support | 4++ | Analysis of current situation to include: * Market description for wallets overall and specifics of Big Skinny target market(s) * Competitive analysis of Big Skinny direct competitors, comparing on important features such as thinness, cost, depth of product mix, revenues etc. * Analysis of Big Skinny's website * Analysis of Big Skinny's prior online and offline (traditional) promotion efforts * Management considerations * Financial considerations | 5++ | Analysis of each of the 7 techniques discussed in the case study, including advantages and disadvantages of each specific to Big Skinny | 6++ | Recommended online media plan (must be compiled from some or all of those seven techniques outlined above). Recommendation should include at least three of the online tools, may have more if the case facts justify it | 7++ | Recommended offline (traditional) media to support online efforts to sell Big Skinny wallets | 8 | Management and financial challenges to implement your recommendations | 9 | Endnotes | 10 | Bibliography | 11 | Exhibits, if any | Case Study 3: Big Skinny Wallets Due: End of Week 6 Case Overview Big Skinny CEO Kiril Alexandrov is an expert at selling his company's product -- ultra thin wallets -- through in-person interactions and conventional media. He has been very successful based to a large extent...
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...Case Study Big Skinny Wallet Name: Institutional Affiliation: Table of Contents Contents Executive Summary 3 Case Study Big Skinny Wallet 4 2. A Summary of an Environmental Appraisal Analysis for Big Skinny in UK 5 Rationale for Marketing Big Skinny Wallet 5 2.1 Macro Environment 6 2.1.1 PESTEL analysis 6 2.1.1.1Political 6 2.1.1.2 Economic Analysis 6 2.1.1.3 Social-Cultural 8 2.1.1.4 Technology 8 2.1.1.5 Demographic 9 2.1.1.6 Legal Environment 9 3.0 Micro Environment 10 3.1 Customers` Profile 10 4.0 Market Segmentation and Target markets 11 4.1 Market Overview 11 4.2 Target Market I: for Big Skinny Company in the U.K 12 4.2.1 Long-established Online Retailers and Suppliers 12 4.2.2Target Market I: Positioning of merchandise 13 4.3 Marketing Mix for Big Skinny in long-established Online Retailers and Suppliers 14 4.3.1 Marketing Objectives 14 Product 15 Price 16 Place 18 Promotion 18 4.4 Target Market II: All-out Social Media Campaign 19 4.4.1 Marketing Mix Target Market II: for All-out Social Media Campaign at Big Skinny 20 Product 20 Price 21 Place 21 Promotion 21 5.0 Three year marketing plan…………………...…………………………………………………………………………………………………..23 6.0 Recommendations 23 References 25 Executive Summary Big Skinny is a company that produces the world`s thinnest wallet. As such this paper regards the environmental appraisal of Big Skinny Company and its entry in the UK market. For the environmental...
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...Strategies Online? Another nagging question I’ve had was whether or not replicating offline strategies online is really the way to succeed. Marketing 101 would teach us that have a singular consistent strategy is preferable since you want to present a singular product to your consumer. But given how different offline and online consumers are, both in terms of how they digest information and how they make decisions, could a different online strategy yield better results? Let’s use the case on Big Skinny as an example. This thin wallet company primarily focuses on the “impulse shopper”, who is wowed by a salesperson at a street fair. Even though this strategy has proven highly successful offline, is this necessarily the marketing plan we want to recreate offline? Wowing the customer online can be very difficult since many online consumers have learned to either ignore or temper down showy advertising. Instead, could Big Skinny simply proliferate its products on large online retailers like Amazon and try to compete as a purchase alternative to a rational wallet buyer who is seeking to compare several wallets in his/her decision making process? I’m aware that this hypothesis can be confirmed with A/B testing but are there frameworks or historical references we can use to better understand what makes replicating offline marketing online more or less successful? Big Skinny ------------------------------------------------- Case study analysis : Online Marketing at Big...
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...------------------------------------------------- Case study analysis : Online Marketing at Big Skinny ------------------------------------------------- Brief history: Big Skinny is a company that manufactures wallets with brand Big Skinny. Big Skinny wallets are made from synthetic material unlike conventional wallets that are made from leather. These wallets are very light in weight and the have captured good market. Till now Big Skinny is selling wallets through trade fares and other physical outlets but Kiril, the CEO of Big Skinny, is contemplating the online medium to capture further market. Wallets: Wallets are generally preferred with lightweight and that can easily carry stuff like credit cards, cash and receipts along with other stuff. Thin wallets are considered better because it will always keep you safe from back pain and sciatica. Wallets are often in need of replacement and people buy them as impulse purchase or as gifts since it is not a costly item and also does not require much information processing. Big Skinny has just launched world’s thinnest wallet and got good response from the market during various trade fairs it participate in. The challenge is how to use online medium to build further sales and formulate an strategy for online retail and marketing. The key features of this wallet are:- 1. Size - Reduce Wallet size by 50 to 75% 2. Weight - Will weigh under an ounce. 3. Card Pocket size - Will feature extra wide...
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...Big Skinny Case Online Marketing at Big Skinny Case Study : “Online Marketing at Big Skinny” Kiril is a CEO of Big Skinny – a wallet that can hold the same amount of “stuff” but it also looks and feels skinny. It doesn’t bulge out in the pocket, aesthetically pleasing and easy to handle. In the opening of this study, we are introduced to the company through anecdotal account of how over 4000 wallets have been sold, but unfortunately no revenue was to speak of since there was a glitch, causing customers to buy the wallet for free. This is a case study on how Kiril took Big Skinny online. The product that sells itself. Kiril created a wallet that looks like a traditional wallet outside but inside it packs up to 40 credit cards and still comes less than an inch thick. The material used is is one of the thinnest but a very durable material on the market made out of microfibers. The wallet, called Big Skinny, did very well in physical locations in terms of sales. At first it was in trade-shows and then it sold at various festivals and locations. Soon Kiril started physical advertisement using traditional media such as print and billboards like advertisement. Big skinny was doing so well that customers became instant fans. Judging by the response from traditional advertising seemed to be working. So after Kiril decided to take Big Skinny online. The Case study goes on to dispense how Big Skinny had gone from offline to online. Taking big skinny online. Despite having online...
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...Case Study: Online Marketing at Big Skinny Background Big Skinny is the company behind the “world thinnest wallet.” They have a cool brand and a product that customers love once they have seen the benefits. Their wallet technology appeals to customers for two primary reasons, the size & weight. Heavier and thicker wallets are more difficult to carry; they may not fit in your pocket and generally cause discomfort to carry. Carrying a very thick wallet in one’s back pocket can also cause back problems with associated posture issues from sitting on the offending item for long periods. Big Skinny also promotes additional benefits from standard skinny wallets including the ability to secure items due to the rubber coating on the interior, and the durability to machine wash their wallets without causing damage. Big Skinny’ initial success was a result of the products and sales approach. They were able to develop a cool brand and engage directly with customers at fairs & festivals. This in-person selling technique enabled them to articulate the key features of their product in a way that customers understood, but the sales model was not sufficiently scalable to allow them to grow as fast as they wanted. However the direct approach was still effective to promote the brand, connect with the consumers, and gather their feedback for use in wider efforts. Their move to mass-market promotion was started with print advertising (billboards, postcards, & newspaper/ magazine ads)...
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...of Big Skinny – a wallet that can hold the same amount of “stuff” but it also looks and feels skinny. It doesn’t bulge out in the pocket, aesthetically pleasing and easy to handle. In the opening of this study, we are introduced to the company through anecdotal account of how over 4000 wallets have been sold, but unfortunately no revenue was to speak of since there was a glitch, causing customers to buy the wallet for free. This is a case study on how Kiril took Big Skinny online. The product that sells itself. Kiril created a wallet that looks like a traditional wallet outside but inside it packs up to 40 credit cards and still comes less than an inch thick. The material used is is one of the thinnest but a very durable material on the market made out of microfibers. The wallet, called Big Skinny, did very well in physical locations in terms of sales. At first it was in trade-shows and then it sold at various festivals and locations. Soon Kiril started physical advertisement using traditional media such as print and billboards like advertisement. Big skinny was doing so well that customers became instant fans. Judging by the response from traditional advertising seemed to be working. So after Kiril decided to take Big Skinny online. The Case study goes on to dispense how Big Skinny had gone from offline to online. Taking big skinny online. Despite having online presence from the start using e-commerce online store, Kiril had a challenge on his hand with marketing and...
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...Strategic Marketing Management MBA5320 E Fall 2013 Professor Office Telephone E-Mail Office Hours Class Location Class Hours Simin Foster, Ph.D., MBA Desmarais 5140 Contact via e-mail simin.foster@uottawa.ca By appointment (confirm via e-mail) Desmarais 4170 Thursday 4:00 pm - 7:00 pm Weight on Final Grade 15% 15% 10% 15% 20% 25% Course Deliverable Case 1 – Black & Decker (A) Case 2 - Marketing Simulation Case 3 – A Case for Brand Loyalty Case 4 – Online Marketing at Big Skinny Peer-to-Peer Learning Experience Final exam Due Date September 19 Part A: September 26 Part B: October 3 Par November 14 November 21 A. February 7 To be assigned To be announced Please note that all assignments must be submitted via Turnitin™ in addition to hard copy. COURSE DESCRIPTION The objectives of this course are to demonstrate the role of marketing in the company; to explore the relationship of marketing to other functions; and to show how effective marketing builds on a thorough understanding of buyer behavior to create value for customers. Using lectures, case studies, and class discussions, students learn how to control the elements of the marketing mix—product policy, channels of distribution, communication, and pricing—to satisfy customer needs profitably. The Telfer MBA distinguishes itself by training students to Lead High Performance Organizations. Successful firms are those that integrate the objectives and resources of the organization with the needs and opportunities...
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...Online Marketing at Big Skinny Case Study Bob Monroe 70-451 MIS September 10, 2013 Carnegie Mellon University ©2012 - 2013 Robert T. Monroe 70-451 Management Information Systems Image courtesy Benjamin Edelman and Scott Duke Kominers [EK12] Carnegie Mellon University ©2012 - 2013 Robert T. Monroe 70-451 Management Information Systems Carnegie Mellon University ©2012 - 2013 Robert T. Monroe Mock-up courtesy Benjamin Edelman and Scott Duke Kominers 70-451 Management Information Systems Carnegie Mellon University ©2012 - 2013 Robert T. Monroe 70-451 Management Information Systems Mock-up co Benjamin Ede Scott Duke K [EK12 Mock-up courtesy Benjamin Edelman and Scott Duke Kominers Carnegie Mellon University ©2012 - 2013 Robert T. Monroe 70-451 Management Information Systems “Half the money I spend on advertising is wasted; the trouble is I don't know which half.” Attributed to John Wanamaker US department store merchant (1838 - 1922) Carnegie Mellon University ©2012 - 2013 Robert T. Monroe 70-451 Management Information Systems Sponsored Search Terms Vary Greatly In Cost and Effectiveness Keyword Clicks Impressions CTR Avg. CPC Total Cost Avg. Pos. Conv. Cost per-‐ Conv. Conv. Rate thin wallets leather wallet "thin wallet" "big ...
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...Sponsored Search Strategy We believe that Big Skinny should continue to advertise via sponsored search ads. Based upon the Cost per Click model presented to us in Exhibit 4 in the case study, the numbers show that they are able to generate a fair amount of revenue. If we evaluate the data within Big Skinny’s CPC model, we can determine the cost and revenue as follows - Cost = Impressions x CTR x CPC Cost = 42,986 x 4.8% x .54 Cost = $1,114.20 Revenue = Impressions x CTR x Conversion Rate x Revenue Per Conversion** Revenue = 42,986 x 4.8% x .05 x $20 Revenue = $2,063.40 ** The value of $20 for Revenue Per Conversion is being assumed for this exercise. For one, CEO Kiril Alexandrov is quoted as saying “for $20, your wallet will be that thin forever” in the case study. Additionally, after searching their website, the vast majority of wallets listed on their website are being sold for more than $20. Therefore, $20 is used as a bare minimum price for each wallet sold. Even with that in mind, you can see that the revenue is almost double that of the cost. Taking into consideration that a certain number of the wallet sales will most likely be more than $20, the revenue will be larger in reality. This proves that their sponsored search advertising campaign is generating revenue. With that said, we can’t confirm that it is profitable since we weren’t provided...
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...Facts ‘Big Skinny’ was launched successfully at street fair. Solved five key problems people have with their wallets. 1. Size - Reduce Wallet size by 50 to 75% 2. Weight - Under an ounce 3. Card Pocket Size - Extra wide pocket 4. Slipperiness of the Interior - Lined with rubber coating which keep gravity. 5. Lack of Versatility - water resistant and tough enough even for machine wash. Its price is only $20. The costumers are happy with the product. Try to achieving maximal growth with online marketing. Problems Choices of online marketing options: 1. Display Ads: - Internet’s closest equivalent to booth at street fairs - Internet users were conditioned against display ads for they are irrelevant and irritating most of the times. - Sold on pay-per impression, rather than genuine clicks. 2. Algorithmic Search: - No guarantee that the site would appear in response to particular search. - The search engine retained wide discretion about changing the ranking methods. 3. Sponsored Search: - Advertisers paid on per-click, when users clicked on the ads. - Listings were sorted mainly on highest bids and click-through rates. 4. Social Media: - They have their own fan base. - Installed an AddThis website applet. - Their fan can share Big Skinny’s site on by their own social media. - Free of charge. 5. Interactive Content: - Engage customers Kiril included several interactive components on its site. - Big Skinny also organized essay contests for its fans...
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...Search Strategy We believe that Big Skinny should continue to advertise via sponsored search ads. Based upon the Cost per Click model presented to us in Exhibit 4 in the case study, the numbers show that they are able to generate a fair amount of revenue. If we evaluate the data within Big Skinny’s CPC model, we can determine the cost and revenue as follows - Cost = Impressions x CTR x CPC Cost = 42,986 x 4.8% x .54 Cost = $1,114.20 Revenue = Impressions x CTR x Conversion Rate x Revenue Per Conversion** Revenue = 42,986 x 4.8% x .05 x $20 Revenue = $2,063.40 ** The value of $20 for Revenue Per Conversion is being assumed for this exercise. For one, CEO Kiril Alexandrov is quoted as saying “for $20, your wallet will be that thin forever” in the case study. Additionally, after searching their website, the vast majority of wallets listed on their website are being sold for more than $20. Therefore, $20 is used as a bare minimum price for each wallet sold. Even with that in mind, you can see that the revenue is almost double that of the cost. Taking into consideration that a certain number of the wallet sales will most likely be more than $20, the revenue will be larger in reality. This proves that their sponsored search advertising campaign is generating revenue. With that said, we can’t confirm that it is profitable since we weren’t provided with cost of manufacturing and distributing the product. One keyword that Big Skinny might want to decrease their bid...
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...Tribune Business Build by Helping March 3, 2011 People who own businesses have to be resourceful to be successful. Some turn to helping non-profits to raise awareness of their products... ...Big Skinny, on the other hand, went at it in a BIG way, erecting a 21 foot by 10 foot wallet right in Harvard Square, Cambridge, MA. Guinness World Records quickly crowned it the World's Largest Wallet. Several not-for-profits benefitted from this unique fund-raising vehicle to remind holiday shoppers to help the poor and others in need. Day after day, representatives of these groups told about their worthy causes and collected donations. Each group had its own pocket in the giant wallet. "Our hope is that the big crimson wallet urges folks to open their wallets to help address the needs of the underserved community," says Alexandrov, who also arranged for the Big Skinny website to stream live videos from historic Harvard Square of all those who participated. Those groups served include the Jose Mateo Dance Theatre, Salvation Army, Pediatric Aids Treatment Solutions, Harvard Square Homeless Shelter, Old Cambridge Baptist Church, Solutions at Work, Earthen Vessels, Molecular Frontiers, Cycle Kids, Cambridge Arts Council and Medulla Thyroid Cancer Research at John Hopkins. The Big Skinny Wallet, conceived by Alexandrov, solves the top five wallet problems. It is made of ultra-thin nylon micro-fiber and its unique design results in a 50 percent reduction in size. www.macedonian...
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