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Market Analysis
Considering your target audience, we have determined your goals. Considering all
strengths, weakness, opportunities, and threats listed below we have established an
analysis of the desired market.
Goals
Increase awareness to locals and millennial age group.
Increase foot traffic in store
Increase in social media presence.
SWOT
Strengths Weaknesses
Location: On Muskogee Ave. and Social Media: Additional social
Highway 51 media training will increase
Exterior: The exterior of the building social media
is not cluttered, therefore, more attention. Reorganize
appealing for people passing by. Facebook.
Verity: Not just antiques but clothes Sign Outside: The main sign is
that millennials will want along with not easy to read for drivers
merchandise for every age group. Fun map: They are paying for it
Open and Friendly: There is not a lot and no one know what it is. It
of clutter in the store so it is easy to isnt in every store only ones
walk around and find things. There is that pay for it.
a noise on the door whenever Locals dont know: They have
someone comes in. If they are in the been in business for a year and
back doing something they can hear it people still don't know about
and come to the front. them.
Mantique: They are appealing to men. Millennials: Not reaching out on
Most people would think that Facebook and Instagram, where
antiquing is for women. most millennial spend their time.
Expanding: The back room is going to Parking: There are no signs
be open soon with furniture. outside letting people know
Guest Book: It is good to see how where to park. Not a lot of
many people are coming in and parking.
where they are coming from.
Opportunities Threats
Room for more advertising: Advertise Competitors: There are a lot of
on the opposite ends of town, other antique stores in
newspapers, magazines and radio. Tahlequah and there is one right
Signs: There are spaces on the across the street from them.
building where she can put signs that
will be easier for drivers to see.
Travel: Go to other cities with Unique Vintiques is not located
merchandise and talk about your in an economically prosperous
store and bring people in from outside area.
of town.
Online market: have pictures of all the
merchandise from each booth on
Facebook and website.
Advertising in surrounding areas:
Tulsa, Broken Arrow, Jenks,
Muskogee and Fayetteville.
Make the guest book that is already in
her store online, so she can keep
track of where all of her guests are
from.
Set up an Instagram
Hours of operation: Extending open
hours to 6 p. m. would make Unique
Vintiques the store with the second
longest hours of operation and could
increase foot traffic.
Target Audience
Typical Antique Shopper
Almost 25% of the overall population in the U.S. collects something and more people
are becoming interested and learning about antique collecting as a pastime. Prime
collectors of antiques are in higher income brackets and born in the 1950s and
1960s. Antique and vintage items from the 1940s, 50s, 60s and 70s are starting to be
more popular with people from the baby boom generation.
Age Counts %
College Crowd
The millennial demographic is unique. They want good quality products at a reasonable
price with individualism represented though the sales experience and in the product.
They prefer to upcycle with good, used items in order to prevent landfill waste. The
biggest reason 1824-year-olds shop at second hand stores for the reduced prices.
Millennial are known to buy from companies who support their values.
According to Barkley, an independent advertising agency, more than 50% of
millennials make an effort to buy from companies that supports causes that they
care about.
Millennials also purchase their antique and art with long-term value in
mind. Millennials value the experience just as much as they value the product.
Purchasing products through antique stores allows millennials to upcycle their products
and offers them at a cheaper price. Lucky Attitude, refers to millennials as being
conscious capitalists, meaning millennials take into consideration health, social,
economic, environmental, and moral issues when purchasing products, where they buy
the products, and how they purchase them. They enjoy being social whether it is in
person at their house, around town, or even online. Purchasing through antique stores
brings conversation to millennials in their house, brings them around town to shop
locally, or can be done at online.
The second hand market was a booming industry from 2010-2013. Online catalogs
draw millennial users to their website from the comfort of their own home. As
technologically savvy as millennials are, an online resource is a must for anyone
considering them a target demographic.
Wayne Jordan, explained using social media as a third place, for marketing. A Third
Place is a social venue which is separate from Home and Work that fosters broader
communication between participants and builds a sense of belonging and community.
The marketplace has become overcrowded with competing advertising messages, she
says. Consumers have developed a resistance to traditional advertising, and sales
messages arent getting through. What consumers want, according to Coty, is to trust
the person they will be buying from. Trust implies a relationship; consumers want to buy
from people, not faceless corporations. Where corporations are involved in commercial
transactions, consumers want to deal face-to-face with someone they have built a
relationship with. Relationships are built one at a time, not mass produced.
Unique Vintiques has an opportunity to make these one-on-one connections in their
store and online if they use social media to their benefit.
The typical shopper for an antique store is between 35-64-years-old. Many sources
state that these individuals have an average income over $50,000 per year, and enjoy
collecting antiques and memorabilia from their past as a hobby. More often than not
this demographic enjoys going to the store itself, rather than online shopping like our
other target audience- Millennials.
Millennials, are another target audience, typically between 18-30, who might shop at
antique stores. According to many sources, including Mindi Chahal of Marketing Week,
millennials many times shop at reused shops for reduced prices. The second-hand
market has been a booming industry since 2010. Online catalogs draw millennial users
to their website from the comfort of their own home. As technologically savvy as
millennials are, an online resource is a must for anyone considering them a target
demographic.
Claritas MyBestSegment website breaks up the Tahlequah area demographic into five
different categories:
The 29 White Picket Fences segment consists of households with a median
salary of $59,152 and 25-44 years of age
The 51 Campers and Camo segment consists of households with a median
salary of $25,304 and 35-54 years of age
The 60 Small-Town Collegiate segment consists of households with a median
salary of $22,271 and 25-44 years of age
The 65 Young & Rustic segment consists of households with a median salary of
$10,940 and <55 year of age
The Bedrock America segment consists of households with a median salary of
$9,999 and <55 years of age
Pricing Strategies
All booths are different, and therefore make their own prices according to things sold.
We believe having vendor sales advertised on Facebook, rather than boosting on
Facebook will bring more local awareness.
Competitive Environment
Black Valley Trading 15362 Hwy 62 918-822-2221 Fri - Sun 9:00 a.m.-6:00 p.m.
Post Tahlequah, OK 74464
Grapevine Consignment 306 S. Muskogee Ave 918-458-4700 Mon-Sat 10:00 a.m.-5:00 p.m.
Tahlequah, OK 74464
Neat Stuff 118 S. Muskogee Ave. 918-456-6238 Mon-Sat 11:00 a.m.-4:00 p.m.
Tahlequah, OK 74464
The Speckled Hen 5227 S. Muskogee Ave. 918-458-0032 Tue-Fri 10:00 a.m.-5:00 p.m.
Tahlequah, OK 74464 Sat 10:00 a.m.-6:00 p.m.
Sun 1-5:00 p.m.
Wishing Well Antiques 208 S. Muskogee Ave. Thu-Sat 10:00 a.m.-5:30 p.m.
Tahlequah, OK 74464
Buried Treasure 111 S. Lee Street 918-478-6119 Tue-Sat 9:00 a.m.-5:00 p.m.
Antiques Fort Gibson, OK 74434
Granny's Porch 117 S. Lee Street 918-478-6380 Tue-Sat 10:00-5:00
Fort Gibson, OK, 74434
Times of operation:
Only two stores in Tahlequah are open on Mondays, Grapevine Consignment
and Neat Stuff.
All stores in Tahlequah close at 5 p.m. or 5:30 p.m. except for Neat Stuff which
closes at 4 p.m. and Black Valley Trading Post which closes at 6 p.m.
Location:
Unique Vintiques, Wishing Well Antiques, and Neat Stuff are all within a mile
radius of Northeastern State University.
There are eight shops in Tahlequah and four in Fort Gibson that sell the same
category of products.
Advertising Analysis
Taking the market analysis into consideration, we have identified an advertising strategy
and set a budget for the advertising costs.
Media Strategy
We have created potential ads for Unique Vintiques to use and an events calendar
detailing when to start advertising. The justifications for our suggestions will also be
included.
Match media
College Crowd
Product Demonstration
o A time-lapse video of a cross being sanded down and restored by one of
the vendors at Unique Vintiques. Video will air on Facebook, much like
the Tasty Videos, with a step-by-step process to make your own, or come
in the store to buy your own.
Seasonal requirements
o Change bookmark design every three months to match with the season
o Facebook Ads for Mothers Day, Valentines Day, National Cherish an
Antique Day on April 9th, Christmas, and Red Fern
o Facebook ads for vendor sales (6 times)
o Shop local campaign on 102.1 Lakes Country during June-July, and
December
Message and Theme considerations
o The bookmarks theme will change seasonally. The bookmarks between
March and May will be Spring-themed, June through August will be
Summer-themed, September through November will be Fall-themed, and
December through February will be Winter-themed.
o Banners, magnets, and bookmarks with all have a recurring color with
Unique Vintiques pantone and a clear message, Find Your Treasure,
drawing our audience into the store.
Media compatibility with message themes and competitive considerations
o The bookmarks will be compatible with the message, as the theme of the
card will match the corresponding season it is in, and can be distributed
through her store and competing stores.
o Facebook advertisements will run according to holidays and special
events, where competing stores may not be as savvy online to reach the
millennial crowd
Media Scheduling
Total budget for advertising is $2,576 with Vista Print option instead of Copy
Zone, banner instead of aluminum sign for south side and without mural or
billboard for a year.
If you go with Copy Zone instead of Vista Print for bookmarks it is a $92.28
difference.
Project Run Duration Price Total Price Media Contact
Per Year
Printed Seasonal Vista Print: Vista Print: Vista Print: order online
bookmarks Four times per year $47.50 $190 1-866-614-8002
Copy Zone: Copy Zone: Copy Zone: Corbin Brown
$70.57 $282.28 offices.nsuok.edu/copyzone
copyzone@nsuok.edu
918-444-2599
Swag (Magnets) Depending on need $55.00 $55-$200 Vista Print: order online
(for 200) or 1-866-614-8002
$200
(for 1,000)
Banner on One time buy $94 $94 Vista Print: order online
Building 1-866-614-8002
Tour Tahlequah One time buy- lasts Approx.: Approx.: $600 Tour Tahlequah:
Ad for two years $600 tourtahlequahok@gmail.com
Future options:
Lance Hunter
Painted Mural One time $3,000 $3,000 http://nsuart.com/
buy http://lancehunter.com/
918-444-2704
$450/month Hendricks
Billboard One year $6,150 Jim Dennis
$750 start up
918-850-4576
Magnets
Facebook Ad