Wax Perfections is an independent record store in Bristol which currently mainly
focuses on selling vinyl records, but also sells associated products. These products
include:
New albums on other formats such as CD, USB and cassette
Second-hand albums on a range of formats
Related goods such as t-shirts, posters, record players, vinyl record cleaning
products and toys.
Wax Perfections wants to attract more customers either through printing adverts in
specialist music magazines or distributing leaflets outside music venues after
gigs/concerts. I have chosen to follow the promotional activity of printing adverts in
specialist magazines, because based on the target market (men over 35 years old)
and the overall record store industry I think that will be the most effective use of their
£8,000 budget along with other methods of promotion.
Wax Perfections USP is that they arrange for regular bands to come into their store
for signings and acoustic performances, which they have found to attract a large
number of potential customers to their shop, existing and potential new customers.
Marketing aims and objectives
From Wax Perfections I can see that the main purpose of this marketing campaign is
to attract more customers. This is because through attracting more customers it will
also increase their future sales and income. Therefore my marketing aim will be to
attract more customers. From this I will create SMART objectives which will be:
specific, measured, achievable, realistic and timed in relation to Wax Perfections.
These are my marketing objectives:
Increase customers in Wax Perfections store by 25% within a year. This is an
important objective because it will encourage us to work towards the
marketing aim, of attracting more customers, by measuring it through the
number of people in their store. 25% is a reasonable percentage increase to
achieve within a year, especially considering that the vinyl record marketing is
1
, growing every year and grow from £5million to £20million from 2010 to 2015,
that a growth of £15million over a five year period.
To increase brand awareness by 15% within a year. This objective is key to
achieving their marketing aim and is a realistic percentage to achieve within a
year. This objective can be measured through customer surveys to
understand weather more people do recognise the brand.
To increase sales by 10% within a year. Increasing sales will mean that they
have increased their customer base and so therefore will help the business to
achieve their overall marketing aim. The reason that this is the lowest
percentage to reach is because it is one thing to attract more customers to
your store, but only a small percentage of the people who visit your store will
actually buy something in your store.
SWOT analysis
Strengths Weaknesses
Vinyl record market is current on the up Global organisations taking dominance
and is at continued growth. "Sales of in the sale of vinyl records and
vinyl records reached 4.1 million units in associated products and therefore could
2017, the 10th consecutive year in be taking business away from Wax
which vinyl sales have grown." This Perfections because they are not
shows that the vinyl records market is currently at the same level of big brands
growing every year and Wax e.g. Amazon.
Perfections can take advantage of this. No website, this means customers
Sells a variety of vinyl records and cannot look them up online or purchase
associated products. from them without going into their store.
Organise regular signings by bands.
Arrange short acoustic performances by
artists.
Take part in record store day every year
and sell exclusive records.
Offers a ‘record of the month club’
which is a paid subscription of £35.
Have experienced and educated staff
2
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