SITUATIONAL ANALYSIS
PRODUCT INTRODUCTION
However, because Family Vault is a new product, its budget does not allow for consumer personalization during the first years of production. Even with limited sales, new products can break even, which is Family Vault's overarching goal. If just 1.1 percent of Ramsey's followers heed his support and purchase a Family Vault organizer, the company could break even and reach 160,000 sales.
Family Vault's online presence will also be boosted by search engine optimization, the cost of which varies depending on the specialist employed. If Family Vault achieves its ambitious sales goal of 750,000 units sold in the first year (based on Dave Ramsey's media reach and influence), then the cost of production is. To break even, the true goal of a new product's first year, Family Vault needs to sell 160,000 organizers.
TARGET AUDIENCE
Those who don't feel organized at all and yet don't think about their documents often should not be targeted. Most 18-22 year olds think about life documents less than once a month (29 percent). When filtered to determine the distribution of these respondents aged 23-30, the results show that this age group thinks about their life documents more often.
A more viable source is found in the 84 respondents aged 31 to 50, most of whom, or 29 percent, think about their life documents two to three times a month. Most of those ages 51 to 70 and older said they think about their paperwork two to three times a month as well, though they're closely followed by the "less than once a month" category. He advised that he did not start thinking about organizing important documents until he became a father (C. Mayo, personal communication, February 20, 2014).
STRATEGY AND POSITIONING
Using a widely recognized, or reputable, financial advisor as an endorser will serve to explain that Family Vault is the easiest to use, the most useful and remains a. A perfect endorser for Family Vault is Dave Ramsey, an American financial writer, radio host, television personality and motivational speaker. His radio show, "The Dave Ramsey Show," is the "third largest nationally syndicated Radio Talk Show, with over 550 affiliates nationwide speaking to over 8 million listeners weekly" ("Dave Ramsey," n.d.).
Four of these five topics have documents related to them that need to be organized in the Family Vault organizer. In short, Dave Ramsey is a trusted expert, one who would serve Family Vault by first raising awareness, then interest, then desire, and finally action or purchase in his audience, a goal he is already known to emphasize. Positioning Family Vault as a product you can trust with your most important information, the name "Family Vault" was chosen because.
This product helps families overcome one of the most difficult challenges: planning dreaded, but likely life events. Family Vault's logo is simply an image of the two words that make up the name, making the positioning consistent. See Figure 3 and the creative rationale in ANNEX for an image and explanation of the logo.
Limiting the messages helps Family Vault develop an easily identifiable profile that ultimately serves to raise awareness. The headline used on advertising banners at Dave Ramsey events, online and on the product itself is: "Family Vault: The Easiest Way to Organize Your Personal Documents in Preparation for Your Family's Tomorrow." The slogan used as a secondary message throughout the campaign is: "Organize today, relax tomorrow." These messages resonate with the target audience because they hone in on Family Vault's ability to give families peace of mind once preparations have been made and communication has been enabled. The messages are reliable and honest, like the endorser, positioning Family Vault as a product and brand that cares about its customers.
It works to make the hard part of preparation, the organization, a minimal part of the overall puzzle.
BRAND INTRODUCTION
Family Vault's essence, promise and personality can be identified by its unique name assigned to both its brand and its product. These names tend to work quite well and provide the added benefit of immediately alluding to the brand's benefit. Magee spoke of the strength of the name, saying that it would be relatively easy to trademark it because of its descriptive features (personal communication, December 8, 2014).
Family Vault emphasizes both benefits through its identifying symbol or logo, which is found at all consumer touch points, ensuring that the brand. The brand experience is created by the brand touch points that occur every time a person in the market interacts with the brand.” It is important that the brand experience is “on brand” (Aaker, 2014, p. 89), meaning that the name, symbol, touch points, advertising and even color associations work to communicate effectively. its benefits and purpose.
Family Vault has the potential to be a strong brand for two reasons: it appeals to personal peace and empowerment, and it is designed to appeal to both major types of buyers: the spendthrift and the tightwad. This benefit appeals to spendthrifts, those who are more willing to buy products because of their emotional appeal. The use of bright colors and a fun font in the logo appeals to the thrifty because they are known to buy fun, easy-to-use products (Dooley, 2009, p. 196).
Furthermore, the product and brand appeal to tightwads because of its emphasis on the utilitarian benefit of lightness. There is no need more important than ease when selling a product that solves a task that is considered daunting by most, and Family Vault solves this. Family Vault appeals to one of the most primary, important needs articulated in Maslow's hierarchy of needs: safety.
The brand laid the groundwork to sell to both main types of buyers, while at the same time making it appealing to everyone in the target audience.
MARKETING MIX
Family Vault: The easiest way to organize personal documents in preparation for your family's tomorrow.” The list includes: “Self-contained and portable”. On the back of the product, there is an “About Family Vault” section that helps consumers feel an emotional connection with the brand, which is important when. The "About Family Vault" section achieves this feeling by telling the story of the brand's origin.
However, the "About Family Vault" section contains black letters on a white background because it consists of more dense paragraphs. In the first year of promotional efforts, Family Vault will only promote itself on three methods: Dave Ramsey sponsorship, social media advertising and accounts, and search engine optimization for the website. The beauty of advertising and promoting Family Vault through a Dave Ramsey's live event sponsorship is that the cost is liquid and the awareness and knowledge about the product is increased within the target market.
The Family Vault banner will continue the brand experience by mimicking most of the packaging details. For an image of the banners that Family Vault will be using at Dave Ramsey events and an explanation of the design, see Figure 7 and Figure 8 and the creative rationale. A Family Vault Facebook ad will simply include an engaging, relatable photo, an engaging message, and a brand logo and URL.
For an image and explanation of Family Vault's Facebook ads, see Figure 9 and Figure 10 and the ad rationale in APPENDIX. Awareness is the number one goal for new products, so Family Vault's website should be at the forefront of online searches. The brand's URL printed on the packaging and banners and linked to the Facebook ads and search engine optimization will direct consumers to Family Vault's integrated website.
For an image and explanation of the Family Vault website's homepage design, see Figure 11 and the website's creative rationale in the APPENDIX.
RESEARCH CONCLUSION
CAMPAIGN RATIONALE
Headline: Family Box: The easiest way to organize your personal documents in preparation for your family's morning. The campaign focuses on messages that communicate both of these under the umbrella of the importance of achieving peace of mind by protecting your family through organization. By appealing to the paternal and maternal faculties of influential men and women who know the need for organization and preparation, sales and awareness of the Family Vault will increase.
This is a simple, clean cut logo, yet it clearly belongs only to Family Vault. The inclusion of the all-encompassing word "family", along with the heart and drawing of the family, appeals to the emotional benefits of the brand and product. The red, green, logo and photography used are all carried over from other campaign elements and brand identity images.
The circles are used to carry out the design of the logo while pointing out the fun and convenience of the product. It communicates both the importance of the brand and convenience because it is a more casual serif font. The images, colors, fonts and wording used are a reflection of the brand and can be found in the product and campaign elements.
The internal components of the product are simple, clean and easy to read and follow. Banners should be simple, easy to read and representative of Family Vault. This is a family-oriented design that shows that Family Vault is relevant to all families, especially those that have reasons to organize, such as age or children.
The red, green and white used are a continuation of the brand logo and other campaign designs. The line drawn from the logo around the image draws the viewer's attention to the message and logo, as does the gaze or focus of the images. It is an easy-to-read font for people of all ages and reflects the convenience of the product.
