Kensington & Pearl specializes in romantic luxury holidays and tours to any destination. The firm provides both recommended romantic tours and tailor-made vacations to client’s specific requirements. K&P arranges unique romantic activities and dinners for couples whether it's a honeymoon or a proposal.
The company is a start-up, still in the seeding phase and faces difficulty attracting investors. Following launch of the proposed strategies. the project’s goal was to increase the sale of their product and prove the scalability of K&P’s business model.
Kensington & Pearl decided to build awareness of their product by stressing brand differences and benefits, use heavy sales promotion to induce consumer trial and use their size to their advantage by providing their clients with uber-personalized service. However, the product was not that different from other, bigger, more renown agencies.
By editing the marketing mix, the company was better positioned to capture a relevant share of the market demand. Changes included:
1. Writing a new positioning statement for the brand
“Kensington & Pearl specializes in Romantic Luxury Holidays and Tours to any destination including honeymoons, special occasions or couple holidays. Whether you are looking for immersing yourself in unique cultures and local secrets or just feeling special with your partner, our perfect romantic getaways are all tailor-made to your specific requirements, enriching your romantic staying with unique adventure thrills and stunning food and wine experiences for you and your loved one. Our expertise and direct network with local suppliers ensures you a more exclusive and seamless personal experience. Your money stays safe with us as we are both ATOL & TTA protected. So contact us and let us make your special moments just unforgettable.”
2. The company increased profitability by implementing a loyalty program to combat high churn rate and customer acquisition costs. The tier system acts as a reward for loyalty and encourages customer retention. The aim is to create achievable goals so that the customer is reminded of their points and commitment to the company. The firm inducts a member at the bottom tier, what is called the Bronze tier and have them move up the ladder (to the Gold and finally the Platinum Tier) with each referral that becomes a sale or purchase of a new holiday. After every purchase, there is a discounted purchase or increasing redeemable benefits as customers move through the ranks.
3. Finally, the company conceptualized a series of networking events, appropriate for market followers like Kensington and Pearl. The first event should be hosted in an area where high net worth people work, live and socialize. This will not only give the firm an opportunity to network with potential customers but also exploit their network. The event would be private, with a prohibition-era theme (closed door and password to enter). K&P should use their call center to invite potential clients to the event and follow-up with an encrypted email with details about the time and place. Each couple will have a plus one (couple) which would further expand the database available to the firm. The event should include a bar with different signature cocktails representing off-the-beaten-path destinations (for example Mozambique, Mongolia, Borneo or Seychelles themed drinks), exotic music from the 196 countries K&P operates in and performances from DMCs with which K&P already have an established partnership with. The event should be pitched as a honeymoon/ romantic travel mixer, where attendees can date their destination. The success of the event could be measured in conversion rates from people who join (or are already present in) the database to bookings. These events usually have a high conversion rate of 25%. If the company issues 100 invitations and half of those couples bring a plus one, that one event would translate to 37.5 new bookings.
Comentários