Business plan for Good Sole
The assignment was to create a business with a group. My group decided to create a shoe subscription box. It is a brand the focuses on sustainability and the joy of experiences. Each box contains a pair of shoes and an experience voucher to a local small business. This allows our customers to utilize our sustainable shoes while enjoying their hometown.
Company Overview
Unique to practically all other subscription boxes, we are a small, local company with our headquarters in Brooklyn, New York. Our goal is to offer a personalized, sneaker delivery service that combines our love for footwear and experiencing all that New York has to offer. Our mission is to provide a wide variety of quality sneakers that caters to the demands of a city dweller’s life and taste, in a sustainable and innovative manner. Our shoes will be sold mainly through our website, where subscribers will fill out a questionnaire to allow us to get to know their taste better. From there, our customers will be matched with an agent who will aid in selecting sneakers and local experiences to enjoy the most, based on the information we gather.
There will also be exclusive opportunities to shop our product in local Bulletin Co. retail locations throughout New York City.We are contracted with hundreds of local businesses in the New York City area. The subscription consists of four pairs of sneakers delivered every three months.
Retail
These are our first year sales plan for both retail and online.
Online
Brand Strategy
Our brand strategy focuses on converging two industries that are not often seen together, footwear and hospitality. We have cultivated a collection that caters to a wide range of occasions, offering a variety of luxury, athletic and lifestyle sneakers. Lastly, our brand strategy is designed for long-term. Good Sole is oriented towards catering to New York City, but it is our goal that this business model can be applied to other large cities, such as Los Angeles, D.C., Philadelphia, etc.
Target Market
Our target customer is both men and women between the ages of 25 and 45 (Columbus, 2018). These customers are city dwellers looking for new experiences in their own city and ease when shopping. These consumers like to be surprised by being offered a large variety of products. Our customer prefers to shop locally, which is exactly what our subscription box allows him or her to do.
Sales Strategy
Our subscription box package will retail for $350. The retail pricing for our shoes sold individually will range from $100 to $150 depending on the category the shoe falls within. However, when purchasing the subscription service, customers will only pay $87.50 per pair. We will offer the option to either pay the full $350 up front or pay a quarter of the price, $87.50, each time one of the boxes ships.
Advertising and Promotion
We have set a social media goal that consists of posting on our Instagram and New York City Facebook groups four times a week. Once our website has launched, we will follow a marketing calendar that includes several strategies. On the first of every month we will send out an email about featured products and experiences for the month. Paid advertisements will be aired during our busiest months. We plan on having articles posted about our company throughout the year, as well as client posts.