the paint bar final presentation
TRANSCRIPT
“Unleashing the creative potential within us all.”
Provide an engaging atmosphere where customers have the freedom to express
creativity
Portfolio Development:Reposition Corporate events as Team-building
Product Development: Offer new products for current target market
Capitalizing on Paint Bar’s Strengths in Inspiring Creative Confidence Leads to Growth Opportunities
Business Plan 1:Redefining Corporate Events
Currently, the Paint Bar Offers Corporate Events Positioned as Fun Events
Q. How did you come about your decision?
A. “…. for fun and something different to do.”
- Emily Libby, BU MBA Director
Q. How was the experience facilitate team building?
A: “.. Get to have fun [with] yourself and friends…”
- Focus Group ParticipantSource: The Paint Bar Website
Paint Nite2.50690588
41%
Paint Bar1.389281256
23%
Muse Paint Bar
1.1628919%
PCAB0.49822
58%
Others0.615832836
10%
Estimated Paint-and-Sip Market Size in Boston
Total Market Size: $6.2m
With 1.7m full-time employees in Greater Boston, the total market size
is over $400m in 2015 .
Corporate Events Positioned as Team Building Have Upside Potential
Estimated EE Training Market Size in Boston
- Dr. Fred Foulkes, Director of HRPI
50% Of HR Respondents View Culture and Engagement as “very important”
“Decide your purpose and goals, and let them dictate the type of team building to try…”
- David Jacobson, TrivWorks Founder
“Look at goals [of events], is it a one time thing?”
Corporate Events Positioned as Team Building Have Upside Potential
Challenge HR Executives Face Today #1
Industries Rank Culture and Engagement as Their Biggest Organization Challenge5/9
Redefine Events that Meet Corporate Objectives
Acquire Team Building Certification for Instructors
Market with the Focus on Team Building Outcomes
Reposition Paint Bar’s Corporate Events to Address Engagement and Culture
Reposition Paint Bar’s Corporate Events to Address Engagement and Culture
Redefine Acquire Market
Mission Statement• Cultivate Creativity at Every Stage of a Team• Foster Belief in Creative Capacity• Create Strong Engagement Amongst
Participants
Introducing...
Corporate Package 1 Redefined to Fit Organization Needs
Redefine Acquire MarketCustomer Needs
Type: New Teams, New HiresChallenges: Trust, Communication, Being ComfortableReason: Getting Participants to BondSkills: Self Expression,
Communication
CurrentProducts
Redefined
Products
Redefine Acquire Market
Customer
NeedsCurrent Products:
Everyone Follows AlongRedefine
d Products
Corporate Package 1 Redefined to Fit Organization Needs
Redefine Acquire Market
Customer
NeedsCurrent Product
Redefined Products:Break the Ice
Corporate Package 1 Redefined to Fit Organization Needs
Corporate Package 2 Redefined to Fit Organization Needs
Redefine Acquire Market
Customer Needs
Type: Cross-Functional Teams
Challenges: Coordination, Understanding Different Mindsets
Reason: Work on Differences Across Team
Skills: Understand Different Perspective
Current Products
Redefined
Products
Redefine Acquire Market
Customer Needs
Current Products:Complementary Painting
Redefined
Products
Corporate Package 2 Redefined to Fit Organization Needs
Redefine Acquire Market
Customer Needs
Current Products
Redefined Products:Coordinated Mural Paintings
Corporate Package 2 Redefined to Fit Organization Needs
Corporate Package 3 Redefined to Fit Organization Needs
Redefine Acquire MarketCustomer Needs
Type: Mature, DevelopedChallenges: Seeing Individual Impact to OrganizationReason: Rejuvenate Team by
Celebrating Hard work and Successes
Skills: Navigate uncertainty, Team
Identity
Current Product
Redefined
Product
Redefine Acquire Market
Customer Needs
Current ProductWorking Together as a Group
Redefined
Product
Corporate Package 3 Redefined to Fit Organization Needs
Redefine Acquire Market
Customer
NeedsCurrent Products
Redefined Products:Build Your Cultural Artifact
Build a Cultural Artifact
Corporate Package 3 Redefined to Fit Organization Needs
Acquire Team Building Certification Provide Validity to Class Structure
Redefine Acquire Market
Why Get Certified?• Low Investment Cost• Establish Reputation• Access to Global Professionals
Website RedesignSales LinkedIn
Blogging
Develop a Clear Marketing Language with a Team Building Focus is Key
Redefine Acquire Market
Hiring a Salesperson with Extensive Experience in Both Team Building and Sales
Redefine Acquire Market
Salesperson Responsibilities:1. Communicate StrengthsLinkedIn BlogsManage Client Relationships
Hiring a Salesperson with Extensive Experience in Both Team Building and Sales
Redefine Acquire Market
Salesperson Responsibilities:1. Communicate Strengths2. LinkedIn BlogsManage Client Relationships
Hiring a Salesperson with Extensive Experience in Both Team Building and Sales
Redefine Acquire Market
Salesperson Responsibilities:1. Communicate Strengths2. LinkedIn Blogs3. Manage Client Relationships
Calendar Private Teambuilding Contact
Package 2: Coordinated Painting“Communicate and Connect!”
Teams of 3-6 people will collaborate on a 3 canvas mural. The team will have to use communication and coordination skills in order to create the finished product.
ObjectivesReinforce DiversityPromote Open Communication
Ideal For Teams:Facing Coordination IssuesMulti-Functional Teams
Testimonials“The event was great for participants to have open dialogue and communicate their problems. It is VERY engaging!”
Nancy T.
Contact Us
Download Details
Group Size…………. 0-30Time………………… 2 hoursPrice………………… $75/Person
Develop Website that Clearly Communicates Teambuilding Focus
Year 5
ROI 390%
Return on New Corporate Investments
Costs Revenue
Amount $132k $ 645k
% Change 10% 45%
Huge Opportunity for Growth in Revenue
Large Competitive Market Makes it High Risk, High Reward Move
1. Multiple Established Competitors
2. New Customer Base
3. High Initial Investment
1. High Value-Added Product
2. Large Potential for Growth
RIS
K
PR
OS
Business Plan 2:Developing New Products
9%
74%
9%
1%7% 1%Facebook Likes
BreakdownF (13-24)F (25-54)F (55-65+)M (13-24)M (25-65+)Others
SOURCE: FACEBOOK PAGE
Today, the Paint Bar’s Main Product Mainly Attracts Females Between Age 25 to 54
“Sometimes I donate paintings because I have no space in my apartment.”
“I’d like something smaller - like pottery.”
Focus Group Participant:
However, Main Customers Show Interest In New Things Besides Paintings
What do our target customers like?
• Home décor
• Cooking classes
• Trendy fitness classes
Understanding Customer Needs Gives Us Insights on Product Development
SOURCE: Survey with 280 ResponsesDIY: Vases,
Candles, etc.
Painting, Canvases
0.0500.0
1,000.01,500.02,000.02,500.0
2,100.0
389.0
Pinterest:
What do our target customers like?
• Home décor
• Cooking classes
• Trendy fitness classes
Understanding Customer Needs Gives Us Insights on Product Development
SOURCE: Survey with 280 Responses
Instagram:
02,0004,0006,0008,000
10,000
8,230.0
2,120.0
Research Shows That Compared with Paintings, People Are More Interested In Home Decoration
37%
10%10%
43%
Preferred Decor Items for Women (25-54)
Decorative Pillow
Floral Ar-rangment/Vase
Painting
Rug
SOURCE: Survey with 89 Responses
“Primp-A-Pillow”
New Products and Alignment with Paint Bar’s Core Strengths
“Centerpiece Sundays”
New Products and Alignment with Paint Bar’s Core Strengths
Marketing Online is the Best Way to Reach the Paint Bar’s Target Customer
Promotion Campaign
Social Media
Inbound Marketing
Use Facebook pay per click ads to target women:• Age . …..…………. 25-54 • Location………….. Greater
Boston• Interests….............. DIY
Marketing through Facebook and Instagram is the Easiest Way to Reach the Paint Bar’s Target Market
Social Media Inbound Marketing Promotion Online
1. Create content that is valuable to the target customer
- “10 ways to dress up your home”
- “5 Instagram DIY accounts”
Use Inbound Marketing to Push Out More Content That Your Customer will Love
Social Media Inbound Marketing Promotion Online
Use Inbound Marketing to Push Out More Content that Your Customer Will Love
1. Create content that is valuable to the target customer
- “10 ways to dress up your home”
- “5 Instagram DIY accounts we love”
2. Include Call-to-Action
Social Media Inbound Marketing Promotion Online
Social Media Campaign• Low Cost• Specific to Paint Bar• Tracks Current
Customers
Encourage Customers to Display and Share their Products Online Through Promotions
Social Media Inbound Marketing Promotion Online
ChristyVanGo
Tina_Tourtellini4 minutes
ago
KayBayBay
PrincessMao
OMG SO CUTE! Take me next time!
Let’s go! I heard they do vases. ;) But first…BRUNCH!
Making my home #PaintBarPretty with my custom pillows! #DIY #ThePaintBar
HawaiiTom,
FrankLinStein, MannieMouse
OMG, Shall we brunch?
Year 5
ROI 60%
Return on New Corporate Investments
Costs Revenue
Amount $120k $192k
% Change 9% 14%
Low Risk Volume Driven Strategy for Growth in Profit
The Product Development is a Risk and Opportunity to be a Leader in the Market
1. Products can be Easily Replicated
2. Increased storage and training
3. FAD Products
1. Reposition Products
2. Low Fixed Costs3. Same Customer
Base4. Adjustable
Strategy
RIS
K
PR
OS
Grow by Focusing on the Mission to Inspire Creative Confidence for All
Deliver the Mission
Corporate Events
New Product Offerings