Loose Laces
Loose Laces is a shoe and accessory customization company. The organization prides itself on a unique personal relationship, unlike other shoe customization companies. Founded by Luc Marceau in 2018, Loose Laces was centered on staying small and producing high quality art.
cAPSTONE PROJECT oBJECTIVEs
|
the 4 p's of marketing- Loose laces
Product
Before I started working with business owner, Luc Marceau, compared to after I started working with Luc, the product had not changed. My goal was to only take a very high quality product that I had a passion for, and expedite the process Luc was running for each custom. The product is high quality art pieces in the form of customized shoes, customized accessories, and customized clothing. Loose Laces also offers to buy a shoe for the client. This is an attractive convenience option. The client tells Luc what shoe they want and what they want on it, and are returned the final, customized product.
Price
Loose Laces has an updated pricing formula that is consistent and affordable. Luc did not have a specific pricing formula before I started focusing on the price portion of this company. This new formula consists of a price per hour. Luc will consult the client before any art happens to go over what the client wants done. From there, Luc will calculate the estimated amount of hours the work will take, and enter this into the pricing formula. For jobs that will take 1 hour or less, there is a $40 flat rate. $0 charge for materials and labor. For jobs that will take from 1-4 hours, Loose Laces charges a $10 material fee, and an $18/hr labor charge. For jobs that will take more than 4 hours, the materials charge is $10, with a $25/hr labor charge.
Place
Loose Laces is currently run out of a household workspace devoted to art. There were many organizational improvements that were recently implemented. These include the presence of a order form that will allow Luc to keep all of the shoes separate and organized, keeping all of the details for each order separate. Also, the physical organization improvement in the workroom allowed for Luc to more efficiently complete and return the work by the estimated date.
promotion
Loose Laces was running no promotions before this capstone project started. I implemented a system that would allow us to both gain followers and gain clients at the same time. I identified Loose Laces as a company solely devoted to Instagram. this is due to the ease of access and widespread knowledge about the platform, as well as the existing following on the platform. This advertising push had to be halted completely due to the presence of the Covid-19 pandemic. I had to then research a new method for pushing Loose Laces digitally only. We looked into an Instagram ad, and the price required to run an ad was outside of my budget. I decided to take a more formal approach to this. The Loose Laces account would self-advertise by following as many new accounts as possible. this would get the attention of the owners of those accounts, thus drawing more attraction to the page. If the owner likes what he sees, he has the chance to follow Loose Laces. The second prong to this advertising push was to send out a mass email promoting a discount run by Loose Laces. This discount would peak interest to new viewers. This mass email has a link to the Instagram page, as well as featured pictures from Loose Laces and more information. This would help us reach more potential followers that could become customers once the pandemic goes away.
I also created a website for Loose Laces as a hub to learn more about the company or to get in contact to a representative.
I also created a website for Loose Laces as a hub to learn more about the company or to get in contact to a representative.
This website also contains a membership form. If this form is filled out, the customer will be signed up to receive emails notifying them about the shoe of the week from looselaces.com, as well as promotions and more information.