Capstone – Project
Building effective membership/loyalty programs
A Collaboration Between
The Current Challenge:
Many BevAlc e-commerce websites have membership and loyalty programs that help with increasing stickiness, recurring and incremental revenues. Typically these programs focus on providing free shipping and other benefits for a recurring monthly free (i.e. Amazon Prime membership). Because of ReserveBar’s unique value proposition of gift giving and a focus on premium product discovery, there is an opportunity to create membership/loyalty programs specific to spirits (eg. Whiskey club, Tequila-of-the-month, etc). ReserveBar has already scope an MVP (minimum viable product) but hopes to expand this and introduce other bolt on programs.
Industry Mentor’s Suggested Activities/Action Items:
-Evaluate planned ReserveBar MVP
-Provide a competitive analysis of other loyalty/membership program within industry and outside; site best practices on program details and pricing, key learnings
-Make recommendations for evolving ReserveBar’s loyalty program, pricing and additional segment-specific membership programs.
-Develop high-level 3-year business plan
Goals/Project Success for Industry Partner:
A recommendation for ReserveBar program(s) details, pricing and a business plan that will outline incremental revenues.
Project Topics
Product Design & Development
Sales & Business Development
Company Information
| Company | ReserveBar LLC |
| HQ | Connecticut |
| Revenue | Unlisted |
| Employees | 100-500 |
| Stage | High-Growth Startup |
| Hiring Potential | Follow-on Projects, Formal Internship, Entry Level Full-Time |
| Website | https://www.reservebar.com |
Company Overview
ReserveBar (www.reservebar.com) is the leading e-commerce platform for luxury spirits and champagne in the U.S. We enable consumers (as well as companies) to order the most esteemed bottles of alcohol in the world with the convenience of shipping across the United States for both self-consumption and gifting.
The delivered beverage alcohol segment of the industry is in the earliest stage of growth. Currently, 50% of all alcohol is sold off-premise, and only 1.8% of sales is fulfilled via e-commerce and delivery or shipment. By way of comparison, over 14% of retail sales involve e-commerce and delivery, and off-premise dining and flowers are well over 20%.
ReserveBar is close to closing an acquisition that will increase it's size significantly, while adding retail distribution with on-demand fulfillment ability (i.e. under and hour vs. shipment), and a more robust tech stack including an app.
This is truly an exciting category poised for explosive growth!
Experiential Learning Program Details
| School | Fordham University |
| Engagement Format | - |
| Course | MBA On the Spot Consulting Spring 2022 |
| Level |
|
| Students Enrolled | 80-100 |
| Meeting Day & Time | 3 Sessions on Wednesday 3/30, & 4/13 from 3:30 - 5:30 PM ET (https://fordham.zoom.us/j/6097637482) |
| Student Time Commitment | 4-7 Hours Per Week |
| Company Time Commitment | 2 Hours |
| Duration | 2 Weeks |
Program Timeline
| Touchpoints & Assignments | Due Date | Type | |
|---|---|---|---|
|
Project Intro Presentation & Project Working Session
Project Intro Presentation & Project Working Session
Topics via Zoom: https://fordham.zoom.us/j/6097637482
|
March 30th, 2022 | Event na | |
|
Upload Final Deliverable
Upload Final Deliverable
Upload 5-10 minute Video Presentation
|
April 8th, 2022 | Submission Required submission-required | |
|
Debrief with ReserveBar's Leadership
Debrief with ReserveBar's Leadership
4:30 – 5:30 Wrap Up Session and Debrief
|
April 14th, 2022 | Event na |
Key Project Milestones
-
March 30, 2022 - Deep-dive Into ReserveBar Brand and MVP Program; Develop Strategy for Successful Project
- What is the Company’s business model?
- How many different products or services does the company offer? How are they categorized and defined?
- What products are the best sellers? (What’s the product mix?)
- What are the different customer segments? What channels are used to earn those customers?
- What are the key drivers for customers to purchase their products?
- Who are the top competitors?
- How would you describe the company’s supply chain? What are the implications for the customer experience? The MVP experience?
- What are the current goals for the MVP product? How are these established, measured, and assessed?
Review the key objectives for the current project:
- Evaluate planned ReserveBar MVP.
- Provide a competitive analysis of other loyalty/membership program within industry and outside; site best practices on program details and pricing, key learnings.
- Make recommendations for evolving ReserveBar’s loyalty program, pricing and additional segment-specific membership programs.
- Develop high-level 3-year business plan.
Suggested Deliverable:
Documentation of work-in-progress that includes at minimum:
- Overview of the current challenge
- A description of the company and its brand
- High-level description of target audience, customer segments, competitors
- Company’s needs and goals for the project and anticipated obstacles.
- Preliminary list of resources.
- Preliminary annotations on research findings, industry-related frameworks/practices, approaches, strategies, ideation, etc.
- Plan for successfully completing the project (major action steps/tasks).
-
April 6, 2022 - Make recommendations for ReserveBar program(s) details, pricing and a business plan that will outline incremental revenues
- Evaluate planned ReserveBar MVP
- Provide a competitive analysis of other loyalty/membership program within industry and outside; site best practices on program details and pricing, key learnings
- Make recommendations for evolving ReserveBar’s loyalty program, pricing and additional segment-specific membership programs.
- Develop high-level 3-year business plan
Suggested Deliverable:
Comprehensive Report & Business Plan. Be sure to include key findings from analyses (e.g. ReserveBar MVP program, competitors, customer segments) and set of specific, actionable, relevant, and time-bound set of recommendations for the MVP program and next steps.
Project Resources
There are no resources currently available
Industry Mentors
Academic Mentors
Assigned Students
There are currently no students assigned.