Capstone – Project
Business buyer segment marketing strategy
A Collaboration Between
The Current Challenge:
Corporate concierge sales have organically grown 80%+ YoY to $1.5M in 2021. This has been accomplished with only merchandising gifting offerings on site, reputation and very little proactive marketing. Additionally, we feel there is an untapped segment of the business buyer that doesn’t need bulk/white glove service. We feel the business segment is a multi-million dollar revenue generator for ReserveBar. To date, we have not created a specific business buyer segment marketing strategy.
Action Items & Activities Suggested by Industry Mentor:
-Identify corporate gifting (bulk) and business buyer (non-bulk) segments to proactively market (based on TAM opportunities, propensity for gift-giving, alignment with BevAlc giving, etc)
-Develop a strategic annual marketing plan to address those segments (how much to spend by tactic and projection of revenues)
Goal/Project Success for Industry Partner:
Clear path to incremental revenue.
Project Topics
Growth Strategy
Marketing
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
Key Project Milestones
-
March 30, 2022 - Deep-dive Into ReserveBar Brand and Current Challenge; 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?
- What are the current goals for the project? How will the outcomes of the project be used to drive business objectives?
- What strategies has ReserveBar used to market products to corporate gifting and business buyer customer segments? Which ones have worked? Which ones have been less effective? How are these strategies being evaluated?
Review the key objectives for the current project:
-Identify corporate gifting (bulk) and business buyer (non-bulk) segments to proactively market (based on TAM opportunities, propensity for gift-giving, alignment with BevAlc giving, etc)
-Develop a strategic annual marketing plan to address those segments (how much to spend by tactic and projection of revenues)
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 - Develop Targeted Marketing Strategy
- Identify and define corporate gifting (bulk) and business buyer (non-bulk) segments.
- Research and identify best and proven proactive marketing strategies.
- Prioritize and recommend strategies based on TAM opportunities, propensity for gift-giving, alignment with BevAlc giving, etc.
- Develop a strategic annual marketing plan to address those segments (how much to spend by tactic and projection of revenues).
Suggested Deliverable:
Target Marketing Strategy; include supporting data and analysis, prototypes
Project Resources
There are no resources currently available
Industry Mentors
Academic Mentors
Assigned Students
There are currently no students assigned.