Esp Trendlab Marketing Plan

Due to the huge competition in current market which ESP TRENDLAB in as well as the majority of the market share was hold by several huge company, it is difficult for ESP TRENDLAB to make profit from the consulting service industry. So the company need to rebrand and explore potential market which is beyond fashion urgently.

• Company Name and Re-Branding Plan

The first important thing is identify the new business name which should enable customers to know the brand story of new company and the service this company provides. Also the company name should have identity, and the logo of company should have visual attraction to customers to ensure the customers remember the company at the very first glance. Then the company could benefit a lot from this after the new business go to market.

Second, the company need to clarify which market they want to get in. Ellen Sideri provide us some information about the market they’ve already had some success and some other market they want to get in. Based on the ESP TRENLAB was a fashion forecasting company, in our perspective, we strongly recommend the company to develop some fashion related business, because the company immersed in associated with the fashion industry for many years, the company's network, technology and experience is relatively abundant, below is our list of some of the market that company could try to enter or combine some market that have already make some success with the relevant market they never try before:

1. Shopping Mall Developer

2. Food/ Food services

3. Health + Beauty/ Cosmetics

4. Home interiors

5. Active wear

6. Furniture

7. Fitness and Fitness equipment

Kith, a popular store in New York, ESP can copy Kith‘s business model and modify it a little to fit their own business. The idea is to put food, clothing and other fashionable things in a showroom for sale. For ESP, they can also open a store like this, because the ESP is not only a fashion consultancy, at the same time they have their own fashion design studio, so the store can divided into several different sections which sell their furniture, active wear, home interior, fitness equipment, cosmetics designed by company and provide food service. The selling point of such a store is not the product itself, but the fashion concept and the design of the products, and the service and visual experience the store offer to customers. The New Yorkers don’t like things to remain unchanged, they like to chase something that was new to them even just the outlook and that is why the fashion design is a prosperous industry in this city. Therefore, the furniture, active wear, home interior, fitness equipment, cosmetics designed by the company should have the distinctive as well as aesthetic appearance which can attract more customers.

• Advertising

It’s a multi-media era, put advertisements to the billboard or newspaper is less efficient, but that doesn't mean company doesn’t need to put advertisement sto these places, instead that company can put less money into these ads. In our view, the best way that can make a new brand get famous quickly is seek cooperation with some famous brand that people have already know, it is common in the fashion industry. So the company can put most of the funds to cooperate with some famous fashion brand, release some cooperation products such as furniture, active wear and fitness equipment, this will make your brand rapidly be remembered, of course, the premise is that the brand you cooperate with have enough status and reputation in the market you in. The budget of seeking cooperation and putting ads on billboard and newspaper might be 100000.