EXECUTIVE SUMMARY
Situation Analysis:
Honest Cuts Barbershop is a modern and classic barbershop located in Salt Lake City, Utah that has been in business for almost 5 years. The small company operates B2C supporting diversity and the local community. Initial interviews with the owner at Honest Cuts revealed the competitive nature of the barber industry, especially in Salt Lake City. Currently, they’ve built up a favorable reputation through a strong social network and have relied on word-of-mouth to maintain their success. However, “maintaining” their success in a competitive industry is simply not good enough. Honest Cuts wants to grow, but in speaking with the owner, they don’t know where to begin.
Honest Cuts Barbershop is a modern and classic barbershop located in Salt Lake City, Utah that has been in business for almost 5 years. The small company operates B2C supporting diversity and the local community. Initial interviews with the owner at Honest Cuts revealed the competitive nature of the barber industry, especially in Salt Lake City. Currently, they’ve built up a favorable reputation through a strong social network and have relied on word-of-mouth to maintain their success. However, “maintaining” their success in a competitive industry is simply not good enough. Honest Cuts wants to grow, but in speaking with the owner, they don’t know where to begin.
Target Market Analysis:
Male consumers are the main market segment to whom Honest Cuts caters. At Honest Cuts, they’ve been able to maintain the business with “regulars,” but retaining new customers has been the biggest obstacle. They’ve identified a need for growing their clientele base, but doesn’t know who, where, or how to focus their efforts. Although Honest Cuts has a perfect online reviews reputation, other barbershops stay just as competitive in this space so exploring other opportunities is crucial for their growth to set themselves apart. With no formal process with retaining new customers, identifying customers’ motivations to stay loyal to the brand needs to be defined.
Male consumers are the main market segment to whom Honest Cuts caters. At Honest Cuts, they’ve been able to maintain the business with “regulars,” but retaining new customers has been the biggest obstacle. They’ve identified a need for growing their clientele base, but doesn’t know who, where, or how to focus their efforts. Although Honest Cuts has a perfect online reviews reputation, other barbershops stay just as competitive in this space so exploring other opportunities is crucial for their growth to set themselves apart. With no formal process with retaining new customers, identifying customers’ motivations to stay loyal to the brand needs to be defined.
Objectives, Strategies & Tactics:
In an increasingly competitive industry, Honest Cuts is challenged with continuing to grow the business while remaining competitive against other barbershops in Salt Lake City. In order to support their reputation of providing the highest value of service, Honest Cuts should focus on the following objectives:
In an increasingly competitive industry, Honest Cuts is challenged with continuing to grow the business while remaining competitive against other barbershops in Salt Lake City. In order to support their reputation of providing the highest value of service, Honest Cuts should focus on the following objectives:
Increase New Customer Retention Rate by 25% by the end of Q2 2021
Increase Honest Cuts’ Google Reviews by 25% by the end of Q2 2021
Increase Website Traffic from Salt Lake City, UT by 25% by the end of Q2 2021
Making a good first impression will allow Honest Cuts’ target market to become familiar with their brand. Creating marketing collateral to help retain new customers while attracting others will serve as an impressive introduction will help the company grow their clientele base.
Objective 1: Increase new customer retention rate by 25% by the end of Q2 2021
Strategy 1.1: Convince new customers through a referral program offered in-store and online digital assets that Honest Cuts is the best barbershop in Salt Lake City, Utah.
Tactic: Create an Honest Cuts Barbershop refer-a-friend program e.g. both existing and new customers can earn $5 off their next appointment at Honest Cuts Barbershop through the “Honest Cuts Barbershop Refer-A-Friend Program” (See below).
Strategy 1.2: Convince new customers through loyalty programs that Honest Cuts Barbershop is the best value in Salt Lake City, Utah.
Tactic: Create an Honest Cuts Barbershop loyalty stamp card e.g. 10th stamp receives a free haircut service ($35 value) (See Below).
Objective 2: Increase Honest Cuts Google Reviews by 25% by the end of Q2 2021
Strategy 2.1: Incentivize existing and new customers through sales promotions that Honest Cuts is the best barbershop in Salt Lake City, Utah
Tactic: Create an in-store sign that incentivizes customers to write their experience at Honest Cuts Barbershop e.g. Leave a Google Review for $5 off. Leave a review on all 4 of these (Google, Yelp, Facebook, and Booksy) for an additional $5 off. Include details on how to leave a review with shortened links.
Strategy 2.2: Empower existing and new customers through illustrations in-store and online digital assets that Honest Cuts is the best barbershop in Salt Lake City, Utah
Tactic: Create a double-sided handout that incentivizes customers to write their experience at Honest Cuts Barbershop that includes details on how to leave a review with shortened links for Google, Yelp, Facebook, and Booksy. Add this promotion on an Instagram Highlight.
Objective 3: Increase Honest Cuts’ website traffic from Salt Lake City, UT by 25% by the end of Q2 2021
Tactic: Claim business directory listings and brand as a cohesive unit for Honest Cuts Barbershops: Apple Maps, LinkedIn Company Directory, and Bing Places.
Tactic: Create Instagram post best practice template that includes popular hashtags, location, alt tags, mentions (local accounts), and product tags for Instagram Story’s, Reels, and Posts.
Tactic: Create Instagram Highlight Covers for Promotions, Reviews, Community, and Designs.
