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Strategic Communications Plan Yacht Week

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Strategic Communication Plan

Executive Summary The Yacht Week aims to be a luxurious and exciting vacation for people in the 20 to 30 year old age range looking for a more affordable option. Groups of friends can rent a yacht for a week that will take them to majestic locations where every day is spent relaxing at sea and in cities, and every night is spent enjoying nightlife with friends and other Yacht Week participants. While The Yacht Week is currently targeted mainly towards wealthy Europeans looking for an adventure, The Yacht Week is looking to expand its opportunities to America, by catering to American college students. This new target market is similar enough to the current market to work well, but different enough to bring in a whole new sect of consumers. The Yacht Week does face competition for this market from beach resorts and cruise lines, but The Yacht Week is a totally new experience unlike any of the competition, which is what will set it apart and make it successful. One of the main things The Yacht Week intends to do in the near future is expand its marketing and public relations reach into America so as to secure that market. This will be done in a few different ways. The first is to redesign the companys website to better draw potential customers in, currently the website is difficult to navigate

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and a redesign is important. The second is to advertise in magazines that the target markets read. Using full-page color advertisements shows the excitement of Yacht Week, and will help to draw in new customers. The third is to send teams to major college campuses in America to provide more

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specific information and to be available for questions. The last is to advertise on facebook, where most of the target market is often present. Using these tactics and more The Yacht Week hopes to achieve its main goal of expanding into the American college students market. Overview: Do you want to get away? Affordable luxury combined with fun people from all over the world & unforgettable events makes us unique. Every day exceptional. Every night something magical. Cristal clear water, fresh winds, regattas, yacht parties are all elements of your journey. Mission Statement: Yacht Week prides itself on being able to offer an exhilarating voyage to experience: sailing, regattas, and entertainment at an affordable level to people above 20-years-old. Yacht Week directly provides an accommodating boating vacation to people above 20 years of age around the world. Program Goals: Yacht Week aims to broaden their new market to a high to middle class demographic of collegiate students at appropriate times during the year. As well as expand the knowledge of our program in a more organized manner to highlight the low expensive trip. Yacht Week, unlike any other company, is here to provide you and all of your best friends with a nautical journey across Caribbean, Turkish, Croatian, or Greek waters on your very own chartered yacht. Upon this voyage one will experience a surreal nightlife with docks at some of the most amazing party cities, anchoring in for a night of fun. This thrilling experience not only provides sailing but regattas, entertainment, crystal clear water, fresh winds and much more. Start your Yacht Week journey by simply choose a sailing week and a yacht to accommodate you and your friends. We welcome sailors of all abilities and can provide you with an option to sail with a professional skipper. Or one can join the crew and learn how to be a skipper by him or herself. With this affordable, elegant trip combined with fun people from all over the world & unforgettable events makes us one of a kind. Every day equipped with life changing elements to instill

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no regrets about your yacht week decision. Starting from only !300/ person you can charter your own yacht! Minimum age is 20 years old. Check us out on the web or visit our Facebook page. Once youve viewed our pictures and videos, I guarantee youll be trying to plan your next spring break with us.

Industry: The industry that yacht week is a part of is the Cruise industry. According to Cruise Lines International Association there was approximately 14.3 million people that took a cruise last year. The industry has achieved a 2100% growth since 1970 when the industry was still young. The industry is still growing, with only 20% of adults having ever been on a cruise this leaves much room to expand. The average consumer for the industry is a wealthy 46 year old, and most cruises are booked through travel agents. The industry is only expected to grow more due to the fact that the economy is regaining some stability. The years 2008-2010 were challenging for the industry due to the faltering economy, but the Florida-Caribbean Cruise Association calls for cautious optimism for 2011 after seeing some signs of an improved sales climate.

Audience

Lifestyle

Needs Luxurious

Desired Behavior

Channel(s) Facebook, Twitter, online ads, travel magazines, word of mouth Facebook, Twitter, online ads, travel magazines, word of mouth Facebook,

Wealthy College Students

Laid back, fun seeking, nautical

vacation option, entertainment without supervision Affordable

Be able to have an all in one unforgettable, destination vacation with friends

Middle Class College Students

Laid back, fun seeking, realistic, nautical

vacation option, entertainment without supervision

Be able to have the time of his or her life on vacation, yet being able to afford it all.

Young (20-25) wealthy Europeans

Proximity to Adventurous, laid back, nautical vacation locations, Luxurious vacation option

Be able to enjoy an interactive, fun vocational journey

Twitter, online ads, travel magazines, word of mouth

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Yacht Week has made a plan to target 20 to 30 year olds as their audience. The subcategory of this audience base is American college students that are upper middle class and young Europeans; both seeking to engage in an exotic, nautical adventure. The average person the company is trying to cater too is: someone that takes interest in exploring nature, enjoys luxurious vacations, sociable,

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adventurous, looking to explore foreign cultures, and other interactive adventures. The target audience can be reached through twitter, blogs, online articles, websites, facebook, lectures and social networking. A major part of connecting with the target audience is word of mouth as well as connections. Product: Yacht week is an all inclusive yacht rental vacation service that has various destinations for various prices. According to the companies website, the basics included when you book a trip with the yacht week are the rental of a yacht, all yacht equipment, all taxes paid, dinghy, outboard engine, gasoline, GPS, nautical charts, sheets, blankets, towels, stereo and cockpit speakers. Extra fees are anywhere from $20 to $150 for things such as extra fuel and port fees. Destinations include the British Virgin Islands, Croatia, Greece, Turkey, and Sicily. Prices for a week on a yacht range from $730 to $1480. Sailing knowledge is helpful but not necessary because the company can provide a skipper. Demographics and Psychographics: The target demographic for the Yacht Week is young people ages 20-25 who are middle class and above. The service is mainly targeted towards European college students at this point in time. Yacht week targets outgoing, adventurous people who want to do something different for vacation. Generally people who would take a vacation with the Yacht Week would be people that like the outdoors, and new experiences. Competition: The Yacht Weeks competition ranges from different vacation options such as affordable cruise ships. Cruise ships also offer affordable rates like The Yacht Week and also more amenities. This is an immediate threat to their customer base. The cruise ship industry is one of the biggest threats to The Yacht Weeks success. Companies such as Carnival, offer an extensive range of destinations that The Yacht Week does not offer. The price of going on a Carnival cruise in the Caribbean ranges from $378.00 to $1,158.00 for five days. These ships also have different restaurant options on the boat, which is extremely convenient for the customers. The legitimacy and credibility of major cruise ship companies like Carnival give them an edge in terms of customer service over Yacht Week.

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Environmental: Weather is a leading factor in changes that may affect yacht week as a company. Their market is based on having good weather for sailing and factoring other weather patterns that

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may interrupt this is a leading concern. The company has its clients book the trip more than 3 months in advance with a direct nonrefundable deposit to assure a spot. The company cannot predict the weather for the days booked, so they must factor in bad weather. If a storm does happen during the week of travel the clients will be refunded depending on how many days they participated in during the week. Economic: The economy is a high factor of yacht week. Usually when the economy is down clients that may otherwise be interested in partaking in yacht week may not be in the best financial situation. Yacht Week is based on clients with money, although Yacht Week does price their rates fair and along the lines with other competitors, the economy needs to be up. Middle class and above are the targeted audience for this company.

Technological: Yacht Week is based on social networking and web marketing. With new forms of technology always being released it serves as a constructive way to market the product. Facebook and their website are ways for the company to connect and market to their clients. Social networking and media is how the company reaches its clients. The company recently just set up a blog as well so that their clients can receive part of the experience of yacht week online through photos, videos, interviews, personal blurbs, and insight of what the trip includes.

Strengths

Weakness Directed towards Europeans and British Not marketed in the US Flights not included Only sails in the Mediterranean and Caribbean Young company, young employees Not enough media exposure Competing with established vacation spots

! 20-30 Age range

Wide range of destinations Different price packaging Paid transportation from the airport Caters towards college spring, winter, and summer breaks Social Media

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Opportunity College discount Price packages Expansion to more countries Cross promotions with bars/restaurants Obtain more yachts as business grows Expand into a market that doesnt really exist (affordable yacht renting) Promoting on College campuses Expand press, marketing to more countries

Threats Cruise lines Economy! Less likely to rent a yacht Not enough boats to accommodate Weather, natural disasters

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Yacht Week was created five years ago in 2006. The company is relatively new to the business world and is just getting on its feet. Their company targets young adults in there twenties who are looking to immerse themselves in a breath-taking trip. With over five amazing locations

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Yacht Week holds many opportunities. The different strengths of the company is based on the fact that this company is not like any other travel experience. The price is targeted to middle class and higher, however compared with other travel packages and experiences it is priced affordably. The yachts can include up to 15 people: co-ed, all girls, or all boys. The price of the yacht depends on how big the yacht is and the location. The company provides their clients with the option of working on the boat as well if one cannot afford the whole trip. The clients can choose to have their own skipper or have the company supply one. Yacht Weeks greater strengths focus on how there is no other organization or company that targets specifically towards 20-30 year olds and presents them with the ability to sail in an exotic country for a full week while experiencing: the countries culture, atmosphere, how to sail, opportunity to interact with people from different countries, night clubs, water activities and so much more. Yacht week provides professional photographers and videographers to capture every moment of the amazing experience. The album and video are given to the customers at the end of their trip, as well as all of the playlists that are created on aboard. For $25 extra the clients have access to nightclubs and bars where the yachts dock for the night. In addition, the final payment includes: rental of yacht, yacht equipment, all taxes, end cleaning, dinghy, outboard engine and gasoline, GPs and nautical charts, sheets, blankets, towels, stereo, and cockpit speakers. The leading weakness of the company is that the audience is mostly focused on Europeans. If the company planned a campaign in the states around college campuses, their client base could potentially double in size. In addition, the companys only form of advertisement is from social networking (twitter, facebook and website); they could produce ads in travel magazines and create brochures for travel agencies. Core Problem: The main kink in this new company is that it does not have an advertising campaign. The company has targeted Europeans and Brits and has left out U.S. college students (who could potentially be a big target market). If Yacht Week would put in the time to start a nationwide campaign in the states they could potentially bring in a lot of income and clients. In addition, the website could be reconstructed so that it would be easier for potential clients to navigate. The section with the pricing needs an update so it customizes to the clients and is user friendly.

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Tactics: The Yacht Weeks main weakness is their inefficiency to reach the public. There are countless ways the company can reach its target audience. By exposing themselves to College

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campuses, continuing to progress with social media exposure, advertising in magazines that pertain to College students, and offering various promotions, The Yacht Weeks business will improve drastically directly from exposure. By visiting college campuses, The Yacht Week will be able expose themselves to their main target audience in person. This will ensure that their key demographic will gain information about the company by the teams sent to College campus. By continuing to keep up with the companys social media outlets, the company will be able to reach their target audience in an efficient way. The last key tactic that Yacht Week needs to utilize is advertising through magazines that their target audience read. By executing these tactics, The Yacht Week will legitimize themselves by having an adequate amount of advertising that informs the public about the company.

Goals: Our goal as a company is to expand in the United States and create promotions nationwide. Through campaigns and advertisements we are in hope to expand our company and client base. Our plan is to target college campuses and promote promotions to college students. A few plans that we would like to use in our plan are: if a school has 5 sororities and fraternities sign up each yacht receives a 25% discount off of their whole trip. In addition have college representatives playing music and promoting Yacht Week at booths during school fairs. Brochures in travel agencies may need to be created and distributed. Posters may be placed around college campuses promoting to join and sign up for Yacht Week. There should be representatives for each geographic area that certain colleges reside in; they should be equipped with business cards and personal contact information. We would like to stay in our budget and timeline as close as possible giving a little breathing room in case of unpredictable problems. Summary: Yacht week experiences an advantage in the business because there are no other companies renting yachts to take groups across the ocean. They have the upper hand since they dock at certain party cities to let customers reach the dry land and explore the culture. Yacht week would flourish if they directed most of their business to American college students who thrive off of winter and spring break. If promotions were related to certain types of people they would gain a great wealth of business. The opportunities that arise if Yacht Week were to change would be an expanding market and

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competition with relating businesses. There are many opportunities that could become if Yacht Week were to advertise to the correct audiences. Although there are few threats, Yacht Week can never predict weather related issue or the seasickness of their customers. With a shift in direction this company could make an enormous growth.

Budget

Strategy Tactic Redesign Website to optimize usefulness

Detail Website is currently not very effective or informative, redesign to fix that.

Cost $10,000 to hire website designer

Total Projected $10,000

Tactic

Advertise in teen magazines

Advertise in popular magazines to increase awareness of service

$250,000 for full page ad, $5,000 for ad designer $10,000 for travel costs

$255,000

Tactic

Speak at major college campuses

Have media teams speak at colleges to increase awareness Distribute and hang flyers on college campuses to explain

$10,000

Tactic

Flyers

$50,000 for production of all flyers, $1,000 for flyer design

$51,000

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service. 4 color flyers with basic title, picture, and brief explanation Tactic Facebook sidebar ad Advertise on facebook because target market is active there Totals: $326,000 $326,000

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Calendar

Jan Key Public Website Redesign Hire designer and have them work on website Review design with designer Publish final website Key Public College age girls X Prospective customers

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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Magazine Advertisement Hire ad designer and have them work on ad Review ad design Submit ad to magazine Run ad X X X X X X

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Key Public

College Students

College Visits Pick campuses to visit Put together teams and pitches Deploy teams to campuses Key Public Flyers Hire designer for flyer Approve flyer design X X College students X X X X

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Print flyers Distribute flyers Key Public Facebook Ad Hire ad designer Work on and edit ad Approve Final Ad Run ad on Facebook X X X X X X Facebook Users X X X

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Evaluation: There are a few ways that we as a company will evaluate if the marketing tactics that we will institute are working efficiently or not. Increased facebook and twitter likes and followers will be one factor in telling that our social media proficiency and institution of advertising are working. The increase of customers that are U.S. college students will allow us to identify if the advertising and promotion teams that will be promoting The Yacht Week at college campuses are benefiting the company as well. If we see that our customer base is still predominantly from European countries, this will tell us that there needs to be increased budgeting in the advertising side of the business in order to appeal to the large amount of college students in the United States. Conclusion: With this new strategic plan in action for the company, we hope to see many new positive changes. Our main goals for this plan were as followed: target, promote and cater to a new audience (United States college students). Our tactics include: initiating college ambassadors, guest speakers at universities, cross promotions with fraternities and sororities, competitions between schools, free merchandise, brochures and ads in magazines. These are only a few concepts that we talked about in the overall plan. With these tactics, as well as others, we conclude that our company will grow and expand to new areas of the world after we conquer the U.S. By starting this campaign in the United States it will bring in a bigger customer base, income, and publicity to our company. Our budget

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targets and focuses on paying for different advertisement and marketing campaigns, our main budgeting expense is social media advertising. We have concluded that social media is the most proficient way of targeting our new audience. Our budget is manageable and efficient, and will ultimately lead to the expansion to new markets, which will allow The Yacht Week to grow and flourish as a company.

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Work Cited

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1. Carnival Cruise Lines. N.p., n.d. Web. 9 Oct 2011. <http://www.carnival.com/>. 2. "Cruise Industry Overview: 2011." Florida-Caribbean Cruise Association. Web. <http://www.fcca.com/downloads/2011-overviewbook_Cruise%20Industry%20Overview%20and%20Statistics.pdf>. 3. "Profile of the U.S. Cruise Industry." Cruise Lines International Association. Web. <http://www.cruising.org/pressroom-research/cruise-industry-source- book/profile-uscruise-industry>. 4. The Yacht Week. Web. <http://www.theyachtweek.com/>.