Pitch Project – Colorful Living Initiative
You are the Real Simple Magazine team • RSM needs to generate more revenue as part of Meredith Corporation* • You are pitching Benjamin Moore Paint to win the account • BMP needs an integrated marketing partner
Help BMP in their branding • Think of the greatest opportunities and threats (remember your SWOT’s) and build a campaign around them/it • Convince BMP that you will help: • generate demand • drive consumer affinity • increase customer lifetime value
Financials – Connect Strategy to Cost Must monetize ideas •Expectations on sales, costs, scale •Investigate and estimate •Examples • Create an APP – how much will it cost? • Run an event – where, how big, how long, how much? • Ads – reach, frequency, cost
Pitch Project – Colorful Living Initiative
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Campaign Overview
The "Color Your Life" campaign by Real Simple Magazine (RSM) for Benjamin Moore Paint (BMP) is designed to engage consumers through a blend of digital innovation and interactive experiences. The campaign will be centered around a custom-designed app, a flagship event, and targeted advertising, each element aiming to create a buzz around BMP’s products and ultimately drive sales.
1 "Color Your Life" App Development
1 Objective: To develop an interactive app that allows users to virtually apply BMP paints to their home spaces, offering a realistic view of the final result.
2 Cost Estimation: Based on similar app development projects, like the IKEA Place app, we estimate the development cost to be around $250,000 to $350,000. This cost includes design, development, testing, and initial marketing.
3 Sales Projection: The app is expected to increase BMP’s sales by facilitating easier color selection and reducing purchase hesitation. We project a 10-15% increase in sales through direct app referrals within the first year.
2 Flagship Event: BMP Home Makeover Experience
4 Objective: A live event showcasing BMP’s range in an experiential setting, allowing attendees to participate in workshops and see the paint in action.
5 Location and Scale: Targeting a major city like New York, the event will span over a weekend and is expected to attract around 5,000 attendees.
6 Cost Estimation: Based on similar events in the industry, like the annual Home Depot DIY workshops, the estimated cost is around $100,000, including venue hire, setup, staffing, and marketing.