Pedro Filgueiras Soares Ferraz Entrepreneurship & Development Advisor: Susana Frazão Pinheiro - PDF

How can Cre.eight an online t-shirt brand increase brand awareness and sales, in the Portuguese market, through its main social media networking sites: Facebook and Instagram? Pedro Filgueiras Soares Ferraz

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How can Cre.eight an online t-shirt brand increase brand awareness and sales, in the Portuguese market, through its main social media networking sites: Facebook and Instagram? Pedro Filgueiras Soares Ferraz Entrepreneurship & Development Advisor: Susana Frazão Pinheiro Dissertation submitted in partial fulfilment of requirements for the degree of International MSc in Management, at Universidade Católica Portuguesa, August 2016. Title: How can Cre.eight an online t-shirt brand increase brand awareness and sales, in Portuguese market, through its main social media networking sites: Facebook and Instagram? Author: Pedro Filgueiras Soares Ferraz ABSTRACT Cre.eight is an online t-shirt brand founded by Pedro Ferraz in This dissertation has the objective of studying Cre.eight and understanding the importance of Facebook and Instagram as means of increasing brand awareness and sales. The relevance of social media networking sites for the millennial generation was evaluated, along with the tools that these platforms posses for up-rising brands. An outlined analysis of Facebook and Instagram and their power as communication channels allows the reader to understand how Cre.eight is able to work with an array of tools to attain the desired level of recognition. The case study presented occurs in 2015, marked by the launch of the first collection, serves to understand the brand, assess every process of the business, evaluation of past mistakes and generated results. An analysis on what strategies to be implemented on Facebook and Instagram, and the key factors for such strategies to be effectively implemented was constructed, based on: (1) an online survey to study the perception on online shopping, (2) benchmarking the social media accounts of two leading Portuguese entrepreneur brands, and (3) taking into consideration the elements explored in the Literature Review. The dissertation conclusively draws particular relevance to the following key points: the correct exploitation of advertising tools, on Facebook through effective segmentation and strong management of generated insights, Instagram with the correct usage of social media mavens and exclusive and captivating visuals, along with the consistency and diversity of generated content to maintain consumers and engagement towards the brand. Keywords: social media, Facebook, Instagram, up-rising brands, online brands, social media strategies, Cre.eight RESUMO A Cre.eight é uma marca online de t-shirts, criada por Pedro Ferraz em Esta dissertação tem como objetivo estudar a Cre.eight e perceber a importância do Facebook e Instagram como meios de aumentar a notoriedade da marca e vendas. A relevância dos sites de redes sociais foi avaliada, juntamente com as ferramentas que estas possuem para marcas em crescimento. Uma análise detalhada do Facebook e Instagram e as capacidades dos mesmos como meios de comunicação permite ao leitor perceber como a Cre.eight consegue trabalhar com uma gama de ferramentas para atingir o nível desejado de reconhecimento. O caso apresentado ocorre em 2015, tem como objetivo dar a conhecer a marca, avaliar os processos do negócio, reconhecimento dos erros, e os resultados obtidos na primeira coleção. Uma análise sobre quais as estratégias a serem implementadas no Facebook e Instagram, e os fatores para que tais estratégias sejam implementadas com sucesso foi construído com base em: (1) um questionário para estudar a perceção sobre compras on-line, (2) avaliação comparativa das redes socias de marcas empreendedoras portuguesas, (3) considerando os elementos explorados na Revisão de Literatura. Em conclusão, a dissertação realça a importância dos seguintes pontos: a correta exploração de instrumentos de publicidade, no Facebook através de uma segmentação eficaz e forte gestão dos insights gerados, e no Instagram com a correta utilização dos social media mavens e a criação de material visual exclusivo, juntamente com a consistência e diversidade de conteúdo para manter os consumidores e envolvimento com a marca. Palavras chave: redes socias, Facebook, Instagram, marcas emergentes, marcas online, estratégias nas redes sociais, Cre.eight # ACKNOWLEDGEMENTS The unconditional support of every individual that surrounds me was essential for the successful development and completion of this dissertation, under the Entrepreneurship & Development seminar. Firstly, I would like to thank my family for always supporting and motivating me to become a better person, to always follow my dreams, and for giving me the incredible opportunity of having the life I had until this point. To my parents and brothers, I dedicate this thesis and project of which I am very proud of. On a similar note, I would like to thank my supervisor, Susana Frazão Pinheiro, for the availability, support, and courage during the thesis development process. We made it professora To my master s degree buddies, best friends, and great helpers and influencers during the thesis process: I was extremely lucky to accomplish this journey with you, two years of great friendships, hard work, and endless stories that we will never forget and get tired of telling. Thank-you very much to you all: João Canedo, João Gonçalves, Laura Carnall, Joana Gabirra and Rita Guimarães, this journey without you wouldn t have been the same. Lastly, I would like to thank my best friends for the massive encouragement and help throughout the many years that we have been together, and particularly during this last hurdle of my master s program. Always together we stand, thank-you: José Maria Hipólito, Anjie Wu, Lourenço de Almeida, Sadik Sidi, Lourenço Limão, António Limão, Nuno Andrade, Diogo Bento, Vasco Colaço, Vera Caldeira da Silva, Barbara Mesquita, and Mónica Mesquita. As a final note and most importantly: my accomplishments and success are ultimately dedicated to my brother Gonçalo Filgueiras Soares Ferraz, an inspiration, guidance, and support that I will always carry with me. Regardless of everything, you will always be the nº1. I know you are up there encouraging me and following all my footsteps in this so called, the journey of life. I ll see you soon. $ LIST OF FIGURES Figure 1: Service 2 Costs & Profit Figure 2: Audience FB Pages Figure 3: Promotion Insights FB Pages Figure 4: Clients / T-shirt Figure 5: Net Income Figure 6: Cre.eight vs Figure 7: Posts per Month % LIST OF APPENDICES Pages Appendix 1: The Entrepreneurial Process Appendix 2: Service 1 Examples Appendix 3: Service 2 Examples Appendix 4: Audience and Insights Results 2015 vs Appendix 5: Financial Considerations Appendix 6: Online Shopping Men vs. Women Appendix 7: Logo & Labels (2015)) Appendix 8: Cre.eight Around the World Appendix 9: Hofstede Portugal vs. Spain Appendix 10: Facebook Promotion Revenue Growth Appendix 11: Cre.eight Africa Learn & Execute Appendix 12: Cre.eight E-commerce Website Appendix 13: Insights Examples Cre.eight 2016 Appendix 14: Suitable Apps - Examples Appendix 15: Example of Mutual Ads on Facebook & Instagram Appendix 16: Survey Perception on Online Shopping Appendix 17: DCK s Social Media Accounts Appendix 18: Shoes Your Mood Social Media Accounts & TABLE OF CONTENTS 1. INTRODUCTION LITERATURE REVIEW What is Entrepreneurship The Social Media Defining Social Media Millennials and Social Media Networking Sites The Role of Social Networks for Entrepreneurs & Small Businesses Social Networks as Marketing Tools The Social Media Networking Sites Facebook Instagram CASE STUDY The Starting Point Presentation & Choosing a Direction for the Brand Taking the Idea to Reality The Initial Issues Partnership with Vera, the Seamstress The First Collection: Cre.eighting the First Collection The Selling Platform - Facebook Facebook Marketing Tools Facebook Promotion Insights Further Insights Total Income and Costs Short-term Outlooks: (1-3 years) Cost Reductions, Quality and Supply Chain Logistics Shopping Experience and Credibility Long-term Outlooks: (5-10 years) Internationalization Social Entrepreneurship Project: Cre.eight Africa, LEARN & EXECUTE Conclusions Update on Cre.eight ' 4. TEACHING NOTES Teaching Questions (TQ's) Suggested Teaching Methods Analysis & Discussion CONCLUSIONS & LIMITATIONS ( 1. INTRODUCTION Dreaming big, thriving risk, and having full power of controllable decisions and operations are amongst my biggest inherited characteristics. Such characteristics that in my opinion are inborn and are subject to small alterations with life experiences and with one s educational journey. I knew I wanted to start something on my own, my idea, my brand, something that I could put out there knowing that it has 100% of my contribution. It may be a misleading will, having other perspectives is always important, having two brains and four eyes is always more advantageous, but I wanted to take this initial journey with my own entrepreneurial perspective. After months of brainstorming, late night sleeps, confusing and complicated ideas I came up with Cre.eight; a t-shirt brand that aims to go beyond of a normal t-shirt brand with cool designs. Cre.eight is about personally connecting with what you wear. About accompanying each and everyone in amazing and unforgettable travels, adventures and events. Cre.eight is proud of its roots, but also incentives people to discover the beautiful cultures, people and countries that the world has to offer. The success of the first collection in 2015 was achieved, this year I wanted to go up a level, making the brand more solid and believable by following strictly Cre.eight s mission and spirit, improve product quality and online shopping experience, and most importantly reinforce Cre.eight s presence and objectives in social media networks. Therefore, the aim of the dissertation is to investigate and analyze how can Cre.eight increase brand awareness and sales, in the Portuguese market, through its main social media networking sites: Facebook and Instagram? In this paper we will address two main research questions that are crucial for the success of Cre.eight as an online brand, with the objective of attaining higher visibility and awareness via social media networking sites: 1. Which distinct strategies should be applied to Facebook and Instagram? 2. What are the key factors for such strategies to remain consistent and continuously captivating in the short to medium term? ) This dissertation is written in the form of a case study as it is focused on a specific brand, Cre.eight. Chapter 2 Literature Review the focus will be on dismantling entrepreneurship and social media, following on how these two are inter-connected. As the dissertation is highly concentrated on specific social media sites, a detailed explanation of the influence and characteristics of Facebook and Instagram will be analyzed. The aim of chapter 2 is to understand the concept and importance of social media for entrepreneurs and small businesses, and how the main social networks can contribute for a stronger exposure and increase in sales of a brand in a given market. Chapter 3 Case Study intended for readers to understand the story of Cre.eight: how the idea flourished and how it became a brand, the choice of positioning and target, the initial issues, daily operations, results from the first collection, and finally unveil future short and long-term drives. Chapter 4 Teaching Notes analysis and discussion by addressing the two research questions, through the usage of important aspects referred in the literature review, benchmarking the social media accounts of identical brands, and exploring the results of an online survey, which had the objective of understanding the perception of the general public on online shopping. This dissertation is intended to be used as an education tool for young entrepreneurs that desire to start their own idea from scratch. A paper that incentives young dreamers to take a risk and believe in their ambitious and entrepreneurial capabilities. With this dissertation is intended that readers will be able to understand in more depth the development phase of an online clothing brand in Portugal, brand management and communication, with a general focus on social media marketing tools and strategies to be applied. *+ 2. LITERATURE REVIEW 2.1 What is Entrepreneurship During the last decades entrepreneurship has become a worldwide phenomenon, people have discovered the will and desire in taking one s idea into a business, embracing the risk for a unique and pleasurable outcome. An entrepreneur is someone capable of creating an enterprise from an innovative idea and financing its activities from generated revenues. As stated by Hindle (2015) entrepreneurship is the process of evaluating, committing to and achieving, under contextual constraints, the creation of new value from new knowledge for the benefit of defined stakeholders. Kevin Hindle presents a model, labeled as The Model of Entrepreneurial Process 1, which according to Hindle defines precisely the definition of entrepreneurship: given that new knowledge has been created, there are three capacities needed to transform the new knowledge into new value for people with a vested interest in the value creation: stakeholders. These three capacities include: 1. Entrepreneurial capacity: discovering an opportunity, and the systematic evaluation aimed at discovering whether this provides the opportunity to create a New Value Design: creation of economic value which is generated by a business model, whereas if the business model seems viable, a full entrepreneurial process goes on to articulate. This capacity is inserted in the strategic domain (Hindle, 2015). 2. Psychological capacity: the commitment of embracing the business model, in other words, the human duty needed to pursue its implications. This capacity is part of the personal domain (Hindle, 2015). 3. Managerial capacity: finally, the managerial, tactical, planning and specific performance required to implement the New Value Design in the desired market. Labeled as the tactical domain (Hindle, 2015). 2.2 The Social Media The following section serves to present social media networking sites and their importance and relevance as marketing tools for rising brands and small businesses, in the millennial generation world. In addition, an in depth analysis on Facebook and Instagram will be tackled, along with the tools that make these two giants of the social networks so relevant and indispensable for this specific case. 1 Appendix 1: The Model of Entrepreneurial Process ** 2.2.1 Defining Social Media Social media cannot be understood without defining Web 2.0: a term that outlines a new way in which end users use the World Wide Web, an interface where content is continuously altered by all operators in a sharing and collaborative way. Social media is where users are able to share ideas and information with a network of contacts and others through various interactive digital platforms (Loitz, 2016). Social media can be characterized as: online applications, platforms and media which aim to facilitate interactions, collaborations and the sharing of content. The importance of social network media lies in the interaction between consumers and the community, and in the facilitation of asynchronous, immediate, interactive, low-cost communications (Adrian Palmer & Nicole Koenig,Lewis, 2009). These platforms allow the communication, interaction and the share of information using means such as words, pictures, videos and audio (Loitz, 2016). Unlike other forms of communication and marketing, social media allows businesses to participate in two-way communication publicly, and also privately (Loitz, 2016). The result of these advanced tools and software is that in today s technology driven world everything is inter-connected: people, information, data, events and places, all with multiple interdependent associations that form an enormous aggregate social network (del Fresno García, Daly, & Segado Sánchez-Cabezudo, 2016). In conclusion, and as stated by Sago (2010), It [social interaction] can involve the generation of new content; the recommendation of and sharing of existing content, reviewing and rating products, services and brands; discussing the hot topics of the day; interest and passions; sharing experience and expertise in fact, almost anything that can be distributed and shared through digital channels is fair game Millennials and Social Media Networking Sites The rise of usage and importance that social networks represent to the Millennials generation has indorsed such means in becoming much more than just a way to connect about personal matters. According to Sago (2010), social networking sites are used by 77% of Millennials, in deeper detail, as presented by The Pew Internet & American Life Project, it reports that social networks are used by 65% of year olds, and 67% of years olds. On a similar note, Payam Hanafizadeh (2012), reinforces that social network sites have become mainstream on a global dimension, where these sites account for one in every 11 minutes spent online, totaling up to 54% of users between the ages of 16 and 24 that have set up their own page or profile on a social networking site. * The Role of Social Networks for Entrepreneurs & Small Businesses The density of any type of information combined with the millions of users that are inter-connected in different social network platforms has resulted in the powerful importance that social media plays in how consumers discover, research, and share information about brands and products. The impact of social networks is attained at a universal level, from the economic (e.g., shopping) and marketing (e.g., brand building) to the social and educational sectors. The factors that are driving this gradual importance in todays businesses include: the number of potential customers engaged on social network sites, the current economic depression, where there are fewer customers in general, finding and engaging them get higher priorities, and thirdly, the wide acceptance of social networks as a powerful tool that is slowly dethroning traditional state of marketing, advertising and promotion (Payam Hanafizadeh, 2012). As Hanna et al. (2011) refer In the social media-driven business model defined by customer connectivity and interactivity, content goes hand in hand with technology, producing far-reaching effects for the way marketers influence current and potential customers the ability to leverage relationships embodied in social networks will become one of the most transformative uses of the Internet. Online content that is easily introduced, shared, and recommended in social networks is enlarging the spheres of marketing influence, where a vast range of platforms are empowering the necessary tools for these influential exchanges amongst businesses and its customers (Hanna et al., 2011). A study reveals that 90% of marketers indicated that the massive impact of social media is of great importance for the growth of their business, furthermore, 58% admitted to using social media for 6 hours or more each week, whereas 34% for 11 or more hours weekly (Payam Hanafizadeh, 2012). The main advantages of this phenomenon are delineated by Payam Hanafizadeh (2012) as the constant and increased generation of business exposure, increased traffic, and the improved search rankings. On the other hand, a main disadvantage of social network sites is the low trust and uncertainty that people feel in the virtual environment. A full adoption of social network sites may have a longer way to go since people are more used to the traditional social network and their behavioral change often takes time (Payam Hanafizadeh, 2012) Social Networks as Marketing Tools Social media networks have adapted to the needs of entrepreneurs, small businesses and big enterprises in order to provide the necessary tools for these
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