Today the group worked out how much float would be needed for the Big Sell Off. We looked into the price points of the range to determine what float and how much we would need. As much of the range falls at .99, the group needs to ensure there will be enough 1ps to account for this. The group also need to account for the products which fall at £12.99 and £14.99 which will require £1 coins and £5 notes. The group came up with the following float requirements, which was then split between the five members of the team to ensure everyone is putting in the same amount. The group plan to also keep some money aside in case the float runs out part way through the sell-off.
· £30 in £10 notes (3 notes)
· £1 in 1p coins (1 bag)
· £10 in £1 coins (1 bag)
· £20 in £5 notes (4 notes)
o TOTAL: £61
To split this evenly I split this into 5 equal amounts of £12 and gave each person a list of what they were to bring on the day of the sell-off. Money left at the end will be split between the 5 members of the team, and should reimburse each member by £12.
· Alex: 1ps, £1 & £10
· Sam: £10, £1, & £1
· Chloe: £5, £5, £1, £1
· Grace: £10, £1, £1
· Bethan £5, £5, £1, £1
In dividing it in this way, the group will find it easier to collect the total float of £61, as well as minimise the risk of relying on 1 person.
Today I was also able to go to a guest lecture with Cormac Folan (TM Lewin Head of Online Marketing) and gain an insight into what makes successful online marketing and how best to optimise your follower base.
From this I was able to take that social media can be used for all levels of the marketing funnel: Awareness, consideration, intent, purchase, loyalty and advocacy, which as Cormac stated is very rare. This is something the group will take into consideration, and aim to cover all of these levels over social media (excluding purchase as the group will not be trading online).
It was also discussed how online marketing is much easier to measure in terms of ROI and customer engagement. This can be measured through websites and programmes such as Google Analytics and Hootsuite which the group will be using to monitor which social media posts will create most customer interaction.