Building an Aspirational Brand in an Established Luxury Market : A Strategic Marketing Plan for Revel Custom Wine Cellars
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This paper presents a marketing plan for Revel Custom Wine Cellars, recently founded by an entrepreneur who seeks to transform his hobby into a luxury wine cellar business. This marketing plan has the objective of making Revel Cellars the preferred choice of super-affluent clientele, doubling revenues in the next three years and increasing brand awareness and loyalty by 50%. As a niche business, Revel Cellars faces the challenge of reaching a particularly narrow target market. This plan addresses these challenges and provides viable solutions on how this business can achieve its set objectives. Following the introduction, this paper will begin with a literature review exploring existing research on the topics of buyer behavior of luxury consumers, segmentation in luxury markets, and value propositions. The findings from this literature suggest that the rules for marketing in luxury, niche markets are often counter-intuitive, emphasizing the importance of segmentation on all levels and relevant value propositions. The theories and concepts put forth in this literature review will then be analyzed within the context of Revel Cellars in the connection section. This section will lead into the situational analysis portion of the marketing plan, which will look at the macro and micro environments that impact the market, as well as evaluate the competition, including a SWOT analysis. Along with these elements, consumer insights will be highlighted through customer research. The marketing plan then moves to the strategy and tactics involved in accomplishing the set objectives of doubling revenues and increasing brand awareness and loyalty. This includes a strategy for reaching the set objectives, and a unique selling proposition based on user functionality and efficiency paired with aesthetic pleasure.
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