In: Economics
SOHO House was founded in 1995 in London as a private members’ club for individuals within the creative industries. SOHO House is aggressively expanding globally and has a diverse range of luxury properties spreading around the globe; from New York to Mumba and Barcelona to Hong Kong while also venturing into other industries to include homewares, cinema, restaurants, and hotels. Though SOHO House remains the leader in the private club sector, their recent diversification into other industries has impacted its customer's perception of their brand, specifically their loyal private club customer base.
An opportunity has arisen for you to join the Sales and Marketing team as the Director of Communications and Promotions. You are required to develop a communication strategy targeting current and prospective private club members.
Develop a new communication and pricing strategy for SOHO House’s private club.
Identify the type of pricing strategy that best suits the target market.
SOHO House
SOHO House began in London's street in 1995, when founder Nick Jones was offers the space above his resturant , cafe Boheme. It could only be accessed via a small door,inspiring Nick to turn the town house into a members club for the local artists and actors who ate downstairs.Today, they have members and houses around the world, as well as restaurants, spas, workspaces and cinemas.
Pricing strategy
Best pricing strategy for SOHO House club is Freemium strategy.
Freemium : This is good option for SOHO House club membership, it build subscriber base quickly. It give members the option to sign up for free,ususally with access to limited features or a stripped - down version of the product or services.
Custom pricing
It is use ful to meet the unique need of members of SOHO House, by creating a custom quote for every user based on the value of SOHO house servieces.
Communication strategy
A communication strategy is a plan to achieve communication objectives of the business.It is the well defined and clear design to help organisation to communicate effectively and efficently to meet core organistaional objectives.This may apply internal communications, marketing communications and public relations. it has four major components such as, communication goal, target audince, communication plan and communication channel.Now a days, we must ensure web strategies and marketing plans fit into our organisation’s overall communications strategy.
1. Purpose of strategy
It is the statement of purpose of communication strategy it include,
2. Current position of SOHO House
In this stage, provide all detailed information about cuurent situation and position of the SOHO House.It is world largest private clud, has embraced digital m,arketing with the enthusiasm of startup- helped along by forwarding thinking leadership from invetors. the digital footprint includes over 60 sites, incorporating a weekly club newsletter through its members only app and expertly curated content from staff from across the brand’s 18+ properties.
In this stage include PEST analysis ( Political Economical Social and Technological), SWOT analysis ( Strength, wearkness,opportunities and threat) and competitor analysis.
3.Organisational and communication objective
4. Identify stakeholders
In this stage detailed description of main audince- internal and external. It include, staff, board of trustee, donors, social service group. service users, community group, members of clubs
5.Message
Our content strategy has always been to super-serve our members. Once the customer is within our member’s portal they get access to a wealth of events, videos, podcasts and great articles. Much like our physical clubs everything interesting happens behind closed doors.
6. Communication Channels
Service user e-bulletine, Quarterly service user meeting, representation board, social media, positive media coverage.
7.Work plan
The work plan should include proposed timescxales and identify particular milestones within the strategy. This allow to measure clear steps towards ultimate goals
8. Evaluation and feedback
Evaluation and feed bcak is the essential part of communication strategy. It help to over come all challenges and demerits of communication. It is the gap identification section. This is not the end of the process, this is the bigining of the strategy.
Intergration of marketing and communication
The 21st century has a new playing field for all kind of business.Companies and business organisations today are faced with new technologies, more information, skills and increasingly complex choices about how and where to do business.Now a days, marketing is very complex and challeng,it is a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Use interactive web that has create a connected world, where consumers and corporations can share ideas, criticize and experiment in real-time. The volume of data in systems is overwhelming but also presents an opportunity to make smarter business decisions. Rising populations, scarcer resources and increased demand for goods and services puts pressure on innovation and research.Globalization open more opportunities toay, with presence in multiple countries, through ownership stakes, international supply chains and off-shored workforces. This globalization brings advantages, as well as exposure to geopolitical risks. A well planned and clear cut communication and marketing strategy overcome all barries and give success to business.
Type of pricing strategy that best suits the target market
Tiered pricing is good for target amrket.
The first tier is typically something more cost-effective, like a free trial or low-cost basic version of a product or service.The second and third tiers increase value, with one being a “preferred” tier for the majority of your target audience.
Recurring, Fixed
The most common subscription pricing strategy is the fixed recurring strategy, where a single product is offered for a flat price charged on a recurring basis.
One-Time, Fixed
The one-time fixed (flat rate) pricing strategy is simple, sell a product or service one time for a set fee.
Thank you....