Wellfinity Marketing Strategy

Project OverviewResearch:

Primary

Survey to competitors in the area

Interviews with current/past Wellfinity clientele and family practice doctor Lisa Johnson

Secondary

The Alternative Health Industry and competitors in the area

Individual and Group Goal Setting, Collective Efficacy, and Accountability

Developed recommendations for coaching program, target market, pricing strategy, and promotion avenues

Situation OverviewWellfinity is a personalized health & wellness outlet, devoted to improving the emotional, physical, and nutritional health of women.

Industry: Alternative Health Care Provider

From our understanding, you are a certified Health & Wellness Coach and Certified Yoga Instructor, focused on leading your clients to a more fulfilling life through…

1. Individual coaching

2. Yoga

3. Meditation

Mission: to empower women to reclaim their wellness and elevate their lives from the ordinary to the extraordinary.

Strategy/ObjectivesBusiness Problem: Wellfinity has been created to improve women’s mental, emotional, and physical wellness, but women often do not see a need for its services or understand how they can bring balance to their life.

Marketing Objectives:Refine and validate the service offering

Develop a pricing strategy

Reaching a target market

Develop a communication strategy

Product Recommendation

Competitive Audit

Bundling vs. A la Carte OfferingAccording to Harvard Business Review, bundling packages offer many advantages for the seller4:

Selling the same bundle to everyone means lower marketing and selling costs

Creates a higher profit margin because not all customers will use all of the products/services contained within the bundled package

Consumers often view bundles as “value priced” that they are getting some deal by purchasing the bundle rather than individual products/services

4 Tjan, Anthony. "The Pros and Cons of Bundled Pricing." Harvard Business Review. N.p., 26 Feb. 2010. Web. 08 Mar. 2016.

Service PackageThree month bundle including:

Weekly hour-long coaching session

Via phone or face to face

12 group sessions

Six yoga/meditation

Six coaching

Five different style yoga classes each week

One seasonal retreat

Product Recommendation:

Based on our research and your current product, we recommend that you offer a bundled service with:

● Individual coaching

● Yoga

● Support groups

● Meditation

● Women’s Weekend Retreats

Pricing StrategyPrice for bundle per customer: $1,650.00 ($550/month)

Includes:● Weekly private coaching (12 sessions)● Group support/discussion sessions (Biweekly, 6 sessions)● Group yoga (Bi-weekly, 6 sessions)● Individual yoga (12 sessions)

Seasonal Retreat: Offer it for free for those who did the 3 month programIf not in current session and would like to attend, price at $200

Pricing Strategy

Target Market

Target MarketBusiness to Business:●Hospitals

○ Social Workers

○ Oncologist

●Clinics

○ Family Practice Physicians

○ OBGYN

○ Internal Medicine

○ Sports Clinics

○ Counselors / Psychologists

●Retail

○ Cancer Boutiques

Business to Consumer:Women, aged 30-65

Mothers

Recent divorcees

Cancer survivors/patients

Grief support groups

Local Women's Groups

Target Market DescriptionDemographics

Women

Aged 30-65

Dealing with stressful situations in life, i.e. having children, divorce, cancer, loss

Family Life Cycle Stages: Full Nest 1, 2, & 3 and Empty Nest 1 & 2

Psychographics

Interested in general health and exercise, spirituality, meditation, nutrition

Wants support/guidance/motivation in creating a healthier lifestyle

Concerned with stress management

Lifestyles

Too busy, stressed out, not content with life, need a lifestyle change

Target Market DefenseBusiness to Consumer:

Need: Women in this age group are experiencing emotional hardships in this stage of life - having children,

getting divorced, being the caretaker for a sick loved one, and/or being diagnosed with an illness themselves.

Size: Iowa Women population: 1,490,809 (50.9% of total population)₂

Aged 35-64: 557,560Iowa City Women population (2003 estimate): 32,541 ₃

Growth: A study conducted at Carnegie Mellon University showed that self-reported stress levels have increased

in women by 18% from 1983 to 2009₄.According to the American Psychological Association, 49% of women surveyed reported that their

stress has increased in the last five years₅.More women are also self-reporting their stress and symptoms from it.

Reachability: Wellfinity can reach consumers through women’s groups in Iowa City, family practice physicians, retail

stores, and other local businesses and organizations (see B2B target market slide).

₂ "Demographic Statistics, Iowa." Infoplease. Infoplease, n.d. Web. 07 Mar. 2016. ₃ "QuickFacts from the US Census Bureau, Iowa City, Iowa." Infoplease. Infoplease, 12 Jan. 2007. Web. 07 Mar. 2016. ₄ Jayson, Sharon. "Stress Levels Increased since 1983, New Analysis Shows."USATODAY.COM. Gannett Co. Inc., 13 June 2012. Web. 29 Mar. 2016.

₅ "Gender and Stress: Stress on the Rise for Women." American Psychological Association News & Events. American Psychological Association, n.d. Web. 29 Mar. 2016.

Need of the Target Market:Women are 20-40% more likely to suffer from psychological disorders than men, often due to the stress of the number of roles they play and the value they place on relationships₆, but they do not see their need or know how they can make a positive change.

Who they are: Women who have gone through traumatic experience - death of a loved one, divorce, stresses of being a mother, etc. and are looking for a healthy change in their life. They feel a need for outside intervention to achieve balance in their lives.

₆ Freeman, Daniel, and Jason Freeman. "The Stressed Sex." Psychology Today. Sussex Publishers, LLC, 5 June 2013. Web. 07 Mar. 2016.

Communication Strategy

Brand EssenceWellfinity is dedicated to helping women make positive lifestyle changes through one-on-one coaching, group support, and yoga. When caring for others and playing several different roles, women often forget to care for themselves. Wellfinity helps them focus on themselves again and find balance in life.

Service DescriptionWellfinity uses a comprehensive approach to help its clients achieve mental, emotional, physical, and spiritual wellness. The product is a bundled 3-month program that uses individual coaching, group support, and yoga to identify and accomplish personal goals and make lifestyle changes.

Service Offering PositionWellfinity offers a structured inclusive program with one-on-one coaching, group sessions, and yoga, and provides mental, physical, emotional, and spiritual healing.

While the University of Iowa offers mindfulness courses, they are only 8 weeks in duration and are conducted wholly in a group setting. Only the Cognitive Therapy portion of the program can be covered by insurance.

Many other programs that hospitals have in place focus on physical health only.

Other wellness coaches provide individual coaching, group support and/or yoga and meditation, but few bundle these services into one program.

Competitive Audit

Target Audience DescriptionDemographics

Women

Aged 30-65

Dealing with stressful situations in life, i.e. having children, divorce, cancer, loss

Family Life Cycle Stages: Full Nest 1, 2, & 3 and Empty Nest 1 & 2

Psychographics

Interested in general health and exercise, spirituality, meditation, nutrition

Wants support/guidance/motivation in creating a healthier lifestyle

Concerned with stress management

Lifestyles

Too busy, stressed out, not content with life, need a lifestyle change

Target Market VignetteSusan B. Well is 47 years old, a mother of three, and a project manager at Compan-E, a company that develops websites. During the week, Susan spends her days at work and her nights with her children and husband. On the weekends, she travels to her elderly mother’s home to take care of her to save the cost of hiring a home nurse for the whole week.

While Susan enjoys her job and spending time with her family, she doesn’t have much time for herself. She finds that she’s often exhausted and feels sick, suffering from anxiety and chronic pain. She fears that if something doesn’t change soon she’ll continue to wear down, impacting her relationships with her family and co-workers, but she’s not what sure what or how to change.

Need of the Target Audience Women are 20-40% more likely to suffer from psychological disorders than men, often due to the stress of the number of roles they play and the value they place on relationships₆, but they do not see their need or know how they can make a positive change.

Who they are: Women who have gone through traumatic experience - death of a loved one, divorce, stresses of being a mother, etc. and are looking for a healthy change in their life. They feel a need for outside intervention to achieve balance in their lives.

₆ Freeman, Daniel, and Jason Freeman. "The Stressed Sex." Psychology Today. Sussex Publishers, LLC, 5 June 2013. Web. 07 Mar. 2016.

Communication Objective (BtoC)Use testimonials and supporting information/statistics to help women realize they are not alone in feeling emotionally unbalanced and can be helped with Wellfinity’s services.

Tone: emotionally appeal; selling inspiration and hope: “If you or someone you know is dealing with stress and emotional instability, Wellfinity provides the services to get your life back on track...”

₇ Edwards, Vanessa Van. "The Science of Goal Setting." The Huffington Post, 17 Dec. 2014. Web. 08 Mar. 2016.

₈ Johnson, Scott R., Andrew C. Ostrow, Frank M. Perna, and Edward F. Etzel.The Effects of Group Versus Individual Goal Setting on Bowling Performance (1997):

190-200. West Virginia University, 1997. Web. 8 Mar. 2016.

₉ "NCCIH." NCCIH. N.p., 01 May 2008. Web. 08 Mar. 2016.

Features / Benefits:Coaching → holds accountability to another

person; support system

Goal setting → research shows people who set goals are more successful, but setting them properly often requires practice, guidance, and accountability₇

Group work → research “suggests that group goal setting is effective in improving individual performance and increasing personal goals”₈; provides additional support and allows for relationships to be formed with other individuals facing the same problems

Yoga→ reduces stress, improves physical health and overall quality of life₉

Communication Objective (BtoB)Providing a mental and emotional healing solution to complement physical wellness. Adds value to their business when they can recommend providers that will help heal patients.

Features/Benefits:

Wellfinity is a company outside of hospitals and family practices → If there is not always large demand for these services, organizations can outsource to Wellfinity instead of hiring in-house providers, decreasing operational costs.

Led by a professionally trained educational psychologist with certifications in health & wellness coaching and yoga → A reliable and effective provider adds value to an organization’s business when recommended.

Response Objective and OfferBusiness to Consumer: sign up for the 3 month Wellfinity program

Offer recommendation: sign up for 3 month program and get the seasonal retreat for free

End of the program event to celebrate progress made

Business to Business: recommend Wellfinity program to patientsOffer recommendation: be a market leader by partnering with Wellfinity to provide

patients with holistic healing (alternative medicine meets traditional medicine)

Create value for your organization

Save operational costs by outsourcing

Marketing and Advertising Specifics

Delivery of Concept / Communication Flow Chart

Magazine/ Blog Ads

Social Media

Yoga Iowa

Iowa City Moms Blog

Business to Consumer:

Wellfinity page

Facebook “Sponsored” Ads

Direct Mail

Envelope, Letter, Pamphlet

Response Objective & Offer

Business to Business:

Local Organizations

ICPL directory

Pamphlet

Business to Consumer PromotionMagazine and Blog ads or posts:

Yoga Iowa

Print and online advertisements

Little Village

Print ads

2x monthly

The Press-Citizen

Room Magazine

Downtown Magazine

Iowa City Moms Blog

Social Media:

Facebook Sponsored Ads

Local Organizations:

Local Iowa City Associations (through the IC public library)

Breast Cancer, Continuing After

Christian Women’s Club

HOPE Cancer Support Group

Mothers of Preschoolers, North Liberty

Iowa Women’s Foundation

Yoga Society, Ananda Marga

Advertising PricesYoga Iowa

Full page in black-$600 Half page in black- $357Quarter Page in black- $179; color - $217Eighth Page in black-$94; color - $132

Iowa City's Mom Blog Banner Ad= $900 for 6 months or $450 for

3 monthsSidebar Ad= $500 for 6 months or $250 for

3 monthsLeaderboard Ad= price available upon

requestHeader Ad= price available upon request

Little Village

Standard (4.8”x7.25”) - $358 for 20x

Ledge/Block (4.8”x4.8”) - $274 for 20x

Quarter (7.25”x2.3”) - $218 for 20x

Pint (2.3”x4.8”) - $146 for 20x

Facebook Sponsored Ads

Set a lifetime budget or per day cost (can be as low as $5/day) for whatever period of time you would like to advertise

Business to Business ListsReferenceUSA options:

Geography:City/StateZIP CodeCountyRadius

Ownership:Public/Private Company

Industry Group: Health Services:PhysiciansSports MedicineHormone TherapyClinicsPreventative MedicineOncologistsChiropractorsNurse PractitionersPhysicians’ AssistantsOB/GYNInfertility TreatmentsGeneral Hospitals

Direct Marketing Letter (B2B)1. Lead - question

a. Are you finding it difficult to fully satisfy the desires of a certain patient solely through the use of conventional medicine?

2. Qualifications & background

a. Drawing from my own experience as a cancer survivor, psychologist, yoga instructor, personal trainer, weight management consultant, and mother, I can help relate to your patients and empower them beyond the means of conventional medicine.

3. Features / Benefits

a. Private and group yoga → improve their physical and nutritional health, as well as increase their mobility and natural energy levels

b. Private coaching and group discussion → improve their self-confidence and self esteem, and reduce their stress and help them find peace in their day-to-day lives.

Direct Marketing Letter (B2B)

4. Offer / Bundlea. I encourage you to refer my program to your patients so that I can help empower them and

guide them along the holistic path to wellbeing and happinessb. Not only will my program lead them to a healthier life, it can improve the credibility of your

practice and your patient’s satisfaction with your consultation.

5. Call to actionc. Please call me today at (555)-555-5555 for more information about my 12-week program, or

visit my website at www.Wellfinity.com.

Full Letter: https://docs.google.com/document/d/1tzr4_AiS5G2JO6Aze3ELYlz0VdZeyyzBQ-N0-NPfJR4/edit

Direct Marketing Letter (Local Organizations)Edited BtoB Letter for organizations

Full letter: https://docs.google.com/document/d/1SQ3Gindu7wML2takiRBeRok3jNDeuuPT8w7NQVokgqw/edit

Direct Mail Schedule

Direct Mailing Costs (B2C)Letterhead (staples): $0.021/page b&w, $0.11/pg color

Custom Envelope (envelopes.com): $88.95 for 500 qty, $104.95 for 1000 qty

Stamps (usps.com): Anywhere from $.05 to $.49 per stamp (roll of 100 for $22)

500 customized mailings example:

500 letters @ $.11 = $55

500 envelopes = $88.95

500 stamps = $110

Total = $253.95

Staples has reasonable prices for direct mail materials and also has a service that helps you target, design, and send out your mailers. http://www.staples.com/sbd/cre/marketing/copy-and-print/direct-mail-services/

Summary of RecommendationsBundled service package:

Individual coachingYoga Support groups MeditationWomen’s Weekend Retreats

Pricing:$1,650 per customer for 3-month bundle$200 seasonal retreat for those not in the

current session

Target Markets:Business to ConsumerBusiness to Business

HospitalsClinicsRetail

Advertising:● Business to Consumer

○ Magazine & Blog Ads/Posts○ Social Media○ Local Organizations

● Business to Business○ Direct Mail

Appendix

Calendar Overview

Weekly: 1-2 hour classes, individually focused on mind & body wellness and yoga

Bi-weekly: Private group sessions and Saturday Yoga

Quarterly: Women’s weekend retreat

Sample Calendar

Advertising in Yoga Iowa Magazine

Yoga Iowa

Yoga Iowa

Little Village

The Press-CitizenContact for Press-Citizen Marketing: Kathryn (Kitty) Chadima, Account Executivekchadima@press-citizen.com

The Press-Citizen

The Press-Citizen

Iowa City Moms Blog

Facebook Sponsored AdsHow it works:

Set a lifetime budget or per day cost (can be as low as $5/day) for whatever period of time you would like to advertise

Bid against other advertisers reaching the same audience

Get reports of how many people saw it / engaged with it

Finding Local Groups/OrganizationsIowa City Public Library Associations webpage: filter by category http://www.icpl.org/associations/activitybrief.php

Examples of groups found in directory:

Breast Cancer, Continuing After

Christian Women’s Club

HOPE Cancer Support Group

Mothers of Preschoolers, North Liberty

Iowa Women’s Foundation

Yoga Society, Ananda Marga

Expenses

Expenses (cont.)

This revenue does not include the extra income you would have from the retreat that were not in your 3 month session (retreat cost is $200 and offered free to session clients)