Tower 47

Market

Target market

Tourists, Musicians, Artists and everyday people like me. Tower 47 has enough of a few great things to capture the attention of the most average person to the most extraordinary person. Furthermore, there are plenty of people like myself who like to experience something different from the traditional stock and display environment or just a stand alone coffee shop. In both of these situations, within a few minutes I have exhausted the experience and need to move on. Whereas with Tower 47, there will be interesting things going in various rooms which will likely keep customers lounging/roaming about a little longer. With the Tower 47 model, it all begins at the front door for just about any type of person. The exciting new technology draws the customer's attention to the overall location. Upon inspection, food and drink become instantly apparent as well as the art and retail.

As for musicians being a target market, given that Camden is considered the Music Capital of World, there is a good chance that passer-bys will be musicians and/or groupies both of which will find Tower 47 useful as 'all things music' attract this type of customers. The lesson/practice rooms target a specific target market which are pro-musicians, students and teachers, making this a destination location for this target market. This type of customer will again create foot traffic for the coffee/food area. The art galleries combined with coffee and wifi are perfect for hundreds of thousands of tourists that Camden receive each weekend who are people like myself who are looking for a good cup of coffee in a good environment.

Characteristics of target market

With regard to Tower 47's market:
According to BBC, Camden is the Rock'nRoll capital of the world. According to miPRO, information based on Census information, within London, Camden is 1 of 3 boroughs with the highest concentration of musicians. That is an ideal demographic for a state-of-the-art music rooms that Tower 47 will provide. Currently Scar Studios in Camden provides music rooms for musicians, but the rooms and equipment are arguably nearly in ruins. Although it is in very poor shape, each room is booked solidly every day which translates into approximately £510,000 per year turnover.

With regard to coffee entertainment: we think if people are willing to queue at the neighbouring Costa, they will likely want to prebook to queue at Tower47 when they discover the coffee entertainment.

With regard to the 3D Printer: this will be facing the street for all passer-bys to see. Who wouldn't want to watch something being created from nothing happening right before their eyes?

Marketing strategy

Tower 47 will focus intensely on social networks by holding contests and creating events to drive traffic to Tower 47. Each day Tower47's street team will walk into surrounding businesses offering vouchers good for various samples during the first few months to learn and understand locals' interests and demands. With approx 350,000 tourists visiting each week through Camden where Tower 47 is located, hundreds of people will be passing Tower 47 every hour. Therefore creative signs will be built to capture their eye amongst all the other businesses.

Within walking distance from Camden is Primrose Hill which is where some of the Tower 47 team members reside. Those residents will make great customers as they tend to seek highend foods - the type that Tower 47 will be offering. Additionally, there are a number of recording studios in Primrose who cater to high profile musicians and bands such as Snow Patrol and Coldplay. And just another walk in another direction up Haverstock Hill is the enormous Air Studios which accommodates a never-ending list of artists.

Tower 47 will most certainly form synergies with and try to complement those businesses with their services wherever possible. It is common to have high-profile artists associated with workshops so ideally some of them will partake in Tower 47’s workshops in the future. These high profile studios and artists would feel confident in placing their trust with Tower 47 as members of Tower 47 have already begun to establish a reputation for accommodating these high profile artists.

Through working tirelessly, Tower 47 members developed relationships and provided services to high profile customers such as the Birmingham Symphony Orchestra, Hungary’s Szolnok Orchestra, Dame Evelyn Glennie and The Royal Academy of Music via Julian Wolstencroft.

Competition strategy

Currently, there is one educational facility in Camden which is Scar Studios. Scar has been servicing Camden musicians for 17 years, but in recent years we think it has been neglected, with the rooms themselves starting to look dilapidated. However, each room is booked solidly every day. Tower 47 plans to have approximately 500 hours available each week.

In the unlikely event that Scar relocates the business nearby, it's viewed as a positive addition as competition contributes to an industry cluster within the music economies further solidifying Camden becoming an educational hub of London. Therefore, it’s a ‘win-win’ with either outcome. With regard to coffee entertainment, to date no one is doing anything like what Tower 47 will be doing. Therefore, for now, we think there is 0 threat. With regard to technology such as the 3D printers on display creating objects, again, no one to date is doing this in London. The first London 3D convention only took place in October 2012 , so most people aren't even aware of 3D printers.

So for a little while, Tower 47 will be unique on this front. As Tower 47's model is about creating Customer Experiences, Tower 47 will surely have new Customer Experiences to implement within no time at all making their environment again unique from their competitors.