SOMNUS Business Plan
Market Research / Retail Mathematics / Trend Analysis
Ask
Create a business plan for an original fashion retail business including unique value, marketing plan, product offerings, wholesalers, and financial metrics
process
-
My team decided to build a high-end bedding retailer marketed towards the male demographic
-
Marketing saw us researching common channels that menswear and home goods retailers utilized. We decided to highlight a digital marketing campaign focused on popular podcasts, menswear magazines, and masculine personalities.
-
While researching the industry, we deduced that we could capitalize off the increasing popularity of menswear and interior design, as well as the ever present trend of self care.
-
We began by drafting our first years sales plan to be the foundation of our financial metrics. Through sales, we were able to calculate expenses and gross profit. As part of this process, we also decided what categories of products we would be offering at opening, and through them we were able to calculate our opening inventory plan.
outcome
-
Somnus is a high end sleepwear and bedding retailer that aims to provide high quality, modern, and beautifully designed home products for men looking to elevate their nightly routine.
Today, while more men than ever are investing into higher-end fashion, accessories, and cosmetics, we’ve noticed a lack of engagement with bedding and sleepwear due to men misunderstanding how much high quality materials and high quality sleep are interlinked. We aim to fill this niche through design and marketing.
-
The bedding industry is a market that offers products like mattresses, linens, pillows, blankets, and other bedding accessories. The global market size for 2023 was valued at 95.73 billion USD, and the industry is expected to continue to grow even larger, with a compound annual growth rate of 7.6% from 2023 to 2030 projected. Like other textile and soft goods industries, the bedding industry is reliant on textile innovations; new technologies that enhance the properties of fabrics, like their durability or softness.
-
Our target customer has a nascent interest in fashion and design, and wants to continue to elevate his wardrobe and home. He makes around 80,000 - 100,000 annually, and is in his mid to late 20s. He enjoys purchasing luxury products occasionally for the status, but has little understanding of quality construction and materials.
-
With the world being so digital it will be very easy getting our brand out to the world via advertising. Social media will be one phase of the advertising with ads being put out on accounts that have a very large following. Another step in the ad roll out will be finding podcasts where the average audience correlates to our target market. The ad will be in the form of a reading during ad break and if the podcast has a video they will show the product off. This will allow for a quick turnout for the brand, but putting ads in Magazines such as GQ or men's health will allow for Somnus to rise above the rest.
-
For the opening of SOMNUS, we plan on carrying a total of five product categories, including Linens (Sheets + Pillowcases), Comforters, Duvets, Throw Blankets, and Sleepwear. We believe that this array of product categories adequately provides everything a consumer may need to elevate their bed and sleeping experience.
While these categories are fairly traditional when it comes to bedding, we believe that our innovative vendors can provide elegant and modern products that will connect with our target market. Our vendor offerings at the opening of SOMNUS include the brands Gata Korea, SERAPIS, and TEKLA.