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Mahindra Odyssea – A Marketing Plan

....................................................................5 Insights ....................................................................................................................................................................................................................11 Generate awareness and interest in the boating lifestyle ..............................................................................4 Market Segmentation of Luxury Boating Consumers ............................................13 In raptures Experience .............................................17 Bibliography...............................................................................................................................Table of Contents Understanding the Luxury Boat Buyers ........................................................................................15 Cult Marketing .........................13 Innovative Proposition ..............................................................9 Overall Marketing Communications Framework for Luxury Boats.............................................12 Advertising..............................................................................................................................................................................................................................................14 Dealer & Product Certification ............................................................................................15 Conclusion ......................17 ....................................................................................................................................................................................................................13 Interactive Marketing ...................................................................................................................14 Enhance the consumer retail experience .............................................12 Public Relations ..............................12 Qualify prospects and provide them with meaningful information .........................................................

Jaya Tripati.M. Context Setting The main reason behind drafting this document is to demonstrate my Passion in making a mark in this field of Luxury Marketing along with Mahindra Odyssea.A. who took the pain to review the document and helped me make it even better. Patrick Coote. I am keen to explore my fitment with Mahindra Odyssea to take this passion. for his guidance during the course of this document preparation. Mentor. I also take this opportunity. Marketing Director at Fraser Yachts Monaco S. further. Her functional expertise helped me refine the document better.Acknowledgement I take this opportunity to thank Mr. His expertise both in the function and the Industry was an invaluable learning experience to say the least. to thank Mrs. .

being adventurous. like spending free time at home. and sometimes treat themselves. They are less likely to be viewed as introverted. social. spiritual. also spend free time relaxing. The below understanding is based on the survey conducted in the United States. These people are also concerned about the direction of society. like trying new things.Understanding the Luxury Boat Buyers Before understanding the luxury boat market segments. religious. it definitely throws some insightful light on a typical luxury boat buyer. believe it is worth paying more for quality. energetic and family oriented. it is important to understand the prospective boater and the characteristics that define him or her. and as being retired. and make their clothes last. They tend to believe that relationships are more important than possessions. People who like to go boating are viewed as liking the outdoors. buy clothes for comfort. believe people should take them for what they are. relaxed. and as not minding to get dirty. outgoing. dress casually. stressed. Current and prospective boaters and anglers are “down to earth” people. Even though the survey is foreign. .

let us now try to segment this market. making marketing easier.Market Segmentation of Luxury Boating Consumers Having understood the generic characteristics of this group. Market segmentation allows us to differentiate the market into more or less homogeneous groups. These groups often tend to respond differently to marketing strategies and messages. . Based on the characteristics that identify these groups. the segments have been named: Leisure Seekers Thoughtful Loners Family Folk Thrill Seekers These segments are analyzed and described on the pages that follow. more efficient and more successful. This segmentation analysis identified four boating and fishing segments. Segmentation analysis enables the marketer to target a specific marketing mix to each segment.

Unlike Leisure Seekers. certain other attributes that this segment values do not characterize their experiences of boating: a sense of accomplishment and the opportunity to use their brains. They seek a sense of accomplishment from recreation through using their brains and gaining or enhancing skills. While they do value the opportunity to go boating alone. this rating is much lower than would be expected if spending time alone truly characterized their boating experiences. They also appreciate the connection with nature they experience in boating. They find it restful and relaxing. . Like Leisure Seekers. Recreational boating provides the benefits that Leisure Seekers value in recreational and leisure activities. They view boating as not requiring a high level of skill – also a form of freedom. They are the least likely of the four segments to value recreational activities because they let them spend time with their children. with family or with friends is fine with them.Leisure Seekers place a premium on getting rest and relaxation from their recreational activities. It is also important to them that they are free from responsibilities. Thoughtful Loners like to boat because it is restful and relaxing. relaxing and restful. Thoughtful Loners place the least value on spending time with friends while boating. They are not especially concerned about who their company is for their leisure activities – alone. They get a sense of independence from their favorite activities – which they prefer to do alone. and it frees them from responsibility. Thoughtful Loners enjoy leisure activities that provide more than simply rest. They can participate alone and feel a sense of independence. Thoughtful Loners enjoy activities that are slow. However. In comparison to the other segments.

They value it because it lets them spend time with their family and is good for their relationship with their children. They appreciate its restful quality and that it can be experienced at a slow. relaxing pace. They are sensitive to its connection with nature. Other criteria that appeal to this segment include activities that are restful and allow laughter and a connection to nature. . and they like that it allow them to laugh. Family Folk are a natural fit for boating in that it provides the benefits they seek in recreational and leisure activities.Spending time with family and children is the primary criterion for recreational activities among Family Folk.

The adrenaline-driven Thrill Seekers like boating because it provides experiences that they value – exhilaration. They also appreciate the fun (laughter) of boating and the opportunity to develop and improve their skills. They do not want slow paced recreational activities. and they do not enjoy recreation alone. exhilarating and exciting. . Thrill Seekers are the most likely of the clusters to say that they enjoy recreational activities that are like a party. challenge and a sense of independence. They like activities that are challenging. excitement.Thrill Seekers like activities that get their adrenaline flowing.

Therefore position Boating and Yachting culture as a stress buster. and participants are to specific recreational and leisure activities because the energy and excitement they experience are a sense of release. boaters and anglers seem to find this release from stress in different ways. For others. they seek are release from stress in their recreational and leisure activities. Sometimes.Insights Regardless of the recreational or leisure activities anglers and boaters participate in. Grant Thornton's 2005 International Business Owners Survey (IBOS) has revealed that urban Business owners of India are the fifth most stressed out folks globally. it does not differentiate boaters and anglers. lapsed or prospective. active. The importance of release from stress is so high. being energized and excited seem to be releases. But. This segment is exactly the target market for our Luxury yacht. a getaway from normal stressful routine . being able to laugh or feel a sense of accomplishment are reasons to participate and provide release from stress. Virtually all are looking for a release from stress.

Prospective boaters are particularly likely to anticipate going with their spouses or significant others.Friends and family play important roles in boating and fishing as companions who also participate -. Boaters most frequently go with spouses / significant others. be it friends or family .or maybe just go along -. Hence position Boating and Yachting culture as a Relationship enabler. These relationships may also play an important role in attracting new participants.in these activities. their friends and their children.

Overall Marketing Communications Framework for Luxury Boats The above is a self explanatory framework for marketing communications in Luxury Yacht Marketing.Not to be targeted Interested – But have not much of clue about boating – Yet to be qualified Considering – Adequately informed – Qualified prospect Shopping – Decision made to Buy – Close to $$$ The enabling factors for the same would be: Dealer Sales and Service The Quality of the end product Access to water bodies . In India. boating culture is at its nascent stage and hence the demand for the same must be created. Hence the market could be bucketed into: Not Interested – In the Aspect of Boating .

Enhance the consumer retail experience Generate awareness and interest in the boating lifestyle This could be achieved through the following three tactics: Advertising Public Relations Research Advertising . Qualify prospects and provide them with meaningful information 3.com.A year-round strategic public relations plan that promotes the boating lifestyle. Budgets to include. various national. it is of paramount importance that Mahindra Odyssea builds a response mechanism on all advertising so you can track all media spend ROI Tools – The following are the tools/enablers that would help Odyssea to reach out to i ts target audience to increase awareness amongst them regarding Leisure Boating: Website – Buyers of your products are highly likely to have web access. while driving consumers to mahindraodyssea. on-line banner and search advertising along with magazines.The following are the strategies that could be adopted to increase the interest levels in Boating amongst Affluent Indians and motivate them to become owners quickly: 1. easy to use and stunning dedicated to Mahindra Odyssea Boating and its luxuries Free DVD’s – Start distributing “Get Started on Boating” DVD’s that goes a step further than the website and explains the culture of “Boating & Fishing” Public Relations . supports the Mahindra Odyssea Boating advertising campaign and brand. Media mix to include cable television. Also. regional and local consumer media .Emphasis will be to generate qualified leads and measurement of each medium to the best of our ability.Mahindra Odyssea Ad campaign that is regional. Generate awareness and interest of the boating lifestyle 2. Make sure your site is awesome. as spread evenly or clustered around seaside towns and areas of greater household incomes and geared toward generating awareness of the boating lifestyle.

to concentrate on the low hanging fruit. those things. thirty years ago. to design your ideal customer profile and score the prospect with respect to the ideal profile and target those who are close to your ideal profile. enabling consumers to enjoy a .Ravi Dhar. media outreach programs. Dhar notes that. As a result. The following are the tactics that could be achieved to move closer to the sale: Interactive Marketing Innovative Proposition In raptures Experience Interactive Marketing – The dealer or Odyssea marketing manager.programs and expenses. satellite and radio media tours. one onone meetings and/or desk side media visits. dealers. Also establish new relationships with a minimum of ten key national media via a press event. and value placed on. people owned fewer things. Innovative Proposition . and comprehensive press materials and collateral. Qualify prospects and provide them with meaningful information Having reached out to the desired target market. there was a lot more attachment to. Existing M&M Branding Agency and media connects could be leveraged for the same. Nowadays. Tools – The above could be achieved by securing : A minimum of two feature stories in national long lead publications with a circulation of at least 1 million A minimum of 20 total broadcast segments within the top boating markets A minimum of 40 feature print stories in the top Business and Lifestyle dailies A minimum of two national television placements. places what might be termed “ownership fatigue” in context. the proliferation of options means less commitment. a marketing professor and Director of Yale’s Center for Consumer Insight. it is important to motivate interested consumers to become Boaters more quickly and hence qualify the leads that we receive through the website. strategic media events.

this company maintains a ratio of six to seven new members to every one house. According to Mr. can organize for one hour or half a day experience to its prospect to close the sale. “Nothing sells a boat more than getting people on it to try out on the water.000 and $25.product temporarily before moving onto the next one.Patrick Coote.) Odyssea could consider a similar pricing strategy. enabling the affluent to share the cost of an acquisition they enjoy only a few days a year.000 with annual dues between $15. Fractional ownership of luxury goods has now been introduced. (Keeping in mind “Trading Off ” as part of the equation. According to Mr. I’d suggest regular client days at a waterside location to get people experiencing the product. Marketing director at Fraser yacht’s Monaco “Fractional ownership may sound like an easier selling job but remember you have to sell to five times more people. drinks and snacks!” Enhance the consumer retail experience . owners always want to use the boat at the same time in the same season” This needs to be explored from an Indian context. In reality. Odyssea could consider a mechanism of four to five owners per yacht. Your only costs will be some petrol.Patrick Coote. as this would significantly reduce the cost of ownership of the luxury yacht and hence would increase its customer base. but is more exclusive and often comes with an equity stake. Exclusive Resorts is a good example of fractional property ownership. as Indians are always considered to be value buyers. It is inspired by the time-share model. In order to make sure that its members can easily access any given property. the new equity models from companies like M Private Residences might be slightly more attractive for others.5 million.000. Homes in their portfolio are worth on average $2. This has never taken off in the boating world although new companies try it every year. Having qualified the prospects and are sure of $$$ from them. But This concept has not taken off in the global luxury boating industry. The dealer of Odyssea or Odyssea Marketing. and memberships cost nearly $400. In raptures Experience – All we have done till now is to sell a dream. it is time to make them experience the ecstasy of Boating.

NMMA Certified boats must also meet the more comprehensive standards set by the American Boat & Yacht Council (ABYC). you have certification programs like “The Marine Industry Dealership Certification” which certify the processes followed by the yacht dealer. This could be achieved through: Dealer & Product Certification Cult Marketing Dealer & Product Certification: Certification of dealer processes.S. . In many instances. In the United States today. Passionate individuals rarely stay isolated. For example. the passion for success in business and professional life is mirrored by passion for the lifestyle choices their wealth enables them to make. it is their passionate nature that has put them in the position to access the luxuries that comprise their lifestyle. in particular. high-quality boat for you and your passengers. in the United States. connoisseurs or communities of like-minded individuals.It is all about consumer experience in Luxury retail Marketing and hence tremendous amount of professionalism needs to be brought into the same. creating consumer value. the lion’s share of wealth is accumulated through business ownership (or sale) and employment compensation. facilities and the product itself. Also in the US. passionate consumers are brand advocates respected by their peers and a brand marketer’s best ally. connoisseurs are people who their friends respect for their knowledge. Rather they share their passion with like -minded people. the result is a thoroughly inspected. Whether they’re collectors or not. In fact. ABYC standards cover more systems and components than USCG regulations. all boats sold must meet U. NMMA Ce rtified boats undergo third-party inspection to ensure all applicable standards are met. The above standards could be voluntarily adopted by Odyssea Yachts to confirm the quality of products that the end consumer buys. Coast Guard minimum regulations. Cult Marketing: The pursuit of luxury is often a passionate endeavor and the affluent can be very passionate consumers. Fellow collectors share a faith that has been likened to that of religious believers. Whether they are collectors. is one way of enhancing customer experience as this delivers a positive message to the retail consumer that they are purchasing a “Certified products “through a “Certified dealer” will enhance the boating experience. the only people who can teach things to a true collector are other collectors and hopefully the brand itself.

nurturing and developing a tribe and its members. Like a TRIBE. a aspiration value 7." he said. HD offers a lesson or two to Odyssea. This is purely because of the cult brand following HD created for it.Harley Davidson. Therefore you have to find a way how you can influence people's opinion. and I've worked with all sorts of companies. Sponsor Yacht rallies for owners of Odyssea Brand. offer special promotions 3. care and attention to detail being spent on it 6. as stated by a Boston based consultant. This touches the emotional side of their purchase as they can literally see their baby coming to life and can witness the love. Give the Odyssea Brand. Successful marketing increasingly includes the task of cultivating. "where the senior executive team goes out to the Four Corners and spends over a week riding with a group of customers to an event celebrating the product. Instead of following the top-down approach which is the core of "brand management" . “ I don't know of any company. A tribe is basically a group of people connected to each other. Compare this to a Coca Cola and the number zooms to more than ten percent of Coca Cola’s revenues. A cult is the result of people’s opinion of your products and the owners of your product. Hence Odyssea Yachts should adopt the following tactics to create a Brand that invokes passionate response among its consumers Build The Odyssea Community: 1. "tribal marketing" focuses on each individual that gives permission to be part of your brand and convert him into a passionate and loyal follower that will spread the marketing message for you. attract a certain kind of customers that represents your brand image and give them a sense of belonging to somewhere. The showroom should also be constructed as a hangout place for Odyssea yacht members 5.8 percent of total revenue number. Get your clients passionate about your brand and they in turn would become your brand ambassadors .O. thus creating passionate customers”. the legendry motorcycle manufacturer has a marketing spend that amounts to 1. Start a Odyssea Yacht owners community like “O.G – Odyssea Owner Group” 2. to your products and your brand. Offer factory tours so customers can see their yacht being built. creating a family like atmosphere among members 4. keep Odyssea owners in close contact with the company and each other. It is the company that is closest to its customers.

Conclusion The report demonstrates self’s knowledge on the target market and the tactical game plan to convert the target market to profitable $$$ Bibliography The following are the reference materials that enabled preparation of this document: The Six P’s of Luxury Marketing – Winsper Luxury Grow Boating Initiative – Strategic Plan Recreational Boating & Fishing Foundation – National Survey: Final report .