Collegiate ECHO Marketing Challenge 2017-2018 | FAQs

1.     Demographics — Can you share any demographic information about your current 18-35 customers (income, gender, geo, etc.)?  The customer demographics vary greatly depending on the specific Fossil Q smartwatch.  The style of the smartwatch determines who the customer is.

2.     General.

1.     Can you share a breakdown by channel (web, mobile, mail, stores, etc.) the number or % of customers that purchase?  Trends by channel?  Please research industry standards for answers to this question.

2.     May teams redesign your website? Logo? Fossil Q app? If yes, should design costs be considered part of the budget? They can change the website and Fossil Q app. Costs should be considered part of the budget. No need to change the logo.

3.     May teams create an overall Fossil app? If yes, should design costs be considered part of the budget? They could, but given that the focus of the challenge is around Fossil Q, we would recommend focusing on the Fossil Q app. Yes, the costs should be considered part of the budget.

4.     Can you share your current media distribution?  Where do you see your greatest response?  Please research industry standards for answers to this question.

5.     Can you share your conversion rates?  Please research industry standards for answers to this question

6.     May we go to a Fossil store to:

  1. Interview or survey customers? No
  2. Interview or survey staff?  No.
  3. Record our video to consumers? No.

Surveys, interviews, video recordings, etc. at any Fossil store are considered a violation of the Challenge rules. 

7.     Do we need to feature actual Fossil Q smartwatches in our creative samples or video advertisement to consumers? No, you may represent Fossil Q smartwatches using other props.

8.      The Rules say we should submit each required deliverable in a separate file.  What specifically is required?  Please refer to the Client Brief/Rules for the deliverables required.  For clarification, altogether there should be seven separate files submitted:

  1. Executive Summary (the one sheet summary + the 10-page brief for executives)
  2. Strategic Summary Chart
  3. Appendix
  4. Video Advertisement to Consumers (note the time limit stated in the Client Brief/Rules)
  5. Visual Summary
  6. Team Photo
  7. Document identifying who's in the team photo
  8. Optional items: a file containing something you need to communicate to the judges. For example - "our PowerPoint is narrated; please listen to our narration," a cover letter, etc. (But any explanation / rationale / justification / references for your project, its media plan, budget / ROI calculations, etc. need to be included as part of the Executive Summary and/or Appendices and/or Visual Summary as appropriate.)

 

3.     Budget /ROI Related.

1.     Can you provide the average purchase amount per customer?  Please research industry standards for answers to this question.

2.     Do you have a ballpark figure for customer acquisition costs?  Please research industry standards for answers to this question.

3.     Cost of sales percentage(s) (to calculate profitability)?  40%

4.     What does Fossil consider variable versus fixed costs?

          i.    Creative, paper, ink, production and distribution expense?

         ii.    Customer Service and Fulfillment?

        iii.    Fixed operational costs: Fixed Selling Expense

                                          Please research industry standards for answers to these questions.

5.     Should Collegiate ECHO teams factor in-house or outside agency costs, production/material costs, labor, etc. into the budget? Yes

6.     If teams run a contest, should prizes come from the budget?  Yes

7.     If teams suggest a celebrity spokesperson, should the cost come from the budget?  Yes

4.     List-Related.

1.     Can you share how your customer database is segmented?  Please research industry standards for answers to this question.

2.     Can you share RFM rates?  Please research industry standards for answers to this question.

3.     What response rates can be assumed for various lists? Please research industry standards for answers to this question.

5.     Email Related.

1.     Do you have emails for all Fossil customers? Yes, for Fossil Q customers that are the focus of this challenge.

2.     Can you share the size of the list?  Please research industry standards for answers to this question.

3.     Can you share how frequently you email?  Please research industry standards for answers to this question.

4.     Can you share how you segment your email list?  Please research industry standards for answers to this question.

5.     Can you share your email open, click through and conversion rates?  Please research industry standards for answers to this question.

6.     What is the Lifetime Value of your customer?

1.     For customer lifetime value calculations, what discount rate (if any) should students assume?  Please research industry standards for answers to this question.

2.     Can you share your churn / attrition rate?  Please research industry standards for answers to this question.

7.     Mail-Related.

1.     Do you conduct mailings? Yes. Are they in-house or at mailing houses? In house. If so, what printing costs should teams assume (or should they price on their own)?  NA. Should teams budget for print & production?  Yes

2.     Can you share how frequently you mail?  Please research industry standards for answers to this question.

3.     Can you share how you segment your mailings?  Please research industry standards for answers to this question.

4.     Can you share your average mail response rate, conversion rate?  Please research industry standards for answers to this question.

8.     Partnership Related.

1.     Are there specific retail or online outlets in partnership with Fossil you can share?  Fossil Q products are available online and in stores, including main department stores and others. The distribution footprint is fairly extensive

2.     Can students suggest new partnerships?  Yes

3.     Can or should the partnerships be leveraged in the student campaigns?  They can, but not required.

9.     Web Related.

1.     Can you share:  - how many unique visitors per day come to your site?

- the CTR for your site, what % of those clicks become sales / conversion rate?

- the average purchase amount?

- the cart abandonment rate?

                                         Please research industry standards for answers to this question.

10.  App Related.

1.     Can purchases be made over the Fossil Q app?  No, but if the team has an idea about that, they can assume that functionality is feasible.

2.     Are other apps compatible with / can they run the Fossil Q smartwatches?  This is part of the team’s research.

11.  Social Media.

1.     What currently are your main social media channels?  Facebook, Instagram, YouTube, Twitter

2.     Can you discuss how you track social media?  Are there any statistics you can share?  Please research industry standards for answers to this question.