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FAQs | Fall 2018-2019 Collegiate ECHO Marketing Challenge by Boxed
Frequently Asked Questions for Boxed
1. Demographics — Can you share any further demographic information about your target customers (income, gender, geo, etc.)? Our customers skew female, 35-44, suburban, married, income $100k+
1. Can you share a breakdown by channel (web, mobile, etc.) the number or % of customers that purchase? Trends by channel? Approximately 50% of first orders happen on desktop web, and 50% on mobile/app
2. May teams redesign your website? Logo? App? If yes, should design costs be considered part of the budget? No, the teams should not redesign the logo but may offer suggestions for optimizing website and app. This should not take up any of the budget.
3. Can you share your current media distribution? Where do you see your greatest response? 90% of our budget is allocated to digital channels. SEM and affiliate programs drive the most volume but ALL channels are on the table and should be taken into account.
4. Can you share your conversion rates? Assume 1-4% depending on chann
5. May teams use the Boxed name in outside communications (for example to gather pricing information) with influencers, outside companies, media outlets, etc.? No. We suggest instead using phraises such as "our client."
3. Budget /ROI Related.
1. Can you provide the average purchase amount per customer? For the purposes of this Challenge, assume an average purchase of $90
2. Do you have a ballpark figure for customer acquisition costs? Sorry, we cannot disclose this information.
3. Cost of sales percentage(s) (to calculate profitability)? Sorry, we cannot disclose this information.
4. What does Boxed consider variable versus fixed costs? Sorry, we cannot disclose this information.
5. Should Collegiate ECHO teams factor in-house or outside agency costs, production/material costs, labor, etc. into the budget? No, but this should not exceed 10% of overall cost.
6. If teams run a contest, should prizes come from the budget? No, but this should not exceed 10% of overall cost.
7. If teams suggest a celebrity spokesperson, should the cost come from the budget? No, but this should not exceed 10% of overall cost.
8. If teams suggest coupon or discount code, should the cost come from the budget? No, but this should not exceed 10% of overall cost.
1. Can you share how your customer database is segmented? We can segment by cohort (channel, month acquired, etc.) as well as purchase behavior (number of orders, categories purchased, devices used, etc.)
2. Can you share RFM rates? Sorry, we cannot disclose this information.
3. What response rates can be assumed for various lists? Sorry, we cannot disclose this information.
5. Email Related.
1. Do you have emails for all Boxed customers? Yes.
2. Can you share the size of the list? Single-digit millions.
3. Can you share how frequently you email? Depends on customer stage. On average, 2x/week.
4. Can you share how you segment your email list? See list-related segmentation in section 4.
5. Can you share your email open, click through and conversion rates? Sorry, we cannot disclose this information. See section 2.
6. What is the Lifetime Value of your customer?
1. For customer lifetime value calculations, what discount rate (if any) should students assume? 10%
2. Can you share your churn / attrition rate? Sorry, we cannot disclose this information.
1. Do you conduct mailings? If so are they in-house or at mailing houses? If so, what printing costs should teams assume (or should they price on their own)? Should teams budget for print & production? We do conduct mailings. Don’t consider print costs in the budget.
2. Can you share how frequently you mail? 1x/month
3. Can you share how you segment your mailings? See list-related segmentation in section 4.
4. Can you share your average mail response rate, conversion rate? Sorry, we cannot disclose this information. See section 2.
8. Partnership Related.
1. Are there specific retail or online outlets in partnership with Boxed you can share? None
2. Can students suggest new partnerships? Yes
3. Can or should the partnerships be leveraged in the student campaigns? Yes
9. Web Related.
1. Can you share:
- how many unique visitors per day come to your site? 80-100k
- the CTR for your site, what % of those clicks become sales / conversion rate? Sorry, we cannot disclose this information.
- the average purchase amount? Previously answered in section 3.
- the cart abandonment rate? Sorry, we cannot disclose this information.
10. App Related.
1. Can purchases be made over the Boxed app? Yes
2. If so,
Can you share what percent of app users purchase? Previously answered in section 2.
Can you say what the abandonment rate is? Sorry, we cannot disclose this information.
Can you share the app’s conversion rate? Previously answered in section 2.
Can you share the average purchase amount? Previously answered in section 3.
Can you share how many have downloaded the app? Sorry, we cannot disclose this information.
11. Social Media.
What currently are your main social media channels? Instagram, Facebook, Twitter
- Can you discuss how you track social media? Are there any statistics you can share? Sorry, we cannot disclose this information.
12. Word of Mouth (WOM).
Can you share examples of any WOM or guerrilla tactic campaigns currently running? Referral programs (Give $15, Get $15)
- How do you track response? Promo code usage
13. May our team visit a Boxed warehouse or corporate office to:
Interview or survey Boxed staff members? No
- Record our video to consumers? No.
Surveys, interviews, video recordings, etc. at any Boxed location are considered a violation of the Challenge rules.
14. Do we need to feature actual Boxed products in our creative samples or video advertisement to consumers? No, you may represent Boxed products using other props.
15. The Rules state we should submit each required deliverable in a separate file. What specifically is required? Please refer to www.collegiateECHO.org for the deliverables required. For clarification, altogether six separate files are required. Include the team name in the file name, and number each file, i.e., 1 - TeamName- Executive Summary.
- Executive Summary (a one-sheet summary + a 10-page brief for executives)
- Strategic Summary Chart - up to 3 pages. Research conclusions in left column, in right column, the corresponding marketing strategy next to each research conclusion.
- Appendix (up to 20 pages) - substantiation for the executive and visual summaries (e.g., primary and secondary research, detailed budgeting and media plans, creative samples, etc.)
- Visual Summary - in lieu of a live presentation a PowerPoint (up to 20 slides) or a 3-4 minute video presentation. (If the PowerPoint is narrated, clearly indicate this in a note to the judges.)
- Team Photo - we prefer a landscape (horizontal) format group shot
- Document identifying who's who in the team photo
- Optional items: a file containing any communications to the judges. For example, "our PowerPoint is narrated; please listen to our narration," a cover letter, etc. (NOTE: 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.)