RENT THE RUWNAY
GROUP RESEARCH METHODS PROJECT, EMERSON COLLEGE, 2021
GOAL
DETERMINE IF RENT THE RUNWAY SHOULD OPEN A BRICK & MORTAR STORE IN BOSTON
STRATEGY
STRATEGY
FOCUS BRAND IDENTITY FOR A MORE SELECTIVE TARGET AUDIENCE
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QUALITATIVE RESEARCH
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QUANTITATIVE RESEARCH
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DATA ANALYSIS
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STRATEGY
OBJECTIVES
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CONDUCT QUALITATIVE AND QUANTITATIVE RESEARCH
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SET ACTION STANDARDS FOR SUCCESS IN MARKET
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ANALYZE RESEARCH AND BUILD A DATA DRIVEN STRATEGY
When faced with the task to propose a brand brick and mortar in the Boston market, my team selected Rent the Runway due to both the brands Cambridge roots, and the female founder duo. In conducting both qualitative (survey) and quantitative (focus group, market analysis) research our team discovered that the brand showed promise in the Boston market but had some work to do before they launched.
Rent the Runway's first challenge is the target age - the brand is coming across to younger audiences as too mature and older audiences as too youthful. Our research showed high acceptance of the brand and intent to use the brand in audience members aged 18 - 24, considerably higher than audience members aged 25 - 29, and 30 +. However, with less disposable income, the younger audience displayed interest in use of the service on a more occasional basis than currently offered.
Based on our research, our team suggested Rent the Runway opening a brick and mortar store on Newbury Street in Boston, specifically targeting young adults looking to use rent clothing on an occasional basis. We suggest the store stock clothing for fancy and formal events as well as professional events - the high number of students and young professionals in Boston show intent to rent these things much more than everyday items. With this we also suggest a fresh take on branding targeting a young female audience, the introduction of a loyalty program, an occasional rental deal, and in store special pricing on occasional rental.
METHODS
PARTICIPANTS
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Women
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Ages 20-35
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Live/work in Greater Boston
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Convenience sample
PROCEDURE
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Zoom meeting
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Consent form
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Questions -> Concept Board -> Questions -> Social media -> Questions
KEY QUESTIONS
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Interest in circular economy
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Shopping behaviors
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Brand evaluation/brand image
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Interest in renting/visiting
SAMPLING
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Convenience
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Non-Probability
MEASUREMENT
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Shopping Behavior and Drivers
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Rent the Runway Brand
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Decision Motivation
SCREENING
Prior to sampling, screening based on living or working in and around Boston, shopping for women's clothes, and age.
DEMOGRAPHICS
To better understand our audience, at the end of the survey we requested demographic information.
RESPONDENTS
Most Commonly Sampled Profile:
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Caucasian Female, aged 18-24, earning $ 59k - 60k per year, with Master's degree or higher.
Other Heavily Represented Sample Group
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Caucasian Female, aged 25-29, earning less than $20k year (presumably current students).
ACTION STANDARDS
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60% Top Box Percent
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3.5 Mean Score
FGI RESULTS
MARKETING STRATEGY
"Who are they targeting? What age?"
VALUE FOR MONEY
“I'd say I think more of price and then how much use I'm going to get out of the product.”
EASE-OF-USE
"I’m not good at returning things if they don’t fit."
TRIAL BEFORE RENTAL
"...just so you can test it out, see the quality, see if it's something you like ..."
FORMALWEAR ASSOCIATION
“My mind immediately goes to events. I think if I'm thinking I need to get a dress, I'd rather try Rent the Runway because I feel like a dress is something I don't get a lot of uses out of."
IN STORE > ONLINE
"I also prefer to shop in person a lot. I rarely shop online because I don’t know if things are going to fit, when they come in. So, I prefer to go in-store and try stuff on.”
PRICE > ENVIRONMENT
"...the environmental piece of it is important, but if it was environmentally friendly and still very expensive, I wouldn't be participating. "
FOCUS GROUP
SURVEY
FGI RESULTS
STRATEGY
