Case Study: Brand Repositioning and Revenue Analysis
WILDRENCE: a storytelling space and consulting studio
Business Health Evaluation (biz dev/finance)
Competitive Market Audit
Audience Trends Analysis
Brand Positioning Half-Day Hackathon
Wildrence (formerly The Mist) is an immersive space in the Lower East Side (LES) of New York City. Wildrence’s founders, Yvonne Chang and Jae Lee, two former architects from Cornell, left their full time jobs to create a fantastical, ethereal space where immersive storytelling could come to life against an exquisitely designed backdrop.
Having been in operation for a few years, Wildrence was looking to solidify its audience base within the immersive market, and brought in Spinster to optimize their larger marketing strategies.
Problems & Solutions
Though Wildrence approached Spinster with a marketing request, Spinster was immediately able to identify that Wildrence had a business, brand, and marketing gaps, intertwining to cause larger growth roadblocks for the startup.
Wildrence was primarily defining themselves by their immersive space (branded under The Mist, their LES property), rather than their full suite of capabilities (consulting across production, design, technology, and events + The Mist space). In doing so, they had created a contingent of smaller sub-brands (such as a digital presence for The Mist and various other productions), which diluted their brand power across various smaller audiences. This marketing setup wasn’t allowing them to capture their full market potential; as a result, they were missing out on valuable revenue streams.
SOLUTION: BRAND CONSOLIDATION
Spinster analyzed the market space, audiences, and content of Wildrence’s existing sub-brands across online platforms to identify what kinds of people were engaging with each sub-brand. We also extrapolated that there was enough cross over in these diverse audiences’ interests to incorporate all audiences under one brand name - Wildrence.
PROBLEM: BUSINESS REVENUE
Wildrence was placing a large emphasis on creating original productions within the space, which came with high overhead, expenditures, and time commitments. Prioritizing original productions also meant the prime space sat empty or underutilized between shows, leading to lost revenue that kept the business from meeting its true financial potential.
SOLUTION: FINANCIAL WELLNESS
Spinster did a complete business health evaluation (financial) to diagnose where Wildrence was missing out on revenue opportunities, and suggested optimized business offerings based on the most lucrative income streams.
PROBLEM: AUDIENCE MARKETING
Dispersing their full digital audience across smaller sub-brands like The Mist was fragmenting the Wildrence brand’s effectiveness, and keeping them from reaching similar groups interested in their space and programming. It was also becoming overwhelming to manage these smaller brands, including the marketing, strategy, and execution across all platforms.
SOLUTION: BRAND POSITIONING
Spinster worked with the Wildrence cofounders through a half-day hackathon to identify their new position in the market. Drawing on the learnings of the larger brand analysis, along with the revenue findings of the business health evaluation, this four-hour session identified brand mission, brand value, and brand positioning in the market space.
Wildrence incorporated their dispersed brands under one name (i.e. Wildrence), which exponentially improved their brand reach.
Wildrence rebranded from an immersive event space to a storytelling space and consulting studio, and has since been featured in publications like Electric Literature.
Wildrence has successfully positioned themselves as a premiere immersive space and consulting group in New York City. They’ve brought in and coproduced such world-renowned acts like magician Joshua Jay’s Six Impossible Things (as featured in The New York Times and Wall Street Journal) and served as outside consultants to the exclusive immersive world of Witchcraft and Wizardry at The Cursed Castle, Grey Towers!