BACKGROUND / CHALLENGE
Five Below is a chain of specialty discount stores that sells a range of products aimed at tweens and teens that cost up to $5. The Philadelphia based retailer also sells a smaller range of products priced above $5 in a marked section of the store labeled ‘Five Beyond’. The store was founded by Tom Vellios and David Schlessinger.
Today, most Five Below stores are around 8,000 square feet and each shop combines loud music, animated store associates and copious amounts of colorful merchandise. FiveBelow’s mantra is about encouraging customers to ‘let go and have fun.’
A key part of the brand’s essence surrounds the word ‘wow.’ The store aims to deliver a ‘wow’ experience for shoppers, the company’s HQ is called ‘Wowtown’ and store associates are called the ‘wow crew.’ Today there are over 1,000 stores located across the United States.
In mid 2021 as FiveBelow emerged from the Covid pandemic, the firm sought a brand agency to help to conduct a major customer research study to understand perceptions, attitudes, and behaviors of their customers and then deliver actionable strategic insights to help take the brand forward. FiveBelow needed an agency capable of delivering the project in less than 6 weeks. WANT Branding was selected from a group of six agencies who pitched the engagement.
The WANT research and strategy teams worked closely with marketing leadership from Five Below to craft a unique and comprehensive quantitative brand study. We recruited over 4,000 total respondents leveraging both the internal Five Below customer database and an external panel provider. We programmed, tested, and conducted the survey study in the field. Then we compiled the results and analyzed the raw data to develop key insights and findings. The insights and learnings along with actionable brand strategy recommendations were presented to the marketing leadership team and eventually to the C-suite.
Reviewing the engagement FiveBelow were extremely pleased with our work and the outcome: “Agile and reliable, WANT Branding completed their deliverables within a quick turnaround time, satisfying our needs. Their work, along with their generous suggestions, helped us identify strategies for improving and growing the brand. The agency’s responsiveness ensured a smooth process” Five Below VP operations.