New Venture Marketing Plan - Case Study Example

Name Tutor Course Date New Venture Marketing Plan Offering: Prioritize customers need: We avail our services of giving solution to customers’ psychological problems through online channels. For us to basically understand there problem, we listen carefully and offer solution. At the end of the discussion we may ask our customers how convenient the find our services to be compared with others. Description of offering: Our services are time effective. Customers find solution for their psychological problem through accessing our website where we shall relate them with registered psychologists. The dealing with only psychological problems and the presence of specialized psychologist enables us to provide accurate information to our customers. They can determine most of the social problems our children undergo at different ages. Through integrating our services with other internet social media like Facebook, the youth who are enslaved to the internet will access our services. There social problem will be solved when still in there relaxing mood. The fear of having a face to face conversation with a psychologist will not be encountered and there details will be confidential and accessible by only the affected customer. Pricing strategy: When pricing our services, we prefer the freemium strategy whereby we offer free services to our customer though we charge a premius incase a customer wants to use specific services or speak to our specialized psychologists. We would also require our customers to pay a small fee for membership registration so that they can fully access our internet services. Time-based pricing is alternative pricing strategies that will enable us correspond with our customers will to pay. This option favors services that are helpful to customers. The descriptions of services we offer to our customers are competitive and will make the customers to stop comparing our prices with the low price anchor. Though our aim is not to maximize profit through our customers, it’s important to be able to maintain our finance in order to serve our customers for longer period or eternity. In our strategy we intend to use some words like ‘small’ while mentioning fee to our customers i.e. we charge a small fee of $7 for registration. Validation testing: As a new business model, we will visit Abu Dhabi men’s college campus request the administration to link our services with their website. The best time for carrying out this task is during the opening period. The students are required to access the school website and register for their semester units. Two weeks later, three questions shall be mentioned in our survey with three answering option. 1. For the past one week, how many students visited our website for student counseling? Answers: A. more than 10 B. less than 10 C. none 2. After online student counseling, how many registered as full members? Answers: A. none B. less than 7 C. more than 7 3. How many customers wanted to use a specific service and what was the awaiting duration period? Answers: A. none B. less than 5. C. more than 5 After collecting and analyzing our data, we generated a table below, expressing our answers in percentage form. Question No. 1 Question No. 2 Question No. 3 A B C A B C A B C 69% 22% 9% 11% 19% 70% 3% 39% 59% Notes during the interview: Question No. 1 reflected on the possibilities of the students having psychological problems yet they cannot visit the student counselor. In question No. 2, it showed the urgent need of our services to the student. Seems the suffering since they don’t have the courage to have a doctor-patient conversation or maybe they feel their problem shall be disclosed to their colleagues. In question No. 3, some students wanted to have mobile communication with the psychologist and express their social problems of require treatment. Most of the students who required specific services were grateful after being offered with solutions. Others even went to the extent of telling their friends the kind of services we are offering. These come to our attention when we received a phone call from one of our customer who was introduced to us by a friend. After analyzing our result, we come to a conclusion that, almost 80% of the country’s college students require our services since they are suffering from social problem and they cannot disclose it to the counselors. SWOT analysis for marketing position and strategy: Strength: Offering solution for social problems only to our customers. By doing so, we shall offer accurate and detailed information to our customers. This will be made possible by the kind or registered specialist psychologist team we have who are ready and willing to serve our customers. Also we intend to strengthen our marketing strategy by linking with other social networks like Facebook and twitter. Weakness: Competition from existing brand with good reputation. Our competitors have being operating for long time in online marketing field enabling to have a base for their customers. This results to stiff completion. Opportunities: The existing social network like Facebook and twitter are our main link to the customers which should be fully utilized. Threats: The fact that our competitors have been in the market for quite some time imposes a great threat to the prospering of our services. Even though our competitors impose threat, we can introduce a unique selling proposition like moving a step forward than our competitors. We can make follow-ups on our customer’s progress, be available 24/7 for their needs or question and even by taking less time while responding to them. We should ensure there our customers’ details are confidential unlike our competitors. In market entry strategy, the use of internet will protect us from barriers. The threats of competitors can be overcome by utilizing the online technologies, linking our services with other socializing network, having web partnership and multi-brand strategies. Internet being a cohesive strategy in marketing, we will be able to reach a number of people, mostly by linking our sevices with colleges website. Critical success factor: Our success can be determined by creating a social media marking strategy, like the use of SMM. This will provide fast, efficient and professional communication. We shall incorporate our social media strategy with marketing strategy in general. This will include bringing together the offline promotion i.e. business cards and visit colleges to create awareness of our services. Communities will gauge our services by monitoring the frequency our updates and availability of our 24/7 online availability. To achieve this, we require introducing of Social Media Optimization factor. This will enable our team to respond instantly to our customers and utilize the use of blog and widgets in the internet. Five years of the initial launching of our services should be enough to create a wide base of our customers and ensuring our services is authentic. To achieve this, we shall provide relevant information that is easy for our customers to understand. We shall registered psychologist are open and honest to our customers. This will not only attract more customer and other investors from other industries but will enable the customers and investors gain trust in us. Through this we will generate more profit through people marketing in our network. Customers are special to us and we will treat them with respect. They will feel appreciated and retain our services. After covering the above factors, it’s important to measure our social media marketing performance. This can be obtained by using the standard Roi formula (X-Y)/Y where X is the total number of customers we are currently handling and Y is the initial number of customers. There are other varieties of methods used to measure performance e.g. engagement index, customer life value etc. Marketing and Selling Models: Sales and Channel Strategies: After understanding your targeted group, you require marketing and selling models. To make a sale, you require strategic plans that will make your services be popular to other people within a short time. Long term partnership with other website will govern and control our strategy. Also linking our online services with the long serving social network will create awareness to the public. Physical channels may also be used whereby; we present our business cards to the people on the ground. Sales Force Organization: Once our strategic plan is in place, we now recruit people to for a team. The team will include:- Registered psychologist, computerized team and a manager. The computerized team will be empowered with education regarding a social problems and ways to handle them. Telemarketing being a cost effective online servicing will enable customers to reach our team through phone channel. We will be in a position to approximate the number of customers we are likely to handle in the near future through following our progressive analysis trend. This will enable us determine the size of sales force. Though this approach, our cost will be consistent with revenues. On the same aspect, we should use increment approach to enable smooth running of our organization. A manager should have a handle on the organization progress and establish what is necessary and relevant that requires his attention. Decision making should be based on the quantitative matrices. Before making a decision, check the trend of customers. The effort implied by the team will be reflected by the number of customer the team is handling customer. Its best to award presents to the best team. This will motivate every member of the organization hence will lead to success of the social network. Brand strategy: Everything uploaded to posted in our website has a mission since we know our targeted group and there problems. I the process of posting, we convince our customers that our services is the problem-solving solution that they require. We shall show them the advantages of using our services. We shall use the following brand strategy to achieve:- Voicing our brand: Through research, we shall deliver messages that our client want to hear. Integration of our social media with: Choice of the type of social media we associate with is very essential. We should choose a media with a reputable history. Reputable online services: this is achieves by providing professional solution to our customer. Also the way we treat our customer reflects on our reputation. Most customers feel important when addressed with respect and provided for with relative information. This will leave the customer satisfied with our services. Advertising Promotion Strategy: For effective communication messages, it is important to know our customers and be able to categories them in terms of potential customers. This will enable us feed our customers with more detailed information regarding their situation. Advertisement through targeting will enable us to achieve our objectives and create awareness of our services. Product Launch: Time-frame and milestone: In any organization, a period for achieving goal is always set since time is if essence. Within a period of 5 years in our organization, we should have captured and retain more than 75% of the youths in our society. In the same period, through our analysis, we should be able to determine our peak season. This will enable us to be more prepared since we shall be handling many clients with relevant information. Potential risks/bottlenecks: In case our server breaks down and it’s during the peak season, we will fail our customers since we will not be able to serve them. We should be prepared in case of anything. This can only be possible by not being reliant to one source. Risks can be transferred to other social networks or can be controlled by decreasing the probability of occurrence of the risks. Key success factor: To achieve this, you should consider time factor. Be able to meet the customers demand on time. The team should gather enough information related to social problem within a specific period. This will enable them to provide relevant information. The organization should come up with the most critical strategy way of reaching the customers. Timing of the launch is as important as whether the activities are put in action. You should time when you want to introduce your services to the people. Marketing Action Plan: The plans need to be adaptable. In this point all your decision in marketing are ready to be put in action. Though weekly analysis and monitoring of the progress we will be able to classify the success of the business. Market action plan can be effective through:- Following our plan and ensure we are progressing. Be able to break through our plan so as we can monitor one activity at a time. Merge our information together to identify any overlap or conflict within our plan. Create a weekly To Do list in help in the progress of the online services. Read More