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Ella Josey Stage 2 Realisation. N0573593 Word count: 7964

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Introduction

INTRODUCTION RATIONALE

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MemoryLocker is an online based cloud photo storage solution. The idea was formulated after establishing a need in the baby boomer market for a safe digital location for the online human legacy to be stored. To fit with the ever evolving posthuman technological behaviours assimilating transhumanism, MemoryLocker offers the user a simple and secure way to upload their past and present memories, or selves, into the space. It’s main selling points lie in its easy use interface, low-cost and integrated facilities of housing three different photo services under one domain. Rationale The aim of this report is to deconstruct the presented business and its viability in the market taking in to account finance, risk and potential or future competitiveness. The idea has been selected after research into Transhumanism highlighted a behavioural pattern among the baby boomer segment to find safe and secure ways to store their online photos.


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WHAT ARE OUR?

AIMS OBJECTIVES

The underlying aim is to launch successfully and attain break-even within the first year, having sufficient cash flow funds to cover all outgoings on a monthly basis. Financial feasibility is the predominant focus of the first-year plan and all decisions and practises will be thoroughly dependent upon whether the flow of cash coming in to the business is sufficient. This cautious finance-focused approach is taken as a preventative measure to guard against first year failure, as 82% of new businesses failures in the first year are due to poor cash flow management (Flint, 2017). Corporate Mission: ‘To launch a business that will provide a meaningful and safe

online photo storage platform to baby boomers, giving them timeless photos and memories’ The corporate mission is set to avoid any misdirection in terms of strategy or communications. No matter the growth or challenges faced, the aim of the business will always be to offer meaningful value to the consumer through assured safety for their online photos, and to always maintain an easy to use service. All primary objectives are subject to the success of the subsidiary objectives, if marketing and communications are weak, then the business will not be able to make sales, break even, deliver a valuable service or gain market share. 9


‘To launch a business that will provide a meaningful and safe online photo storage platform to baby boomers, giving them timeless photos and memories’

CORPORATE OBJECTIVE

PRIMARY OBJECTIVES

To gain 5% UK market share in online photo storage.

CORPORATE OBJ ECTIVE

Despite the cloud storage market being saturated, specifically the photo cloud market is still in introductory phases with low saturation by comparison, so this 10 target is a reasonable expectation.

SUBSIDIARY OBJECTIVES

To gain successful entry into the online photo storage market successfully targeting baby boomer consumers.

To have 1000 paying customers and resultingly at least 15% outsourcing discount at the end of year one.

To break even by the end of year one, maintaining sufficient cash flow throughout.

To gain at least 5% of UK baby boomer population brand awareness or recognition upon measurement

To get the brand message across that MemoryLocker is a trustworthy and essential service for all baby boomers.

STRATEGIC OBJECTIVE

SALES OBJECTIVE

FINANCIAL OBJECTIVE

MARKETING OBJECTIVE

COMMUNICATI ONS OBJ ECTIVE

This is a sensible target when considering that 82.3% of baby boomers use at least one social media site (DMN3.com, 2018), meaning recognition through brand communication on the online space will be reasonably easy to secure.

To portray the brand for exactly what it stands for, and make intentions and customer value explicitly clear so that the service is perceived as a need, not a want.

The first-year strategy is simply to launch the service into the market successfully without any failure.

This is achievable considering the high customer benefit of the service and the high number of customers that the MemoryLocker CSR community will bring in.

The financial aim is to monitor and maintain steady cash flow to ensure continuation of the venture.


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‘To launch a business that will provide a meaningful and safe online photo storage platform to baby boomers, giving them timeless photos and memories’

CORPORATE OBJECTIVE

YEAR 2

To gain 15% UK market share in online photo storage.

CORPORATE OBJ ECTI VE

The market is small, MemoryLocker offers a service with a higher value proposition for the customer than its simpler competitors. There is the likelihood that 15% market share is very achievable.

To make profit of 20%.

FI NANCI AL OBJ ECTIVE

With a doubled projection of paying customers in year 2, with a fraction buying the scanning and photobook added value services, a 20% profit can be assumed.

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To gain successful penetration and recognition in the market.

STRATEGIC OBJECTIVE

To push the brand until recognition in the market is achieved and continue doing throughout.

To gain at least 15% of UK baby boomer population brand awareness.

MARKETING OBJECTIVE

Highly achievable in connecting particularly with ‘Leading Edge Boomers’ who typically spend 11+ hours a week on online sites (DMN3.com, 2018)

YEAR 3

2000 paying customers by the end of year two.

SALES OBJECTIVE

A doubled projection from year one to fit with grown market share, brand awareness and overall improved saliency.

To get the brand message across that MemoryLocker is a trustworthy and essential service for all baby boomers.

To gain 20% UK market share in online photo storage.

CORPORATE OBJECTIVE

The growth increase has slowed but still grown by 5%. This decrease stems from a natural dip in sales after the initial hype of establishment in the market.

To make profit of 30%.

COMMUNICATIONS OBJECTIVE

FINANCIAL OBJECTIVE

To portray the brand for exactly what it stands for, and make intentions and customer value explicitly clear so that the service is perceived as a need, not a want.

With more customers. more profit can be made on added value sales and more cash is drawn into the business.

To gain saliency as a key brand in the market.

STRATEGIC OBJ ECTIVE

To achieve this the business needs to grow very sustainably, look incredibly professional, and have strong positive word of mouth.

To gain at least 20% of UK baby boomer population brand awareness.

MARKETING OBJECTIVE

With marketing and word of mouth spreading over three years, brand awareness should have reached approximately 1/5 of the intended baby boomer UK market.

3000 paying customers by the end of year three.

SALES OBJECTIVE

Sales have doubled yet again from the previous year due to returns on advertising expenditure (see financials)

To get the brand message across that MemoryLocker is a trustworthy and essential service for all baby boomers.

COMMUNICATIONS OBJ ECTIVE

To portray the brand for exactly what it stands for, and make intentions and customer value explicitly clear so that the service is perceived as a need, not a want.


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Both primary and secondary research were conducted to test the viability of the business idea in the market. Primary research was separated into concept testing and baby boomer behaviours, as displayed opposite:

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Research Type

Research Aim

Reason for Using Research Type

Insights Provided

Research Limitations

Concept Testing: Millennial Survey

To ensure baby boomers were the correct market to target at.

Gen Y Survey Online Survey 1: Concept Testing 100 Respondents Quantitative In Depth Interviews: Concept Testing

This research was aimed to see if the MemoryLocker concept was something that baby boomer consumers would want or even use.

4 x participants Qualitative

Provides a clear market overview without too much detail.

Using a quantitative method for initial concept testing was imperative for obtaining a solid overall market perspective of consumer interest. To understand if the idea was something that could be explored further, or something that should be ignored. Qualitative research allowed participants to fully understand and grasp the business proposition as the business could be fully explained with detail. This increased accuracy of results as participants could make more informative suggestions/improvements.

Baby Boomers are the correct target market for MemoryLocker.

The main insight from this research was finding out that there was a need for this service, with high levels of receptiveness. Additionally, particular needs within the service were specified to help filter the idea.

Smaller samples were achieved with this method than the others, however it still provided a general overview of the comparison of interest between generational demographics. There is the potential for bias in that many of the respondents were friends or mutual friends, aware that this was an important project. Potentially, they could have been saying they would be interested to be optimistic for the idea. The interviews were extremely in depth, due to this the research became slightly over complicated making it hard to decipher what recipients were saying. Although it helped to understand the consumer better, this method was less effective in reaching any solid conclusions.

Baby Boomer Behaviours: Communications Plan Online Survey 2: Baby Boomer Behaviours 100 Respondents Quantitative Focus Groups: Baby boomer Behaviours 2 x Focus Groups, 8 total respondents. Qualitative Branding Effectiveness Testing Approx 300 respondents. Quantitative online short survey

This second research aim was conducted to discover which branding communications baby boomers were most influenced by, to adjust the communications plan accordingly.

This was used to determine the effectiveness of the logo and branding and seek to find the best branding style.

An online survey was conducted to get a statistical market overview perspective of boomer’s preferable communications methods without over complication.

A focus group was conducted to get an in depth understanding of why the boomers preferred certain platforms and what their attitudes to them were.

It was important to get a wider perspective instead of a few personal opinions for a broader market view in this research, therefore the short quantitative survey was perfect for attaining this.

This gave good insight into not only the preferences of baby boomers, but their behaviours, for example, how they like to travel, where they like to go etc. These insights will shape the marketing communications plan massively as it understands the consumer better.

The more modern branding option was preferable. This was directly actioned into the businesses communications strategy.

Preferred communications and communications receptiveness is very hard to measure and often the consumers themselves do not realise by which method they are most influenced, meaning the results could be somewhat misleading. Focus groups can influence other's opinions. Despite this not seeming like it occurred, there is the risk that opinions of the group were unconsciously led by another member and therefore may be misleading. The danger with this research method is that despite gaining a good, strong consensus, it did not give the opportunity to explain the brands essence and purpose in direct comparison with the branding. In effect, the favourable branding was chosen with little consideration to what the brand stood for, drastically reducing accuracy in results.

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RESEARCH METHODS: OVERCOMING LIMITATIONS Each method encountered a limitation which could have led to a biased result. This means that the business may be founded on a misleading insight. This is not something that can be easily overlooked when a large investment of capital is at stake. There were two methods used to overcome this bias: 1. Double checking consistency of all primary research by comparison against published market data. This was harder in the concept testing stages than the baby boomer behaviours stages, as these were easy to measure. 2. Using both a mixture of Qualitative and Quantitative research, and comparing data and insights for any discrepancies.

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The primary research conducted had two purposes: 1.

To concept test the business idea in the baby boomer market and gauge receptiveness.

2.

To understand the marketing strategy needed to communicate most effectively with baby boomers.

MARKETING MIX

The results justify that there is a place for MemoryLocker in the market. The feedback also allowing for an improved service, with the consumer explaining first-hand what they do and do not want. The opportunity for consumer input in the concept testing stage has drastically altered the service’s offering from its initial ideation. One of the challenges faced was that the baby boomer market is large and very diverse, spanning twenty years and consumers with completely separate tastes, wants and needs. Therefore, relying too heavily on this research in defining the business offering would have been not only confusing, but would have never reached a decisive conclusion. In particular, the interviews discussing branding communication presented a clear dichotomy in opinion leading to confusion and losing sight of what the brand originally stood for. To counteract this branding effectiveness testing was used, and gave consumers the chance to connect with something tangible to give constructive feedback. Secondary research provided justification behind the viability of business success. Numerous online sites offer free business start-up information, guidelines and market statistics particularly industry specific reports, such as ‘The state of the User Experience’ and ‘The Truth About Online Consumers’. It also gave a solid basis for costings and competitiveness in the market. The articles, online journals and business websites provided up to date information on business strategy, costings and risks for startup businesses. Traditional business textbooks are responsible for the more thorough business models throughout this proposal. Secondary research was imperative in helping to minimise the risk of failure, without it the MemoryLocker business plan could potentially be wrongly assumptive; reducing the chance of success in the real world. 17


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STAGE 1 &INSIGHTS

PREVIOUS RESEARCH STUDY

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PREVIOUS RESEARCH STUDY

STAGE 1 INSIGHTS

MemoryLocker was built on an insight from an exploration into the ways in which Transhuman behaviours are affecting purchasing decisions. This proved that baby boomers were digitally archiving themselves and their memories in order to create a digital legacy. It was revealed that they were doing this for three reasons. They didn’t trust their current online storage platforms such as social media sites or generic cloud storage to keep their photos safe. They believed these platforms to have a short shelf life and were likely outdate, therefore making them lose their memories. They wanted their physical photos on the screen to keep up to date with changing behaviours. In depth research into the baby boomer market alongside millennials and generation Y proved that baby boomers were the only segment exhibiting this behaviour, and found that although they found technology useful, they were also fearful towards it. One example of this is baby boomer Phil:

‘I keep records of everything – lots of archiving. I’m currently working through all my memorabilia, photos, school magazines, etc. I’ve gotten to 1990 ish so far… I use technology a lot for storing things like that. It’s a way of keeping stuff to do with family history – so although it’s about me, you’d say he wants everyone to remember him in the future…I’ve scanned in my mother and father’s photos of generations ago, going back until the 19th century. So, it’s a sense of sort of history of who we are, it will be easier – although I can leave the sort of physical things to my children, they probably won’t want to keep it, whereas, leave it on some disks and they’ve got everything that goes back.’– (Phil, Baby boomer interview, Stage 1).

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The opportunity: SAFE. SIMPLE. AFFORDABLE. Based on the insight that this behaviour was still happening despite a fear of technology, the concept of an easy use platform for online photo archiving, that was trustworthy and had safe storage provided the solution for to fit with baby boomer behaviours. The next step was to bring this idea forward for market testing. This was carried out with millennials, boomers and generation Y to confirm whether the service met the boomers required needs or whether this service was more suited to a younger generation. Concept testing: The adjacent graphic displays the results of the concept market testing. Baby boomers exhibited the strongest desire for the service which confirms that this service meets their needs of archiving and online legacy photo collation. Carrying out market concept testing in this way added value to the ideation process as it was quick, effective and easily comparable due to its quantitative nature. 20


'CONCEPT TESTING' How likely would you be willing (if 1 is not at all and 10 is very likely) to pay a small fee for a service that would keep your memories safe online, and/or be able to make your memories into bespoke collated videos and physical products?

Do you feel like your photos, videos and memories are kept safe on storage platforms or social media?

Do you prefer to back up your digital photos by printing or storing on an online space?

Largest receptiveness

Online: 65%

Boomer

No: 41%

Largest receptiveness

Online: 78%

Gen Y

10: 21%

No: 25%

Boomer

Boomer

5 and above: 71%

Largest receptiveness

Millennial

10: 8%

No: 9%

Gen Y

Gen Y

5 and above: 58%

Millennial

Millennial Largest receptiveness

5 and above: 57% 10: 12%

Online: 78%

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Shows th at Memory Locker w ill fulfil the custo mers ne eds.

CSR

De f

ine M s th co em e b m or m yL ene bu unit ock fits of sin y t e es o th r s. e

nd . d a ints n ra po e b ing h t ll tils e se s i u d iq el od 's un e m nd nc bra e ss he e e res t h T tu p ca

MASLOW

THE BIG IDEA: MEMORYLOCKER

ESSENCE

y to alit on ers ing. sp d nd ran bra nt b e he o t nsist et o uid p c A g kee

AAKER

sa ha r e k oc s ryL om it o r f m e e nc tM tha esse titors s ue pe ow Sh uniq com

ESSENCE COMPARISON

Sho w cus s that tom Me m ers fulf oryLo i l ck m cor e e p nt be er offe rod y r uct ond t s he

CUSTOMER VALUE PROPOSITION

The next section of this report introduces MemoryLocker and justifies why it is a valuable service. It will breakdown the businesses philanthropic strategy and explore the customer value provided by the service. The above graphic discusses how each of the marketing models in this section will bring validity to MemoryLocker’s proposition, each model will be looked at in detail.

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MEMORY LOCKER

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MEMORY LOCKER Simple. Secure. Affordable. MemoryLocker is an online photo and memory cloud storage platform aimed at the baby boomer market of 5070. For just ÂŁ3.50 a month, or the discounted rate of ÂŁ35 a year, consumers enjoy unlimited online photo and video cloud storage that has a strong security network, meaning all media is safely stored. Under the same roof, MemoryLocker offers its consumers the added value services of being able to send off photos, slides, and negatives for scanning directly into their MemoryLocker account, and similarly the service to create photobooks with uploaded MemoryLocker media in less than a minute. This is the three service offerings. The main unique selling point of MemoryLocker is the trust and security it brings to its consumers, its easy use interface, cost effectiveness, bringing a strong value proposition to the customer. Highly Functional Customers are not only encouraged to upload photos and videos, but also special memory tokens, such as concert tickets, birth certificates, and anything else that is meaningful to them. Photos are immediately organised by file date, and can be reorganised into folders and files of specific events. Not only this, but consumers can edit, filter, crop and tag photos.

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MEMORY LOCKER COMMUNITY MEMORY LOCKER COMMUNITY

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MEMORY LOCKER COMMUNITY

03.

MemoryLocker community is a section of the business that can be accessed by both customers and non-customers, with the purpose of philanthropically benefitting the baby boomer community by helping them use the internet easily and efficiently. Featuring easy ‘how to’ videos and internet jargon tips, it allows baby boomers with basic computer knowledge to become more familiar with ever changing fast paced technologies. Not only this, but as part of the MemoryLocker community initiative, 20% of all profits will go to sponsoring localised small charities who help baby boomers get online by offering IT lessons at local libraries. The website will allow MemoryLocker customers to find the nearest lessons near them and book in. 27


LIFE EXCEEDING PROMISE... A life exceeding promise, a timeless legacy If any MemoryLocker member sadly passes away, they will continue to be able to store existing photos in MemoryLocker forever with no additional cost to them or their family. Loved ones will receive a unique code that will let them access their account and forever view their memories and legacy.

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Fig . 2 Corporate social responsibility (CSR) is a huge aspect of the businesses operation and is integrated within the core essence of the business. A CSR benefit model has been implemented to discuss the ways in which being a CSR focused business can benefit MemoryLocker. As displayed, forming corporate partnerships, risk prevention through positive brand perception preventing market failure, and value creation via customer retention with the brand are all created through the businesses CSR initiatives. Business economist Milton Friedman stated that:

“The social responsibility of business is to increase profit…the core premise of CSR profit spending for the “greater good” is fundamentally flawed’ (Freidman, 1970, Hart 2016). However, Friedman’s opinion, is no longer applicable in contemporary society, and with conscious capitalism on the rise, 29% of UK consumers believe their purchases can make a positive impact on social and environmental issues. 47% of consumers are spreading the word to friends and family about a company’s CSR contributions, and an astonishing 89% claim they would buy a product with a social or environmental benefit if given the opportunity (Cone Communications 2015, Fig 2). Supporting the argument that the CSR of MemoryLocker will add value.

Fig. 2

Purpose

CSR as Value Creation

Gives strong brand essence and positive reputation

CSR as Risk Management

Gives MemoryLocker competitive Edge over noncharitable competitors such as SmugMug

CSR as Corporate Philanthropy

To encourage partnerships and increase funding opportunities

Impact

Benefits

Provides larger customer benefit

Brings in more customers. Keeps customers interested for longer HIGH

Brings in more customers. Provides positive brand perception

MEDIUM

Encourages outsourcing partners to collaborate and give larger commission of sale

Businesses and consumers want to support charitable HIGH or businesses causes Generates PR and editorial for MemoryLocker through Philanthropic intitiative

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CUSTOMER VALUE MemoryLocker is driven by offering the customer value. This is how the business hopes to drive both the acquisition and the retention of customers. The customer value proposition onion below has been applied to show the different layers of value that the service offers beyond its core purpose. MemoryLocker not only offers the customer a ‘simple, secure, and affordable’ service, but helps them with their process using the website, and allows customers to be charitable.

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Perception A business that is giving and community based, giving 20% profits to charity and running an online help community. Compared to large corporate money inspired competitors.

Process A service that features ‘how to’ videos at every step and offers scanning and print to make photo collation easier.

Prospect. Secure. Simple. Affordable Photo storage that is secure, affordable and simple to use, making online photo collation easy.

Fig. 3


SELF TRANSCENDENCE SELF ACTUALISATION

MemoryLocker allows consumers live up to their fullest potential by saving them time, effort and stress.

SELF ESTEEM

MemoryLocker helps consumers feel good about themselves by promoting 20% of their profits to charity, meaning the customer feels charitable, giving and kind.

LOVE/BELONGING

SAFETY NEEDS PSYCHOLOGICAL NEEDS Fig. 4

MemoryLocker offers the opportunity for consumers to transcend themselves through a never ending digital legacy when they pass.

MemoryLocker Community provides a sense of belonging and support. MemoryLocker provides the consumer with a sense of safety that memories and photos are secure.

The customer value proposition onion explores how MemoryLocker offers the consumer a high value offering. MemoryLocker goes past this offering, by fulfilling the customers’ human needs. This is explained using Maslow’s hierarchy of needs. The model displays how MemoryLocker offers customers an opportunity to transcend the limitations of their lifespan via digital legacy, provides the esteem of giving to charity and a sense of belonging in an online community, and saves them time, reduces stress and allows them to reach their fullest potential.

N/A

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Essence 'Giving' 'Secure' 'Friendly' 32 'Supportive'.

Mission ‘To launch a business that will provide a meaningful and safe online photo storage platform to baby boomers, giving them timeless photos and memories’.

Values Trust Affordability Security Simplicity Reliability.

Ambition To give back to the community and provide support for people who are cautious using the internet, whilst providing a life exceeding legacy online for all our customers.

Vision To be the number one location for baby boomers online photo’s, memories and video storage.


Survey recipients stated that they perceived MemoryLocker's branding to represent the following qualities

BRAND ESSENCE

To have a brand essence that stood out, it was important to analyse the essences of MemoryLocker’s competitors. In concept testing, participants were asked to state their perception of the essences of popular photo cloud storage brands. The results BRA D E S S E N Cbelow: E were asN displayed ANALYSIS Surprisingly, the essences of all competitors were perceived to Rbe dull and corporate. Not one competitor was perceived as ecipients stated that the friendly or compe t i tsupportive o r s e s s e n cto e scustomers. were 'dull' This essence to be welcoming, warm, a n inspired d ' c o r p oMemoryLocker’s rate'. friendly and fun. After producing the sample branding of MemoryLocker, brand effectiveness recipients were asked to describe the essence of the brand. What the brand does for the consumer

Provides Online Support Provides a Legacy

Fig.5

Provides Value Provides Security

Family Focused

£3.50 per month

SIMPLE. SECURE. AFFORDABLE Fun

Nurturing

Kind

Nostalgic

Loyal

'PROFESSIONAL' 'DAUNTING' 'COMPLEX'

DROPBOX

A Sense of Belonging

Limitless (through legacy)

SECURE

GOOGLE PHOTOS 'CORPORATE' 'DULL' 'EASY USE'

ICLOUD 'MULTI USE' 'CLEAN' 'A BI-PRODUCT OF SOMETHING ELSE'

'NOT TRUSTWORTHY'

Part of a Community

BRAND PERSONALITY Technologically Forward

SUPPORTIVE

The responses were: ‘Giving, Secure, Friendly, and Supportive’. When compared to its competitors, MemoryLocker stands out as a more personable and approachable brand. Therefore, the essence comparison process created a unique essence, adding value to the ideation process. The brand essence model was created building upon the essence described by recipients and expands the brands personality. It distils the brands essence and can be used as a controlling tool or point of referral to keep the brand on image.

'FORMAL'

Supportive

FRIENDLY

GIVING

SMUGMUG

Convenient

Online Support Network

Giving

Caring

How does the brand make the buyer look?

Helpful

CORE

3 Services

20% profits to charity

Trustworthy

FACTS AND SYMBOLS

Unlimited Storage

How would the buyer describe the brand?

Recipients stated that the competitors essences were 'dull' and 'corporate'.

'CORPORATE'

How does the brand make the buyer feel?

'BUSINESS FOCUSED' 'BORING'

KEEPSAFE 'SAFE' 'LOCKED' 'PRIVATE'

MEMORY LOCKER 'GIVING' 'SECURE' 'FRIENDLY' 'SUPPORTIVE'

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Fig. 6

AAKERS 5 DIMENSIONS OF BRAND PERSONALITY

MEMORYLOCKER'S PERSONALITY

SINCERITY

25%

EXCITEMENT

10%

COMPETENCE 30%

SOPHISTICATION 10%

RUGGEDNESS 34

25%


BRAND PERSONALITY Brand personality is described as “set of human characteristics associated with a brand” (Aaker, 1997, p. 347) and is seen as “a central driver of positive attitude toward and preference for a brand, and an efficient way of creating and building a connection with consumers”. (Biel, 1993, Su & Tong, 2018). Aaker’s ‘5 dimensions’ model has been applied to MemoryLocker to personify its identity. The model provides a clear guideline on how the brand should portray itself to the consumer, and therefore adds value to the communications plan. As seen from the percentages; competence, ruggedness and sincerity are the most important brand essence factors to be displayed to the consumer as they embody security and trust. Sophistication and excitement are of less importance as they are not primary qualities of the offering but still need portraying to the consumer to make them feel as though the service is worth joining. This model will be invaluable in reminding the communications manager how the business is to be portrayed and a low sophistication essence will avoid being ‘professional’ or daunting.

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MEMORY LOCKER

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BRANDING GUIDELINES

FOR MEMORYLOCKER

BRANDING GUIDELINES

SEE THE MEMORYLOCKER BRAND BOOK

MEMORY LOCKER PERSONALITY AND ESSENCE

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Ana lyse bus s and in id mit ess do entifie iga te r wnfal s exte isk l r and s and nal an a d seiz d e o vanta intern ppo ges al rtun to itie s.

SUITABILITY, ACCEPTABILITY AND FEASIBILITY ANALYSIS

SWOT ANALYSIS

pr Ide es n su tifie re s i s ris n its the ks th su a rro bus t co i un ne ul di ss d s ng en pr pa vir ing rtn on fro er me m s.. nt an d

s ate re dc . an hem OT t t W ven n S pre si se and es kn me ea rco d w ove ifie nt n to de pla si ke ion Ta act

ac En ce su pt res ab th le e an bu d sin m fea es ar sib s i ke le de tp to a i la ce su s su cc it . ee ab d le, in th e

BUSINESS IDEA AND IMPLEMENTATION: RISK MITIGATION

PORTERS 5 FORCES

RISK MITIGATION PLANNING

Here the report will analyse MemoryLocker’s suitability to meet the needs of the consumer, its feasibility as a business proposition, and its acceptability in the market. Firstly Suitability, acceptability and feasibility were identified.

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Fig. 7

MEMORYLOCKER AS A SOLUTION

SUITABILITY Consumer needs/wants: Legacy Value Online security Easy use website Easy photo collation

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MemoryLocker Offering: Online Legacy fulfilled with life exceeding promise. Value for money as the cheapest photo storage platform in the market. Latest online security software Offers online instructional videos to make website use easier. Offers storage, scanning and photo book printing services to make collation easier.

ACCEPTABILITY Acceptable proposition for investment? Based on solid foundation of research that indicates a need in the market that isn't currently fulfilled. Great opportunity for a large rate of return for investors due to large profit margin per customer (ÂŁ9.35 lifetime customer cost for storage). Innovative business concept. Acceptability in the market? Growing industry that needs innovation. Neglected consumer that needs attention and has money to spend that is not affected by external environment (grey pound). Hard to compete with established competitors such as Amazon and Smugmug which may result in low acceptability from consumers.

FEASIBILITY How is this proposition feasible? Low lifetime cost per customer makes chance of profitability higher. Execution of business is simple as storage can be bought when needed and added services go though outsourcing partners. Once initial website costs are covered, business costs are relatively low. Potential downfalls Lacking in staff expertise resources as starting with only One employee. Website faults may take time to fix if there isn't an in-house web designer.


SUITABILITY FEASIBILITY ACCEPTABILITY 10/10 7/10 8/10 S U I T A B I L I T Y FEASIBILITY SUITABILITY ACCEPTABILITYFEASIBILITY ACCEPTABILITY 10/10 7/10 10/10 8/10 7/10 8/10

Every customer need is met by the service

Suitability rating: 10/10

Highly suitable for investment therefore likely to find funding easily Customer that is highly appropriate for venture Established competitors may make market entry difficult

Acceptability rating 8/10

Low cost enterprise with simple execution Lacking in staff team resources

Feasibility rating 7/10

Overcoming barriers to entry: Acceptability and Feasibility. The analysis of the businesses viability highlighted barriers to entry and the success factors to both feasibility of exectution and acceptability in the market. Acceptability: Established competitiors create a barrier to entry for MemoryLocker, as despite offering different services, their standing in the market makes them a more trustworthy storage facility in the perspective of consumers. This can be overcome by overselling the security aspect of MemoryLocker, ensuring customers that the platform is more secure than its competitorscreating atrustworthy ethos. Feasibility: Whilst still being acceptable a 7/10 feasibility rating arises from the issue of low staff resourcing . The cost of multiple staff is too high for MemoryLocker r in its opening year, to overcoming this professional relationships with local design agencies and outsourcing will be used so that software maintenance and design staff can be employed when needed.

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risk, solution

Fig. 8 Porters 5 Forces

Threat of new entrants

Threat of substitute services/products

An Emerging Industry

Bargaining power of consumers

Discount Culture

Bargaining power of suppliers

Outsourcing Discounts

Threat of existing competitors

Established competitors

Loyalty as a disadvantage

Outdated Technologies There is a risk that this will become a much more highly saturated market as it is still an emerging industry. The risk with this is that larger competitors may be able to of f er a better value product for customers than safe space due to factors such as high value starting investment and large economies of scale for photo books and prints. The response to this threat is acting quickly and efficiently to skim the market and capitalize on the customers loyalty.

Likely risk, Medium risk resolution

There is the threat that cloud storage services will become outdated with the next technological innovation to be introduced in the market.

As baby boomers are largely not early technological adopters, this means that gradual planning can be made and no fast, damaging changes need to happen.

Likely risk, Low risk resolution

Modern discerning customers expect a free trial period when using a subscription service, and this can be very costly to the business in terms of initial cash flow. If all consumers are receiving free trials on their first month then the cash flow of the first 6 months of operation is likely to be very weak.

Threat of low or no outsourcing discount of f ered by the supplier means a lower percentage of prof it made by MemoryLocker on each sale, damaging the profits. There is also the risk that suppliers could start producing lower quality items because they are offering larger outsourcing discounts to reduce their own costs.

This can be overcome by of f ering f ree trials on occasion and not as a rule, as MemoryLocker is not a freemium business model. Free trials can then be used for marketing purposes, selectively on and rarely, on months where cash flow is sufficient and costs are low, which will prevent any capital problems. This will also encourage a higher percentage of people to use the trial as it is something that is not often available.

Outsourcing is an added value service and is not a main driver of revenue, therefore, this is not a massive risk for MemoryLocker

Unlikely risk, Low risk resolution Likely risk, Low risk resolution Likely risk,

Low risk resolution

42

Area of medium risk - see SWOT and contingency planning for a solution

Likely risk, Low risk resolution

Likely risk, Medium risk resolution Unlikely risk, Low risk resolution Unlikely risk, Low risk resolution

Unlikely risk, Low risk resolution

Smug Mug has been established in the f ield of online photo storage f or 16 years. Therefore consumers are more likely to trust that their photos will be safe on their platform than a new market entry such as MemoryLocker Despite this, Smugmug target a different, more professional consumer and this will potentially seem daunting to a baby boomer. No other competitor in this market targets baby boomers exclusively, therefore the focus and simplicity that MemoryLocker provides will override its lack of establishment in the market.

Likely risk, Medium risk resolution Likely risk,

Medium risk resolution Likely risk, Medium risk resolution Area of medium risk

- see SWOT and contingency planning for a solution

Baby boomers are less experimental than other generations, they like to stick with what they know, and they're loyal (Farley, 2017). As a result, whilst MemoryLocker may provide customers with a higher customer proposition than its competitors, if consumers are already paying f or f or example, Dropbox services, they may be more reluctant than millennial's to change. Theref ore, the primary f ocus f or MemoryLocker will be targeting customers who do not currently use competitor platforms.

Likely risk, Low risk resolution

Low


MARKETING MIX

MARKETING MIX

A Porter’s 5 forces analysis has been applied to the business model to understand how external pressures on the business effect its operational viability. The diagram adjacent shows both the problem, the effect and the resolution. Each problem has been graded in terms of frequency and effectiveness of solution. Only two of the six issues identified have medium risk solutions. These will be further analysed in the SWOT analyses and contingency planningwill be applied to minimise the risk.

43


INTERNAL STRENGTHS

WEAKNESSES

A SWOT analysis has been consudcted to analyse internal strengths and weaknesses of MemoryLocker and consider external opportinities and threats; to ensure that strengths and opportunities are maxismised and threats and weaknesses are mitigated. It also acts as a risk management tool to identify any potential problems in the early stages of bringing the service to market. The SWOT has identified more internal areas of risk than external. This is positive for MemoryLocker as the internal environment can be altered and changed to minimise risk, the external environment is not so malleable. Below is a contingency strategy for each identified weakeness and threat listed in the SWOT. The aim is to negate any risk of negative impact and produce a solid strategy for tackling risk.:

OPPORTUNITIES

44

THREATS

EXTERNAL


S STRENGTHS

Unique customer offering High customer value proposition Charges less than competitors Percentage of consumer money goes to charity and inclusive community is provided. Cost per customer is low, providing increased profitability once initial investments are paid off 'Customer for life' concept adds value to service. Predicted cash flow for years 1-5 provides enough cash to create a significant buffer for any unexpected costs that may occur. Differentiated service that exists as a related diversification meaning there is nothing like it in the existing market, allowing quick growth levels. Customer is not vuneralbe to economic circumstances due to the 'grey pound.

W WEAKNESSES

Design flaws or website problems may incur additional costs that may infringe on profitability Security software may incur more costs than initially considered. Lack of management experience in cloud storage and IT may lead to a badly operated service with software malfunctions The low price of the service may not co exist well with the high security as customers usually associate low cost with poor quality which may deter them from using the service. Lack of staff may interfere with customer service quality and response time to enquires which may deter potential customers.

O

T

OPPORTUNITIES

THREATS

Related diversification strategy means the service is unique and there are no similar offerings Clouds as storage platforms are becoming increasing popular Opportunity for future potential growth into scanning and photo book market instead of using outsourcing partners Opportunity to move past photos and into all different kinds of memorabilia such as children's artwork etc. Opportunity to launch marketing worldwide and increase sales numbers massively. High initial investment costs of photo storage platform software may act as a barrier to entry for competitors which lessens MemoryLocker's competition and risk.

May struggle to compete against established competitors such as SmugMug who can offer history of security and more expertise creating barrier to entry for MemoryLocker. Corporate giants such as apple introducing higher security or reducing prices may make MemoryLocker lose its niche. Emerging or new technologies may steal limelight away from cloud storage and make the market and therefore MemoryLocker redundant. Low consumer confidence from digitally cautious baby boomers.

Fig. 9

45


CONTINGENCY PLANNING OF BUSINESS WEAKNESSES IDENTIFIED IN SWOT

PROBLEM

POTENTIAL ISSUES

PROBLEM SOLUTION

REPERCUSSIONS

SLOW RESPONSE TIME TO ENQUIRIES AND COMPLAINTS

EMPLOY PART TIME, ZERO HOURS STAFF TO HELP WITH CUSTOMER SERVICE EMAILS AS OFTEN AS NEEDED

ADDS AN ADDITIONAL COST TO THE BUSINESS

HOW TO MANAGE T H E C O S T O F T H E P A R T T I M E S T A F F W I L L N E G A T E T H E C U S T O M E R D R O P O U T F R O M P O O R RESPONSE TIME, MEANING NO CAPTIAL WILL BE LOST WHILST MAINTAINING A POSITIVE REPERCUSSIONS BRAND IMAGE.

FUTURE DAMAGE PREVENTION

46

PROBLEM

LACK OF STAFF MAY INTERFERE WITH CUSTOMER SERVICE QUALITY

- ZERO HOURS STAFF MEMBER AS AND WHEN NEEDED.

POTENTIAL ISSUES

PROBLEM SOLUTION

REPROCUSSIONS

LACK OF MANAGEMENT EXPERIENCE IN CLOUD STORAGE

BAD CONTROL OF THE WEBSITE. SLOW TO FIX FAULTS, MONITOR POTENTIAL CRASHES ETC. OUTSOURCE PROFESSIONAL IT HELP ON AN 'ON CALL' BASIS WHEN ANY DISRUPTIONS HAPPEN. ADDITIONALLY GET TRAINING FROM PROFESSIONALS BEFORE LAUNCH.

MAY NOT HAVE THE CASH TO PAY FOR TRAINING BEFORE LAUNCH DUE TO HIGH INITIAL INVESTMENT OF SOFTWARE. THE OUTSOURCED HELP IS AN ADDITIONAL COST TO THE BUSINESS THAT MAY COMPROMISE PROFITS.

CREATE CONTRACT WITH TRAINING TEAM TO PAY IN LATER MONTHS WITH INTEREST

HOW TO MANAGE R A T E O F 1 % F O R T H I S A R R A N G E M E N T . T H E C A S H F L O W I N D I C A T E S P O S I T I V E C A S H F L O W AFTER FIRST INITIAL MONTHS, THEREFORE OUTSOURCING HELP WILL NOT EFFECT REPROCUSSIONS BUSINESSES FINANCIALS OR ABILITY TO OPERATE.

FUTURE DAMAGE PREVENTION

- ON CALL TEAM OF OUTSOURCED HELP. - OBTAINING TRAINING BEFORE LAUNCH.


POTENTIAL CASH INEFFICIENCIES DUE TO HIGHER THAN EXPECTED SECURITY COSTS

PROBLEM

POTENTIAL ISSUES

OPEN SHORT TERM OVERDRAFT TO COVER ADDITIONAL COSTS UP TO £1000

PROBLEM SOLUTION

INTEREST RATES AND OVERDRAFT CHARGES WILL INCUR

REPERCUSSIONS

BUSINESS SOLUTION

HIGH SECURITY COSTS MAY NOT BE ABLE TO BE COVERED IN INITIAL MONTHS DUE LARGE INITIAL INVESTMENT AND LOW CUSTOMER NUMBERS.

THERE WILL BE SUFFICIENT FUNDS AFTER FIRST 3 MONTHS TO PAY OFF CHARGES AND OVERDRAFT WITHOUT ANY IMPLICATIONS TO THE BUSINESS

CREATE CASH RESERVES IN YEAR 2 ONWARD TO PAY OFF ANY ADDITIONAL SOFTWARE COSTS TO AVOID REDUCING PROFITABILITY BY PAYING OFF OVERDRAFT FEE'S. FUTURE DAMAGE PREVENTION

PROBLEM

POTENTIAL ISSUES

PROBLEM SOLUTION

EXECUTION OF SOLUTION

REPERCUSSIONS

LOW PRICE OF SERVICE MAY NOT COEXIST WELL WITH HIGH SECURITY

THE CUSTOMER MISTRUSTS THE SECURITY OF THE PLATFORM BECAUSE OF ITS LOW COST USE THE COMMUNITY FORUM AS A SELLING POINT FOR SECURITY. IF EXISTING CUSTOMERS ARE SAYING THEY TRUST THE PLATFORM, NEW CUSTOMERS WILL TOO.

GET EXISTING MEMBERS TO WRITE ABOUT SECURITY POSITIVELY ON THE COMMUNITY FORUM BY OFFERING THEM A FREE MONTH TO DO A QUICK SURVEY ON SECURITY AND FEATURE THE RESPONSE AS A PERCENTAGE ON FORUM.

THE BUSINESS CAN'T CONTROL WHAT CUSTOMERS STATE, IF CUSTOMERS THINK THE SECURITY IS POOR THEN IT WILL BE DAMAGING TO THE BRAND AND DETER RATHER THAN ENCOURAGE NEW CUSTOMER ACQUISITIONS.

THIS FEEDBACK WILL BE INVALUABLE TO MEMORYLOCKER BECAUSE REGARDLESS OF ANSWER IT WILL GIVE INSIGHT INTO WHAT THE CONSUMER REALLY THINKS AND ALLOWS MEMORYLOCKER TO MAKE ADJUSTMENTS ACCORDINGLY TO AVOID USERS LAPSING.

MANAGING REPERCUSSIONS

PROBLEM

POTENTIAL ISSUES

PROBLEM SOLUTION

REPERCUSSIONS

CUSTOMER SOLUTION

WEBSITE BREAK DOWN/MALFUNCTION

CUSTOMERS HAVE NEGATIVE EXPERIENCE AND CANT ACCESS THEIR ACCOUNTS

HAVE ON CALL WEB DESIGNERS UNDER CONTRACT, AIM TO FIX ALL PROBLEMS IN 24 HOURS.

CUSTOMERS WHO FACED ISSUES ARE UPSET AND ANGRY AND ARE LOSING BRAND LOYALTY AND FAITH.

OFFER AFFECTED CUSTOMER 3 FREE MONTHS FREE SERVICE.

CREATE FEEDBACK REPORTS ON MEMORYLOCKER WEBSITE. IF THE SITE CRASHES A REPORT IS IMMEDIATELY SENT AND ON CALL WEB TEAM CAN REACT INSTANTLY.

FUTURE DAMAGE PREVENTION

47


CONTINGENCY PLANNING

OF BUSINESS THREATS IDENTIFIED IN SWOT

PROBLEM

POTENTIAL ISSUES

PROBLEM SOLUTION

REPERCUSSIONS

POTENTIAL ISSUES

MEMORYLOCKER OFFERS A PRICE MATCH GUARANTEE IN THE CURRENT MARKET, BUT THIS MAY HAVE TO BE REMOVED IF COMPETITORS DRIVE PRICES DOWN TOO LOW

THERE SHOULD BE NO MAJOR PROBLEMS WITH REMOVING THE PRICE MATCH GUARANTEE, AS MEMORYLOCKER OFFERS A UNIQUE SERVICE GIVING VALUE FOR MONEY TO ITS CONSUMERS. BABY BOOMERS ARE MOSTLY AFFLUENT CONSUMERS AND THE PRIMARY RESEARCH SHOWS THAT BOOMERS CONSIDER THE PRICE REASONABLE.

PROBLEM SOLUTION

COMPETITORS HAVE 'LOW COST' EDGE WHICH MAY PREVENT MEMORYLOCKER ACQUISITIONS

FUTURE DAMAGE NOTHING CAN BE DONE TO STOP COMPETITORS REDUCING PRICES HOWEVER PREVENTION M E M O R Y L O C K E R O F F E R S T H E C O N S U M E R A S T R O N G V A L U E P R O P O S I T I O N A N D S H O U L D ALLOW THEMSELVES TO BE THREATENED BY THIS.

48

PROBLEM

CORPORATE GIANTS SUCH AS AMAZON AND GOOGLE MAY REDUCE PRICES, GIVING THEM A COMPETITIVE EDGE

REPERCUSSIONS

NOT

MAY STRUGGLE TO COMPETE AGAINST MORE ESTABLISHED COMPETITORS - BARRIER TO ENTRY

COMPETITORS SUCH AS AMAZON AND SMUGMUG ARE ESTABLISHED AND HAVE A HISTORY OF OFFERING ASSURED SECURITY AND EXPERTISE CREATING A BARRIER TO ENTRY FOR MEMORYLOCKER

- OVERSELL MEMORYLOCKER COMMUNITY AS A USP OF THE SERVICE TO DIFFERENTIATE SERVICE FROM COMPETITORS - ENSURE SECURITY IS EMPHASISED IN MARKETING COMMUNICATIONS

- NO REPERCUSSIONS

HIGHLIGHT USP'S OF THE BUSINESS SUCH AS COMMUNITY AND 3 SERVICE

FUTURE DAMAGE OFFERING TO GAIN CONSUMER ATTENTION AND PREVENT BARRIER TO ENTRY PREVENTION FROM IMPACTING THE BUSINESSES LAUNCH.


PROBLEM

As displayed in the contingency planning of business weaknesses, all potential internal problems have mitigating solutions. The contingency plans of the external threats identified are harder to evaluate due to: - The changing nature of the environment - The fact that you cannot control competitors - The fact that you cannot control consumers.

POTENTIAL ISSUES

PROBLEM SOLUTION

REPERCUSSIONS

FUTURE DAMAGE PREVENTION

EMERGING TECHNOLOGIES MAY STEAL LIMELIGHT AWAY FROM THE CLOUD STORAGE MARKET

IF NEW TECHNOLOGIES MAKE CLOUD STORAGE AN 'OUTDATED' SERVICE, THEN MEMORYLOCKER WILL HAVE TO ADAPT ITS ENTIRE BUSINESS STRUCTURE TO KEEP UP WITH THE MARKET

A BENEFIT TO HAVING MOSTLY COMPETENT AND CAUTIOUS BOOMERS IS THAT THEY ARE MASS TO LATE ADOPTERS, GIVING MEMORYLOCKER THE NECESSARY TIME TO CHANGE.

DESPITE THIS, OVERHAULING THE BUSINESS STRUCTURE TO MOVE TO NEW TECHNOLOGIES WILL BE EXTREMELY COSTLY TO THE BUSINESS AND MEMORYLOCKER MAY BE FORCED TO GIVE AWAY ADDITIONAL BUSINESS SHARES FOR FURTHER INVESTMENT.

PAY ATTENTION TO NEW TRENDS TO STAY AHEAD AND SAVE UP EARLY FOR ANY CHANGES THAT NEED TO BE MADE.

The internal weaknesses of the businesses can be controlled and altered and therefore are much more malleable, allowing an easier analysis and process of change.

49


50


51


68%

OF TOTAL UK HOUSEHOLD IS THE PERCENTAGE OF HOUSEHOLD EXPENDITURE WEALTH IS OWNED THAT BOOMERS ARE WEALTH IS OWNED BY BOOMERS ACCOUNTABLE FOR BY BOOMERS OF BABY OF TOTAL UK IS THE PERCENTAGE OF BOOMERS USE HOUSEHOLD HOUSEHOLD EXPENDITURE THE INTERNET THAT BOOMERS ARE WEALTH IS OWNED

40% IS THE PERCENTAGE OF HOUSEHOLD EXPENDITURE THAT BOOMERS ARE ACCOUNTABLE FOR

50%

25%

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OF BABY In overcoming this bias, secondary data was used to provide a widespread approach from a nationwide IS THE PERCENTAGE OF BOOMERS USE demographic. Online reports from DMN3 consulting HOUSEHOLD EXPENDITURE INTERNET THAT BOOMERS that ARE 92% of baby THE indicated boomers use the internet, with ACCOUNTABLE FOR 82.3% of baby boomers belonging to at least one social 52 media site. (LiquidLockMedia, 2017, DMN3, 2018).

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OF TOTAL UK HOUSEHOLD WEALTH IS OWNED BY BOOMERS

In

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be

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research indicated that 99% of users used social media, with 92% using Facebook. This particularly high statistic could be perceived to be biased OF BABY when considering that for the most part, the pathways IS THE PERCENTAGE OF BOOMERS USE social media of distribution for this survey was through HOUSEHOLD EXPENDITURE platforms. However, what it does indicate is that the clear THE INTERNET THAT BOOMERS ARE majority of boomers who use social media, use Facebook. ACCOUNTABLE FOR

68%

(BOOMER BEHAVIOURS SURVEY, PRIMARY)

uT u

OF BABY BOOMERS USE THE INTERNET

OF BOOM THE I

'WHICH SOCIAL MEDIA PLATFORMS DO YOU USE? SELECT ALL THAT APPLY'

Yo

IS THE PERCENTAGE OF HOUSEHOLD EXPENDITURE THAT BOOMERS ARE ACCOUNTABLE FOR MemoryLocker primary

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40%

OF BABY IS THE PERCENTAGE OF HOUSEHOLD EXPENDITURE BOOMERS USE THAT BOOMERS ARE ACCOUNTABLE FOR THE INTERNET

OF BOOMERS HAVE FACEBOOK

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BY BOOMERS

9

92% 40%

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ACCOUNTABLE FOR

nk

‘The baby boomer population have more disposable income than any other generation’ (Yasav, 2017). 27 percent of boomers belong in the ‘upper income group’ (Heimlich, R. and Heimlich, R. 2010, Yasav, 2017). ‘They own 68% of the UK’s household wealth and account for nearly 40% of the UK’s household expenditure.’ (Saga LTD, 2016)

40%

Li

68%

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The previous chapter’s models declare the product viable therefore the target customer must be analysed to ensure that the service is viable to meet their needs and behaviours and accordingly tailor brand communication channels andOF TOTAL UK HOUSEHOLD methods.

ce

K

OF BOOMERS HAVE FACEBOOK

Fa

%

82%

Fig. 10

B T


53


'HOW MUCH TIME DO YOU SPEND ONLINE EACH WEEK, OUTSIDE OF WORK' SECONDARY RESEARCH (‘A State of the User Experience’, 2016)

40%

30%

A third of boomers spend 15+ hours online per week. (‘A State of the User Experience’, 2016, fig 11. Fig 12 denotes that the majority of time online by boomers is spent reading news content, followed by going on social media sites. Insight: Advertising on news sites is a practical way to gain brand exposure. Baby boomers ‘are highly influential politically, as they tend to form a larger proportion of the active electorate than other segments of the population’ (Saga PLC, 2017). Fig 13 displays that the majority of baby boomers voted conservative in the 2017 election, therefore it would be more appropriate to advertise on central to right wing news platform such as The Sunday Times, The Financial Times, and The Telegraph.

20%

MARKETING MIX

10%

0% 15+ Hours

11-15 Hours

8-10 Hours

5 - 7 Hours

Fig. 11

'HOW DO YOU SPEND THE MAJORITY OF YOUR TIME ONLINE, RANK IN IMPORTANCE' SECONDARY RESEARCH (‘A State of the User Experience’, 2016)

6

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Fig. 13

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Fig. 14

Figure 14 displays generational and global differences between preferred online devices. Unsurprisingly, 67% of boomers claimed to prefer desktop browsing, on a PC or laptop. An astonishingly low 4% claimed to find smartphone browsing preferable. Insight: This research suggests that perfecting the desktop experience is of much higher importance than investing immediately in the creation of a smartphone app. Despite this, app creation must be considered from year three, as the app market continues to grow, with downloads predicted to almost double from 2017-2021 as displayed in figure 15 MemoryLocker’s finances will allow for this capital outlay (as based on financial predictions, see year 3 cash flow).

'NUMBER OF APP DOWNLOADS WORLDWIDE' (STATISTICA, 2017)

400

300

200

100

0 2016

56

2017*

2021*

Fig. 15


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58


Quantitative primary research revealed that both online marketing and print were equally important to the majority of baby boomers. Of those which had a preference, online marketing was favoured more highly (Fig 16). When asked qualitatively to list which particular channels of advertising that recipients were the most partial to, the responses were astonishingly unreceptive:

‘Print – Then I can bin it’ ‘Prefer none!’ ‘None, I hate engaging with advertising’ ‘None I really don’t like indiscriminate adverts’ ‘Try to avoid responding to advertising’ ‘Billboards/print. I find online ads v intrusive and irritating and make a point of ignoring or not accessing news sites requiring me to have ads. I use adblockers’ Additionally, when asked what platform consumers used to interact most with adverts the most, 27% of boomers claimed to not interact with them at all.

'DO YOU RESPOND BETTER TO PRINT MEDIA SUCH AS BILLBOARDS AND FLYERS OR ONLINE ADVERTS ON SOCIAL MEDIA AND WEBSITES' (BOOMER BEHAVIOURS SURVEY, PRIMARY)

40%

30%

20%

This insight suggests that only 5% of marketers pay attention to boomers because they do not want to be marketed at, and if they are, it reflects negatively on the brand advertising.

10%

0% Online

Despite this, baby boomers have proven to be the demographic that cares the most about philanthropic brands giving back to the community or environment, in fact ‘baby boomers give the largest share of charitable donations of any generation, accounting for 43% of all donations’ (Fleck, 2013). A brilliant way to gain ‘advertising tolerance’ through baby boomers is to create a campaign that both highlights the business and the charity work carried out by MemoryLocker through the ‘get online’ campaign, by which 20% of total profits go to creating free computer and tablet workshops in the local communities around the UK.

Offline

Both equal

Fig. 16

59


M

EM

O

RY

LO

C

K

ER OVERALL CONCLUSION..... 1.

Avoid using cookies

2. Create a loyalty program offering 2 months free for yearly sign ups 3. Advertise on politically central to right-wing news websites 4. Understand the different needs of the three different consumer types and how to attract each. 60


16.6%

16.6%

41.6%

41.6%

41.6%

41.6%

DIGITALLY CAUTIOUS

DIGITALLY CAUTIOUS

DIGITALLY COMPETENT

DIGITALLY COMPETENT

DIGITALLY SAVVY

DIGITALLY SAVVY

Primary and secondary research highlighted technological behavioural differences between the baby boomer psychographic. Three MemoryLocker customers have been identified, the digitally savvy, competent and cautious. What quickly became clear, is that all three consumers had different preferences in advertising communications and therefore would need to be targeted separately by MemoryLocker. The percentages in each category were, 16.6% digitally savvy, 41.6% digitally competent, and 41.6% digitally cautious. These percentages have been extrapolated to apply to the baby boomer population. 61

M


Qualitative recipients who exhibited this behaviour

Behaviour

Attitude to online payment

Attitude to social media

Attitude to online advertisements

Photo storage solutions

62

Receptiveness to cookies

Digitally Savvy

Digitally Competent

Digitally Cautious

Neil & Ray

Sue, Susan, Faye, Gwyn, Gary

Shirley, Brian & Angela, Sandy, Joy.

2/12 = 16.6%

5/12 = 41.6%

5/12 = 41.6%

Savvy through working using the internet. Comfortable with all websites and more complex programmes, shops online often, has storage solutions in place such as iCloud, Dropbox or google photos.

Comfortable with most websites and participant of social media platforms. Occasionally purchases online goods however prefers the offline shopping experience. Stores photos on social media and has thought little of the consequences.

Completes payments online with no second thoughts. Will often save card details to the browser for quicker transactions. Uses online banking regularly.

Comfortable making payments through secure sites. Often wary about payment cards used, with many only using credit cards online for safety. May have online banking.

Feel somewhat out of depth with technology. May use basic mainstream social media such as you tube and Facebook, but despises advertising and views it of an invasion of privacy. Very cautious about how much personal information they share online and their digital footprint. Rarely make payments online, but if they do, will use only credit cards or PayPal and will always check online security of the website to make sure it is not a scam. If used at all, the digitally cautious look at others but rarely post themselves. Has a small circle of close friends and no strangers. Despite not being as knowledgeable they interact with other user’s posts more than the ‘digitally competent’ due to their closeknit community of friends.

Uses social media regularly and has no qualms about posting often and sharing personal details. Uses it as one of the main communication methods with friends and family and uses it to follow brands closely.

Uses social media and occasionally posts. Is perhaps involved in one or two pages, groups or online communities. Uses social media once every day or every few days.

The most receptive to online advertisements, especially on social media. Also open to clickbait and some blogger posts.

Don’t mind social media advertisements but doesn’t particularly engage with them. Prefers email marketing and more tailored methods.

Find online advertisements invasive, especially the use of cookies. These users will often have adblockers in place or regularly clear cookies.

Stores photos both on the desktop and social media platforms. Spends a lot of time making sure photos are safe online and that there are multiple versions. Uses cloud storage mainly for professional purposes.

Will often back up on the computer or floppy disk. Never or rarely use cloud services. May have made photo books.

Indifferent/dislikes

Hates/finds intrusive

Will use cloud services and social media to store photos. Will likely have many photos on different platforms and therefore struggle to keep track of them all.

Finds convenient/indifferent


The underlying principle is that all customer interfaces and branding will accommodate the digitally cautious, as this will also be accessible to both the digitally competent and the savvy. A potential risk of this approach is that the digitally savvy may feel condescended by the community ‘how to’ videos, easy use interface of the service and simple marketing communications. However, during boomer behaviour interviews, all participants stated that they had previously dropped out of a transaction because it was too complicated (see appendix 8). This highlights a strong need from all groups for an easy use service. Despite this, the marketing communications plan considers targeting all groups separately to attract each segment’s different needs and wants. For example, whilst the digitally cautious crave security and are more susceptible to adverts on online broadsheets, the savvy crave innovation and are more susceptible to social media PR style videos. A personalised marketing plan will be created specifically tailored to the needs of its viewers.

HOW MEMORYLOCKER WILL TARGET THE CONSUMERS INDIVIDUALLY:

Communication Method

Key Selling Point to Consumer

Best Channel of Communication with Consumer

Digitally Savvy

Digitally Competent

Digitally Cautious

Social media adverts

A mixture of both print and social media

Print adverts

INNOVATIVE

CONVENIENT

SECURE

Email marketing and google ads, you tube ads, Facebook ads.

Advertisements on broadsheet websites, google ads.

Social media ‘PR style’ videos with interesting content, google ads, you tube ads.

63


Year 1

TECHNOLOGY ADOPTION CURVE INDUSTRY AVERAGE

Digitally Savvy 16.6%

Year 2

Digitally Competent 41.6%

Year 3

Digitally Cautious 41.6%

MEMORYLOCKER CUSTOMER ADOPTION CURVE

Figure 17 shows the technological adoption curve has been adapted to fit the three customer types. The large percentage of digitally cautious consumers means the adoption curve is skewed with more customers at the tail end of the process and a lower peak. 64

Fig. 17


'The Adoption Race'

Start

DIGITALLY CAUTIOUS

MemoryLocker’s first year customers are the digitally savvy who to adopt new trends and seek new businesses early due to their high receptiveness to digital marketing and trust in online services.

DIGITALLY COMPETENT

DIGITALLY SAVVY 1st Place

Finish

2nd Place Year 2 will start to incorporate the digitally savvy and a small percentage of the digitally cautious, which represents a mixture of the early and late majority.

3rd Place .Year 3 is the period in which the late majority and laggards get attracted to the brand.

65


A

I

D

A ACTION

AWARENESS

INTEREST

DESIRE

Stage 1: Attention/Awareness.

Stage 2: Interest/ Consideration; product & company research

Stage 3: Desire/ Conversion: When and where the consumer buys the product

At this stage, google ads will make the site Awareness is achieved at the very top of the search, making the through the basic site look official and legitimate on the advertising such as customer journey to the website. The site billboards, social media will be clearly and professionally laid out and promoting on news with clear ‘how to use’ videos on the websites. At this stage, website. The online ‘community’ section of the customer is the website with general computer ‘how to’ experiencing both interest videos will also create the impression of a and indifference as they philanthropic brand which will greatly do not have enough contribute to the consumers impression of information to gain the service. The consumer will be feeling desire. both intrigue and pessimism at this stage, as while they are excited by the promises of the brand, they are discerning and Fig. 18 seeking signs of fraudulence.

Stage 4: Action and the customers experience and feedback

At this stage, the consumer will research competitors and seek a better value service. For photo storage services alone, MemoryLocker is the cheapest month by month service in the UK market offering unlimited storage, so the consumer will not find a more promising competitor on price. Despite this, for consumer peace of mind, MemoryLocker will offer a price match service by which they agree to meet any monthly price on an official UK site. Since research shows there is no current cheaper competitor, this offer is purely principle and serves customer reassurance. At this stage the customer experiences further curiosity and cautiousness which is what leads them to do further research. DROPOUT ZONE

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Emotion: Interest and indifference

Emotion: Intrigue and pessimism

Emotion: Cautiousness and curiosity

Offering a benefit in return for feedback and reviews will entice customers to interact with MemoryLocker and encourage purchase. The customer feels excitement at this stage in their purchase and therefore would be more likely to leave positive feedback that would encourage others to purchase.

Emotion: Excitement


The AIDA model reveals that the customer experiences a four-step journey when making any purchase, which consists of awareness, interest, desire and action. By considering the path to purchase for consumers and analysing their journey, MemoryLocker can understand where engagement bounce rates may occur and optimize the customers experience at this stage to prolong their retention through to the action stage. This will encourage a higher level of subscriptions.

The dropout zone has been identified for MemoryLocker as the stage between interest and desire. There are two reasons for this: 1. Visitors’ feelings of pessimism are likely to override their intrigue for the service 2. The visitor may not have the time to do the competitor research enabling them to make a decision.

There are three solutions to counteract this: 1. 2. 3.

Offer a comparison of competitor rates on the website and display reviews Display the price match guarantee Show user forums clearly on the website to prove its authenticity and user satisfaction 67


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CONSUMER PERSONA - DIGITALLY SAVVY BOOMER HOW HE FINDS US

SIMON, 56

Google Search Adverts on Facebook and You Tube Adverts on The Times.

PAIN POINTS Having the channels of communication broken online. Being classed as 'old'.

EARLY ADOPTER BACKGROUND Occupation: Accounts Manager Family: Married for 30 years with 2 children 18+ not financially dependent. DEMOGRAPHIC ABC1 Consumer Dual Household income: £70,000 Hometown: Manchester

WHAT HE WANTS An innovative service Value for money Time saver A service that looks after environment/community

WHY HE BUYS FROM US -

WE WE WE WE

ARE ARE ARE ARE

INNOVATIVE SIMPLE COST EFFECTIVE PHILANTHROPIC

WHAT HE DOESN'T WANT A A A A

massive corporate business generic product time wasting interface service used by the mass

WHAT HE VALUES Family time Convenience Ethics 69


DIGITALLY SAVVY Simon's Lifestyle

Values family time Admires innovation

Tech Savvy Ethical Conscience

Spends time researching the latest gadgets

How is MemoryLocker perfect for Simon's lifestyle?

Likes to support small businesses

Doesn't like Amazon and Google

How is MemoryLocker perfect for Simon's lifestyle?

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Likes the innovation of MemoryLocker and its unique offering.

Likes that 20% of profits go to charity

Buzzing Social Life

Impatient! Leaves service if he doesn't get on with it

Feels like there is never enough hours in the day

How is MemoryLocker perfect for Simon's lifestyle?

Likes the how to videos of the community as it is quick and simple despite being tech savvy


Simon is not only technical with computers, but vehicles and likes to save up his extra money for posh cars. He loves the outdoors, particularly cycling and hiking, and plans to climb Ben Nevis with his work friends later in the year. He can’t live without coffee because he is always rushing around, and loves a gin and tonic at the end of a long day. He unwinds on the weekend by reading the newspaper and cooking.

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CONSUMER PERSONA - DIGITALLY COMPETENT BOOMER HOW SHE FINDS US

MICHELLE, 59

Google Search Adverts on Facebook and You Tube Adverts on The Times.

PAIN POINTS Difficult to use sites. Untrustworthy social media and cloud platforms Being classified as 'old'.

MASS ADOPTER BACKGROUND Occupation: Primary teacher Family: Recently divorced. 1 child 18+ not financially dependent. DEMOGRAPHIC ABC1 Consumer Household income: £40,000 Hometown: Sailsbury

WHAT SHE WANTS Value for money A simple to use service A service that aids community A time saving service To feel included

WHY SHE BUYS FROM US - WE OFFER A COMMUNITY - WE ARE EASY TO USE - WE ARE COST EFFECTIVE - WE ARE PHILANTHROPIC

WHAT SHE DOESN'T WANT To be frustrated with the internet A service that she doesn't know how to cancel A costly service

WHAT SHE VALUES Inclusion Time effectiveness Her legacy 73


DIGITALLY COMPETENT

This applies to many boomers experiencing the ‘midlife crisis’ or ‘empty nest syndrome’.

Experiencing hard times and therefore values memories more than ever

Michelle's Lifestyle Loves her job as a teacher

Recently Divorced Cherishes Family

This has taught her to value each moment Gets lonely How is MemoryLocker perfect for Michelle's lifestyle?

Wants to feel included/part of something

How is MemoryLocker perfect for Michelle's lifestyle?

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- Easy photo collation - Affordable now she only has a single income stream

She wants a service that will feel like a family in this difficult time and offer her inclusion and a community spirit.

Values Learning Likes to support the local community Always looking to further her knowledge

How is MemoryLocker perfect for Michelle's lifestyle?

- Community videos will be beneficial to Michelle learning more about IT. - Likes that she will be supporting community charities


Michelle’s favourite programme will always be AbFab, she also loves 60’s icons like twiggy and is inspired by the fashion. She loves to read and travel, she particularly wants to see the northern lights and travel around Europe. She enjoys walking and picnics with her friends. Her favourite programs include BBC1’s ‘Who do you think you are?’ and ITV’s ‘This Morning’ because they discuss real topics that she is interested in.

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76


CONSUMER PERSONA - DIGITALLY CAUTIOUS BOOMER HOW SHE FINDS US

JACKIE, 67 LATE ADOPTER/LAGGARD BACKGROUND Occupation: Retired seamstress. Family: Married for 40 years, 3 children 25 +, 1 grandchild, not financially dependent. DEMOGRAPHIC ABC1 Consumer Joint household pension: £30,000 Hometown: Norfolk

Bus stop advertising Google Search Adverts on The Times Adverts in Saga Magazine

WHAT SHE WANTS Value for money A simple to use service A service that is secure and trustworthy A service that helps her every step of the way

WHY SHE BUYS FROM US - WE OFFER A COMMUNITY - WE ARE EASY TO USE - WE ARE COST EFFECTIVE - WE ARE PHILANTHROPIC

PAIN POINTS Difficult to use sites. Untrustworthy services or fake services. Payment security Online data protection

WHAT SHE DOESN'T WANT A service that she doesn't know how to cancel A service that she doesn't know how to use A service that she doesn't know if she can trust

WHAT SHE VALUES Inclusion and instruction Security Protection Her legacy 77


DIGITALLY CAUTIOUS

Takes countless photos of her grandson. Values physical photos but knows she must use digital to keep up with her children.

Looks after her grandson and takes him out on the bus using her free bus pass

Jackie's Lifestyle

Extremely hesitant using her card online

Retired

Has plenty of free time

How is MemoryLocker perfect for Jackie's lifestyle?

Two of her children live in different countries

Receives and sends digital photos

Wants to find an easy, SAFE way to share photos with her children

How is MemoryLocker perfect for Jackie's lifestyle?

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- Jackie has the free time to put into photo restoration. - Likely to use the added value services to scan in physical photos.

- Jackie will benefit the most from the life exceeding promise. She gains confidence knowing that her children around the world will be able to access her legacy in seconds.

Doesn't trust security of internet

Gets intimidated by complicated sites she doesn't know how to use

Browses online, but mostly makes purchases instore

How is MemoryLocker perfect for Jackie's lifestyle?

- Community videos will be invaluable to Jackie's confidence using MemoryLocker and other websites


Jackie loves TV. She particularly enjoys period dramas such as The Crown, Call the Midwife and Downton Abbey. She loves heritage and therefore often goes to National Trust locations around the country with her husband. They often go on cruises because they find it very convenient with minimal complication and planning, Jackie also enjoys that she can meet people of a similar age and that there is pre-arranged entertainment and excursions. She loves traditional fish and chips that remind her of her childhood and adores reading physical books. She fears that they will lose their place in society because of technology so makes a point of going to the library and supporting bookstores. 79


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mod e mus l identi fie to cus tom perate s the zo ers nee in in or ne Me m ds b d ette er to m oryLoc r tha e ker n co et the mpe titor s. COMPETITIVE ZONES MODEL

The m a p s Memo compa ryLock re er's p o compe s it ioning tito with r s w h en mea agains sured t pric e a n d other fa suc h ctors a s m arket s hare.

This

he s t tial ine en am ot ex ny p is a lys or na n t f e s. Ea TL nm at ES viro thre e P en Th rnal te ex

PESTLE ANALYSIS

POSITIONING MAPS X 4

MARKET ANALYSIS

Th po e An s co s ns ition off M ide ing atr rs t he of Me ix ide risk mo ntif i its s and ryLo es th c e po siti oppo ker a on n rtu . nit d ies of

e f th ll o wi ate t st cker n rre ryLo cu e mo s th t Me e s . tha aly an rket ering n t a o i t m e en sec rage b s i o Th d st u clo MARKET UNCERTAINTY ANALYSIS

This mod el consid ers the u level of th ncertainty e market to determ whether ine entering the mark et is risky or not.

n si or tit s in pe ce . om ren er t c ffe ck s a di Lo ok eir ory h lo n nd t em io M ct t a se rke from is a Th e m ring th offe

titor res e p com d failu nes i an . m ses ement xa s e e y c v d c o stu pr s su ase es it rand im c s s i u d Th rb g an ark fo u m m g h Smu a benc s a COMPETITOR CASE STUDY: SMUGMUG

MARKET HEALTH

MARKET COMPEITITVENESS

ANSOFF MATRIX: RELATED DIVERSIFICATION

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The Cloud Industry MARKETING MIX

84% of people in the UK use cloud storage (Cloud industry forum 2018)

As displayed in the graphic, the cloud storage market is growing at an annual rate of 23.7 % and will be valued at a predicted 88.91 billion worldwide by 2022 (MarketsandMarkets, 2018). MemoryLocker seeks to exploit this bourgeoning marketing. On a national scale, an astonishing 84% of the UK population currently use a form of cloud storage (CloudIndustryForum, 2018), proving that cloud storage is the most popular storage type and is therefore a safe business investment due to its saliency.

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Amazon is followed in market share by The Google Cloud Platform (3.95%) and IBM Softlayer (2.77%). (Coles, 2018)

Amazon AWS dominate the cloud storage market with a 47.1% market share. (Coles, 2018)

88.91

Billion is the predicted worth of the Cloud Storage Market by 2022 (MarketsandMarkets, 2018)

23.7 Annual Growth Rate Compound Annual Growth Rate for the cloud storage market from 2017-2022. (MarketsandMarkets, 2018)

34.2%

Is the percentage of the overall cloud market that public cloud services account for. (Coles, 2018)


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The positioning chart identifies that MemoryLocker operates in a ‘Low Uncertainty’ environment. This is due to:

- Lack of direct offering competitors MemoryLocker has identified its market segment and is excellently placed to enter this low risk market with few barriers to entry.

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Unstable

Low Uncertainty

Stable

- The fact that no competitor markets at baby boomers specifically, meaning MemoryLocker can easily capture their attention.

RATE AND SCOPE OF CHANGE IN ENVIRONMENT

- The ‘grey pound’ of the baby boomer customer that means that MemoryLocker customers are less effected by economic downturn due to a steady flow of disposable income.

MemoryLocker operates in a simple environment that is not massively effected by economic downturn because of its low cost nature and how essential cloud storage is in modern society. Not only this, but the baby boomers 'grey pound' is even less likely to be affected by any external change and is therefore not very environmentally elastic.

Simple

COMPLEXITY OF ENVIRONMENT

MARKETING MIX

- The health and growth of the cloud storage market - The importance of cloud storage to consumers and high percentage of population that use it.

High Uncertainty

Moderate-High Uncertainty

Low-Moderate Uncertainty

Complex

Fig. 19


85


R MEMORY LOCKE

86


Competitiveness in the cloud storage market

e

ur

ftl

Az

ay

th O

ft so ro ic

M

IB

M

So

on az Am

er

er

S AW

ud lo C e gl oo

Despite this, the photo specific cloud storage market operates as an oligopoly with limited competition. The three main market competitors are Google Photos, Smugmug and KeepSafe. The closest competitor in is Smugmug, however, as stated in the justification of the Market Uncertainty Model there is a ‘lack of direct competitors’, because the services are dissimilar in operational function and because the baby boomer consumer is not targeted specifically. Also, the three-service offering is unique to MemoryLocker, making it a related diversification of the photo cloud market as displayed in the Ansoff Matrix.

50% 40% 30% 20% 10% 0%

G

Photo cloud competitiveness

(Coles, 2018 AWS vs Azure vs Google Cloud Market Share 2017)

MARKETING MIX

The cloud storage market currently operates as a monopoly, with Amazon taking a market share of 47.1% (fig 20). This creates a barrier to entry for small businesses such as MemoryLocker as they have size, proven track record and brand recognition. Additionally, large scale enterprises drive economies of scale, allowing them to offer low prices to their customers.

'PUBLIC CLOUD REVENUE MARKET SHARE 2017'

Fig. 20

87


Opportunities and risks of operating as a related diversification Potential opportunities: -MemoryLocker does not exist in any space, it has no direct competitors. The service stands out and the customers will not be able to seek out ‘cheaper’ or ‘more established’ competitors.

Conclusion: If the ‘three-service’ offering is badly received by consumers, MemoryLocker can easily adjust to a Market Development positioning because the main service is cloud storage, with the scanning and printing services adding value. These additional services can be scrapped and still maintain a profitable business as per the financial model. 88

Existing

PRODUCTS

New

MemoryLocker diversifies itself by creating the new service of having three photo services under one domain, storage, scanning and photobook printing and to a new customer target; baby boomers.

n

io

t ica

sif

d

New

-MemoryLocker features diversification in both its market segmentation of baby boomers and its ‘three service offering’ which do not have any current services to benchmark against, making it a risky strategy.

MARKET

-This gives MemoryLocker greater ability to grow quickly and be more profitable than if in a non-diversified market. Potential Risks:

Existing

Re

e lat

r ive

D

d te ion a l at re Un sific r ve i D

Fig. 20


MEMORY LOCKER WWW.MEMORYLOCKER.SERVICES

89


90


Competitor Case Study: SmugMug

MARKETING MIX

Success: Smugmug is a family run online photo storage and photography licensing platform business, created in 2002. After just 5 years of operation in 2007, Smugmug had achieved 100,000 subscribers, they now claim to have ‘millions of subscribers’ all paying monthly fees and as a result boast a revenue of $4.5 million with only 45 employees. (Smugmug.com, 2018) (Hoovers.com, 2018). Why was it successful:

Smugmug was highly innovative for its time, as one of the first businesses to implement cloud storage for its users, it was ideal for photography enthusiasts and professionals looking to both store and sell their images online. Offering: Unlimited storage for subscribers, customisable and ‘beautiful’ website style profile design for subscribers, a popular platform for photographers to sell copies of their digital photos for commercial use, photo books. Target market: Primary customer: Photographers or photography enthusiasts looking to sell and license online. Subsidiary customers: Gen Z and above seeking online photo storage that looks beautiful.

MARKETING MIX

Key selling points: - Beautiful and customizable layout for photos - Professional and multidimensional offering

Price points: Prices start from $4 for basic plans and range to up to $30 for business plans, billed monthly.

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OFFERING OFFERING

OFFERING

PRIMARY CONSUMER

PRICE POINTS

PERSONALITY

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PRIMARY CONSUMER PRIMARY CONSUMER

PRICE POINT PRICE POINT

PERSONALITY PERSONALITY

Hierarchy of complexity of plans

One basic plan with added value services

Photographers and Photography enthusiasts

Baby Boomers looking for simple storage solutions

$4-$30 per month

£3.50 per month, £35 a year.

Professional and corporate

Friendly, easy to navigate

Having Smugmug as an existing and successful photo storage business demonstrates that there is a clear need for online photo storage services, minimising Memorylocker’s risk. Benchmarking MemoryLocker against Smugmug allows identification of shortfalls in Smugmug’s offering and communications. Particularly, the neglect of nonprofessional customers, and the lack of a community conscience.


Fig. 21 The positioning model establishes the position of MemoryLocker in the market by measuring the ability of its competitors to meet the customer’s needs, in comparison to MemoryLocker’s ability. It visualises the weaknesses of MemoryLocker’s offering. The Venn diagram shows that MemoryLocker meets the needs of the consumer, creating a strong positioning in the winning zone. However, competitor Smug-mug offers an additional level of security through their established reputation, highlighted by the ‘risky zone’. The two risks of losing customers to a competitor with an established beautiful product and the perceived security of the competitor are highlighted. MemoryLocker and Smugmug’s offering style and target consumer differ, making them indirect competitors of each other and reducing the barrier to entry for MemoryLocker’s launch in the photo storage market.

Security, simplicity, professionalism and good value for money

MemoryLocker provides the customer what it wants

What consumers want

Provide value, security and ease of use

What MemoryLocker does best

Winning Zone Risky Zone

Provides the customer with security with their established reputation

Provide an established, professional and beautiful service

Losing Zone

Dumb Zone

What your competitor does best (SmugMug)

competitive battle to capture consumers attention and meet needs Provide an established, professional and beautiful service

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Perceptual maps indicate the positioning of the brand in the market in relation to competitors when considering different variables. The four maps above measure price against; functionality, market share, innovation level and storage capacity. This analysis brings value to the business model by discovering the areas that MemoryLocker provides the strongest offering, whilst analysing the potential threat that competitors pose.

MemoryLocker’s positioning on this chart is high innovation, and low cost. It’s strongest identified competitors are Amaon and Icloud because they are closest in both price and innovation. Level of threat posed by competitors There is a low level of threat posed by these compeitors despite them being big brand names. There are three reasons for this: 1. Despite its high innovation level as a service, MemoryLocker customers do not care about the newest technologies due to being mass/late adopters 2. These services are not sepciefically aimed at baby boomers and therefore can be challenging to use for cautious consumers.

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3. They are not specific to photos and are resultingly not as effective in photo collation

Strongest competitors: OneDrive MemoryLocker is positioned as low price with high storage capacity. Its main competitor in terms of storage capacity is OneDrive, however as the price charged is much higher than MemoryLocker they do not pose as a threat. As displayed in the positioning map, MemoryLocker is the only service that offers a low price and an unlimited storage facility giving it a strong edge over all competitors.

M


M MARKETING MIX

Price High

Price High

High Storage Capacity

Low Storage Capacity

High Innovation

Low Innovation

Price Low

PRICE X STORAGE CAPACITY

Price Low

PRICE X INNOVATION LEVEL

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M

M This is the only map in which MemoryLocker’s positioning is not in the bottom right quadrant. This is because it will have a low market share for its opening years due to its competitors being so large scale.

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MemoryLocker is positioned as low priced but highly functional. MemoryLocker’s biggest competitors are Dropbox, Icloud, KeepSafe and SmugMug. Level of threat posed by competitors There is little threat posed by competitors because MemoryLocker’s service is highly functional by offering its customer functional benefit through the ease of the MemoryLocker Community. Competitors offer functionality through complex and professional interfaces which would appear daunting to the MemoryLocker consumer.


MARKETING MIX

Price High

Price High Low Market Share

High Market Share

Basic facilities

Multi-functional Facilities

Price Low

PRICE X MARKET SHARE

Price Low

PRICE X FUNCTIONALITY

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98


Fig. 22

MACRO ENVIRONMENT Social Factors

MICRO ENVIRONMENT

M A R K Web E T CRM ING MIX Designers

Technol ogy

The Economy

MEMORYLOCKER'S BRAND ENVIRONMENT

Scanning Suppliers

Political Factors

The Public

Web Security Providers

MEMORYLOCKER

AWS Storage Providers

Competitors Cultural Forces

Printing Suppliers

Changing Laws & Policies

Consumers Boomer Demographic 99


POLITICAL

ECONOMIC

SOCIAL

TECHNOL OGICAL

LEGAL

ETHICAL 100 Fig. 23

This results in increased customers to MemoryLocker. It is important to consider that once the pound strengthens against other currencies, MemoryLocker may see some high dropout levels from international customers.

The weakened pound due to the after effects of Britain leaving the EU means that customers living outside of the UK get more for their money in conversion and therefore are more likely to sign up for services such as MemoryLocker where they can get a cheaper value service than perhaps national services in their own countries.

Economic downturn or recession means customers have less disposable income and spend less on non essential goods.

Despite this, the 'grey pound' of the baby boomer (high levels of savings and assets) will protect them from being affected too greatly and will not prevent them from spending any disposable income, therefore MemoryLocker customers will still use services such as MemoryLocker in periods of economic downturn.

There has been increasing instances in the press of businesses becoming 'bankrupt' with managers extracting money out of the business for personal gain and leaving employees without careers and pensions, just two recent examples of this are Arcadia and their store BHS and construction company Carillion, in which 2,303 members of staff have been made redundant. As previously discussed in the SWOT analysis, technology adapts and improves extremely quickly and businesses must be able to have the research and development capabilities to stay competitive and current in this market.

Changing regulations on retirement age means MemoryLocker customers will have to work for longer in order to receive their full pensions

GDPR compliance demands businesses to be completely transparent with the data that they are collecting and storing in order to protect consumer privacy rights (Itgovernance, 2018)

Consumers affected are unemployed and have to find new work. This cuts down disposable/household income and resultingly customers are much less likely to use the MemoryLocker service. Despite this, as MemoryLocker has a consumer that is mostly a late/mass adopter, this should not effect MemoryLocker's ability to stay current too greatly, as consumers are behind the latest technological innovations anyway.

This means that customers may not have the free time to undertake photo collation, however it does mean that customers will have more disposable income as they will be working full time rather than receiving a controlled state pension. Controlling and maintaining transparency with data may be difficult for MemoryLocker and may entail having to purchase additional software such as a data flow mapping tool to control data storage and collection which will be an added cost to the business that will decrease profitability.


The PESTLE analysis adjacent considers the external macro influences and their potential effects on MemoryLocker. The risk analysis determines the level of potential harm it could do to the business. The risk analysis clearly determines that the only potential area of risk from the marco environment is political due to the fluctuating value of the pound resulting in fluctuating customer numbers. Although this is not something that can be easily overcome, MemoryLocker can introduce incentives encouraging memberships on periods of low customers. This will help to prevent any potential cash flow inefficiencies and reduce the risk caused. Just one example of an incentive could be offering a month’s free trial for new customers.

Level of risk posed to the business

Polittical

Economic

Social

Technological

MEDIUM

LOW LOW

LOW

Reasoning This is poses a medium level threat to the business due to expected fluctuations in customer numbers potentially causing cash flow problems.

There is little risk here as customers won't be detered from purchase due to the strength of the grey pound.

Although this definitely acts as a deterrent from purchase, there is only a very minute percentage of the population effected which will not effect MemoryLocker's customer numbers too greatly. This only poses as a low risk to MemoryLocker as late/mass adopting customers will not be deterred from the service for not being an early adopter of new technological innovations.

HIGH Legal

Ethical

NO RISK

There is no risk here as it is a positive for the business if consumers have more disposable income.

LOW

There is low risk as despite having an extra cost of software to meet ethical data requirements, there is enough cash flow in the business in secondary years to cover the investment.

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102


SUBSCRIPTION BASED MODEL

ADDED VALUE SERVICES (OUTSOURCED)

Free online community

20% of profits go to charity

Photo/slides/negatives scanning 10% photo commission 10% slides/negatives commission

Two months free!

Yearly plan £35

Monthly plan £3.50 pm

Photo book printing

15% commision

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M MemoryLocker runs as a subscription based business model with extra added value services which can be purchased independently from the subscription service. The added value services are outsourced by existing companies. Photobook printing will be provided by Snapfish LTD and scanning services will be provided by Pixave LTD. 15% commission will be received for photobook orders in the first year, 10% for photo, slide and negative scanning due to the predicted smaller quantity of orders.

MemoryLocker will operate as a private limited company (LTD). This means that MemoryLocker will be a separate entity from its ownership. This protects the owner’s personal assets from being at risk if the company should face bankruptcy.

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20% of the businesses profits will go to local charities around the UK helping the older generation get online. Just one of the charities that will be donated to will be ‘The Digital Champions Network’ run by Digital Unite. This is a charity run local workshops for baby boomers for no cost. The aim is that the money donated will be sufficient to run one session per month.

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Outsourcing: Scanning Outsourcing partner: Pixave Ltd. Why Pixsave? -

The only photo scanning service that scans slides as well as negatives and modern photos

-

High quality scanning

-

Competitive pricing

-

Offer discounts for larger services so would be very receptive to large outsourcing discounts as sales grow

-

Has the infrastructure to deal with large orders

Why outsource? - -

Because investment of each different scanner is too high a cost and would result in a loss and insufficient cash flow. Because MemoryLocker do not have the economies of scale of orders to produce the scans as cheaply as competitors

-

Because it is an added value service and not the key function of the business

How will it work? The MemoryLocker website will have the checkout facility, so all orders will be made through the website and then passed through to Pixave. 106


What are the outsourcing sales predictions and discounting rates based on? Photo orders first year with 10% discount 10% of total customers would use the scanning service. Slides and negatives 50 orders first year with 5% discount. Discounting rate is lower due to a smaller order. Order rate is lower due to a more niche service.

�1000 Memories� estimates that there are over 1.7 trillion paper photos stored in albums, attics, and shoeboxes’ (Nelson, 2014) Risks and threats There has been an increased emergence of photo scanning apps in the market. The Google Photo Scan app provides strong customer benefit through its quick scanning time and no cost. This is potentially very appealing to customers who may have considered the MemoryLocker scanning service, and could deter them from going through with the purchase. Despite this, as exhibited above there is an incomparable quality difference between the flatbed and photo scan app. Not only this, but as 82.3% target customers of MemoryLocker are not tech savvy and will not access the APP. 107


Outsourcing: Printing Outsourcing partner: SnapFish Ltd. Why SnapFish? - - - - -

Established and trusted in the market High quality products Competitive pricing Ship internationally Have the infrastructure to deal with large orders

Why outsource? - - - - - - How

Investment of machinery costs is too high and would result in a loss and insufficient cash flow in initial years MemoryLocker does not have the economies of scale of orders to produce the photobooks cheaply MemoryLocker would not have staff or the infrastructure needed for packaging and delivery Printing is an added value service and not the key function of the business A much less risky option than self-producing the photobooks will it work?

- The MemoryLocker website will have the checkout facility, so all orders will be made through the website and then passed through to Snapfish.

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In Western Europe alone, the photobook industry was predicted to be worth $625 million by 2016, and a grand total of $1.4 billion worldwide (FutureSource Consulting, 2014).

'PHOTO BOOKS REPLACING PHOTO ALBUMS IN THE HOUSEHOLD'

'DO YOU THINK PHOTO BOOKS WILL EVENTUALLY REPLACE PHOTO ALBUMS IN YOUR HOUSEHOLD?' (INFOTRENDS, PHOTO PRINTING SURVEY, 2013)

Yes - Will start 25%

Yes - Already 29%

What are the outsourcing sales predictions based on? It is reasonable to assume that 15% of MemoryLocker customers will use photobook service in the first year because of the evident growth and popularity of the photobook market and 26% of baby boomers in the online concept testing admitted that they still like to back up their photos physically.

I Don't Know 31%

No 16%

Fig. 24

109


110


OCKER MEMORY L

111


GOOGLE ADS FACEBOOK ADS YOU TUBE ADS BUS STOPS SAGA MAGAZINE THE TIMES NEWSPAPER

PR FOR THE BRAND AND MEMORYLOCKER COMMUNITY

WEBSITE, MEMORYLOCKER 112 COMMUNITY

Fig. 25

EARNED

PAID

OWNED

SHARED WORD OF MOUTH


D

D

D

The objective of the communications plan is to gain awareness from the consumer and promote MemoryLocker’s brand essence effectively. The communications objective for year one is to obtain 5% baby boomer brand awareness.

PAID

SHARED

How will this be achieved? The paid strategy drives consumer numbers which are easily measured through conversion statistics. The paid strategy for MemoryLocker combines both digital and print media to fit the needs of the three consumer types.

Word of mouth will be optimized this by offering a 10% discount for friend referrals on the added value services growing the business sustainably.

EARNED

The earned strategy incorporates both PR and email marketing, being zero cost strategies. PR Press releases and videos will be shared with local newspapers and organisations around the UK three times per year, with a philanthropic focus. Weekly emails will be made through MailChimp.

OWNED

MemoryLocker will create the high-quality websites, set up a page for customer reviews and a price comparison section, with the aim of capitalizing the owned media of the business from day one. The website is already created from the point of launch, so maximising these features will make it a communications asset. 113


SAGA Magazine

Social Media

PAID Bus Stop

The Times Advert

DIGITALLY SAVVY

Email Marketing

EARNED PR Content/ Videos DIGITALLY COMPETENT

SHARED

Word of Mouth

Website

OWNED

114

Memory Locker Community

DIGITALLY CAUTIOUS


MEMORY LOCKER

115


Fig. 26

Yearly dicounted pricing strategy £3.50 per month, £35 per year Having a presence online and across all social media platforms.

PRICE

A subscription based service that gives unlimited and secure photo storage to customers PRODUCT

PHYSICAL EVIDENCE 7 P'S MARKETING MIX

Paid, Earned, Shared and Owned media

PROMOTI ON PEOPLE POSITIO NING

116

PLACE

Facebook YouTube Bus Shelters Saga Magazine The Times Email

Related Diversification. Positioned as a low cost enterprise

Customers, spread via word of mouth


MARKETING MIX The marketing mix can be used as a point of quick referral for all forms of communications and ensures that all communication methods are being carried out. However, it does not consider how external and macro influences can alter the execution of the communications plan. Resultingly, the 7 P’s has been adapted below to discuss communication sensitivity and the comms plan’s elasticity to change. A high sensitivity level indicates a reworking of the communications plan will be necessary, the below table expresses how these factors will be overcome.

117


Potential external influences

People

Price

Promotion

Product

Place

Scandals about online photo safety on social media and the news may deter trust in online cloud storage platforms.

Potential consequences This will potentially stop people recommending each other to the platform and decrease their responsiveness to adverts.

Economic downturn can decrease spending on non essential goods, subscription plans are easily hit by this,

Many customers may become lapsed and new customers may be deterred from par investing in the yearly plan as it is a higher upfront cost, despite its reduced price

Poor cash flow in the business may effect the marketing budget expenditure. The marketing plan may have to be adjusted to utilise more earned, shared and owned media.

Not as many customers reached, particularly digitally cautious boomers who prefer print media such as magazine adverts which are the most expensive types of media to produce.

The introduction of copycat businesses offering the same product and services as MemoryLocker

MemoryLocker loses its USP and customer value is deducted from the service. New customers are reduced as they may be drawn in by competitor.

Changes in popularity or trust in online platforms such as Facebook and YouTube, which are the main social media channels of communication for MemoryLocker may alter the entire online comms plan.

Customers received via both Facebook and Youtube are measured by advertising spend, which have been based on the conversion rate from the social media platform pricing strategy. If these platforms became outdated it would massively throw not only the online comms plan but would mean a restructure of some of the finances.

Positioning

The introduction of similar services alters the positioning of the service as related diversification.

This may alter the perspective of the customer, instead of viewing MemoryLocker as a highly secure service they see it as 'just another platform'.

Physical Environment

Access to the physical environment of MemoryLocker is dependent on a variety of factors. For example, if local councils decided to remove all computers from libraries then some users who don't have internet access would not be access the physical environment of MemoryLocker

These factors drastically effect customer numbers and MemoryLocker has little to no control over them

118

Potential comms adjustments Adjustments to the comms plan to would involve increasing the message about security and offering a 15% discount for all friend referrals. Alter the pricing plan at times of economic downturn by offering customers the yearly contract and price, but paid monthly rather than upfront. This will encourage yearly sign ups which can't be cancelled. Particular attention to PR media such as focusing on the charity element of the business to generate editorial coverage in magazines and print will prevent this problem. Adjustments will have to be made to the way in which the product offering is advertised. Focusing more on the bespoke elements of the service such as the life exceeding promise and charity will entice customers.

HIGH

The comms plan would naturally move forward to meet the changing behaviour of the customer, nevertheless this would entail a lot of comms and financial restructuring to move forward to the new popular or emerging platforms,

Alike with the changes to the 'product' offering, the comms plan will have to refocus marketing, drawing attention to the security element of the service. There is not much that MemoryLocker can alter in the comms plan to factor in this problem as an online physical environment is only available to those with computer access


Level of sensitivity

People

Price

Promotion

Product

Reasoning

HIGH

With the 'digitally cautious' accounting for 41% of the boomer population, online scandals about security will drastically affect trust in MemoryLocker and impede referrals as a consequence.

LOW

The 'grey pound' refers to the economic power of boomers because of their extent of savings. Therefore, economic downturn could not massively effect their decision to use the service as they have sufficient savings.

MEDIUM

Customer levels may still be reduced despite stronger PR efforts, however positive reflections of the brand will spring from PR displaying the charitable side of MemoryLocker.

HIGH

Changing communications to focus on other elements of MemoryLocker's services if similar offerings come to market will give the brand its USP back, however, there is still a high level of comms sensitivity to this as MemoryLocker will have to re structure all marketing campaigns.

HIGH

Place

Positioning

Physical Environment

HIGH

Restructuring the comms and financial plan to fit the new or emerging social media platform will take a lot of consideration and therefore is high in sensitivity.

MEDIUM

Restructuring the comms plan to focus on security and differentiate the brand in a no longer diversified positioning will require a reasonable amount of adjustments to the comms plan media.

LOW

There is nothing that can be done to alter the comms plan to confront this problem as the physical environment of MemoryLocker is online and cannot be changed.

119


The paid media strategy combines a mixture of both print and digital media. Previous analysis into baby boomer behaviours has highlighted which methods will be most effective for boomer receptiveness and take up (Page 45) these have been applied to the communications strategy accordingly. The costings and projected reach assumptions have been derived first hand from the suppliers and are a true representation of real world costings (see appendix for supplier assumptions). Based on supplier statistics of advertising conversion, click through rates and predicted readership and outreach, customer numbers have been determined, and these drive the financial projections as exhibited in the businesses financial breakdown.

Print Promotion Type

Bus Shelter

Saga Magazine

The Times Newspaper Print Advert

120

Reason for Use

Cost

In 2017 there were 929 million concessionary bus journeys made in England. (Gov.uk, 2018). Any UK citizen can obtain a free bus pass when they reach 60. That’s half the boomer demographic entitled to free bus travel, which makes a perfect marketing opportunity

£265 Per Shelter

Baby Boomers devote 2.87 hours per week to reading newspapers and magazines.” (marketwired, 2017). 285,947 monthly magazine subscribers with an 80% retention rate (Corporate.Saga.co.uk, 2018, See Appendix).

£2,500 Quarter Page.

Times readers have a mean family income of £55K, meaning they are likely to be boomers (NewsaUKAdvertising.co.uk, 2018, See Appendix). Boomers are mainly conservative and The Times is a rightwing broadsheet.

Platform Exposure

Predicted Customer Conversion Percentage

Predicted Customer Conversion Number

Cost Per Customer Aquisition

Immeasurable. Awareness centred promotion method rather than conversion focused.

x3

285,947 monthly magazine subscribers

0.25%

712

£3.51

0.02%

280

£7.14

£2,000 Medium Classified Ad with Artwork. 13cm x 3 columns

Most Cost Effective Method of Consumer Acquisition

1.04 million daily readership


Online Promotion Type

Facebook Promoted Post

Reason for Use

100% of surveyed respondents had a Facebook account. 62% of baby boomers interact with Facebook the most out of all social media platforms.

Google Pay Per Click Ad

£5 per post/per day

510-2900 ad views per post/day.

Makes a massive difference in people seeking the concept to see your brand. £5 per day ‘Businesses make an average of $2 in revenue for every $1 they spend on AdWords’ (Google Economic Impact Report, 2011)

YouTube Promoted Posts

Budget

Platform Predicted Outreach for Budget

You tube was the second most popular form of social media among baby boomers in the primary research, with 61% of users claiming to have an account.

£150 a month

£5 per day

2510-4201 ad views per month.

510-2900 ad views per post/day.

Median Outreach

1705 per day

Platform Predicted Clicks for Budget

11-71 per day

Cost Per Click

41 per day

2.4%

£0.12

Conversion rate from click to sale (industry average 3.08% smartinsights, 2018)

Cost of new customer

1.26%. £5 1 paying customer a day

11.93%

3355 per month Averages at 111 per day

Median Clicks

Click Through Rate

144-241 per month

193 per month

5.75%

£0.78

6.4 per day

11-12 paying customers a month

£12.50

1.26%. 1705 per day

11-71 per day

41 per day

2.4%

£0.12

1 paying customer a day

£5

121


Owned Media

MemoryLocker Website

See www. memorylocker. services for evidencing of owned media communcation methods.

MemoryLocker Community

Earned Media

See Appendix for PR press release and mailing list implementation

122

Reason for Use

Cost

Content Covered

The website it is the core point of contact with the consumer, its facilities and easy use interface serving as an asset to the business.

No additional costs to use this as a communication method

Standard MemoryLocker website offering

MemoryLocker Community is accessible by non customers and customers alike and therefore acts as a method of customer acquisition as customers come to the website for the community, but get drawn into the service offering when they realise its value offering.

ÂŁ100 per month on 'how to' videos and 20% of profits to charity.

'How to videos' Online community forum Sign up's for free local IT lessons

Reason for Use

Email Marketing

Email marketing was one of the most popular options chosen when participants were asked about their most preferable advertising platform. It is also a very inexpensive method of creating awareness and click through.

PR

PR is an effective way of gaining editorial exposure in magazines and local newspapers whilst paying nothing. PR videos will also be created and sent out, these will be funded via the MemoryLocker Community videos budget.

Frequency

Constant

Click through rates measure usage of the online community from non members.

Success Rates

Content Covered

Frequency

Free using MailChimp Services

Publishing offers, success stories and flaunting benefits of service to those signed up to email.

Once a week.

A philanthropic focus, discussing the community and charity donation to gain as much coverage as possible.

Overall website success measured through click through rates and number of sales.

Three times a year with different campaigns.

Cost

Free

Success Rates

Three times a year with different campaigns.

Average UK SME rates for email marketing 2017:Open rate: 24.79%, Click-through rate: 4.19%. (SmartInsights, Chaffey, 2018).

Immeasurable.


Shared Media

Word of Mouth.

See cash flow forecast for 10% consideration of word of mouth customer intake.

Reason for Use

Studies by Limelight show that in 2016, 78% of people that had a ‘positive web experience’ with a brand would recommend it to a friend (LimelightNetworks, 2016). 49.9% of boomers spread this message through face to face communication (Crowdtwist, 2015). Whilst only 33% of consumers trust adverts, 90% trust peer recommendations (Hitz, 2014).

Cost

Free

Predicted Conversion

Increasing Word of Mouth

Accounts for 10% of all customers. (See financials)

A 'friend referral' scheme offering 10% discount on added value goods will encourage word of mouth and increase the projected 10% of word of mouth customers.

123


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124


Marketing Strategy Launch Social Media Pages Launch Website Launch Promoted social media posts Facebook and Youtube begin PR Plan First Wave Bus Stop Advert 1 Initial flyer and print media distribution Advert Release

The Times Newspaper Advert Bus Stop Advert 2

Aug 2018

Sep

Oct

Nov

Dec

PR Plan Second Wave Jan 2019

Feb

Second Flyer release and Distribution Mar

PR Plan Third Wave Saga Magazine Advert Apr

May

Bus Stop Advert 3 Jun

Final Flyer release and distribution Jul

Aug

Sep

125


126


Any new business needs sufficient investment to fund start-up costs and operational outgoings whilst customer numbers and revenue builds. The value of £25,000 has been identified as the required amount of investment to ensure no negative cash flow. This has been calculated by performing a cash flow to determine the level of funding required.

Investor Share 20%

MemoryLocker 80%

£

£ 127


Target to raise: £5,000, 5% interest rate Capital of £5,000 is to be raised on the platform Crowdfunder. Crowdfunding was chosen for this small investment to gain pre-sale attention from prospective brand loyal customers. Having the public invest in MemoryLocker makes it a community led business, its success is the concern of the community. The type of crowdfunding used is ‘Debt Crowdfunding’. where money is paid back with 5% interest. Crowd funding attracts higher interest as banks are less willing to lend to start ups.

128

M


MEMO

MemoryLocker will use the Investment Angel Network to partner with a potential investor. The platform advertises projects that need funding, and has an abundance of investors seeking new investment opportunities. MemoryLocker will offer 20% of the businesses shares for an investment of £20,000. This values the total business shares at £100,000 which is extremely reasonable considering that has an estimated total value of £482,000 by year 5 of operation.

INVE 20

MEMORY LOCKER SHARES INVESTOR 20%

There will be no interest on the investment, however, the reward for investing is a share of the business and any dividend distribution the company may make. MemoryLocker benefits as if the business fails, there is no loan to repay. Additionally, investors can act as mentors, ensuring success of the business as it is in their interest for MemoryLocker to succeed. A downfall of using this method of raising capital is surrendering 20% of control and ownership of the business. This means losing out on money through dividends, and may result in a difference of opinions as to future direction. One particular concern is that investors may try to diminish the charitable elements of the business such as giving away 20% of profits to charity and investing in MemoryLocker Community, as this eats into their own profits. In doing this the brand may lose itself and its image. MemoryLocker’s ownership must ensure investors have a similar mindset about the brand values and future direction to avoid this potential issue.

MEMORY LOCKER 80%

129


MEMORY Locker Ltd Cashflow CASHFLOW INFLOW

Unit Value

Months

1

2

3

4

5

6

7

8

9

10

11

12

101 101 5 96

101 202 5 187

101 304 5 278

885 1189 44 1110

409 1598 20 1456

101 1699 5 1534

101 1800 5 1625

101 1901 5 1716

101 2003 5 1807

101 2104 5 1898

101 2205 5 1989

9 1141.159

3.5 35

0 267.7752 708.4

522.7992 708.4

777.8232 708.4

3106.65 4077.889 4294.105 4549.129 4804.153 5059.177 5314.201 5569.225 6194.65 2864.4 708.4 708.4 708.4 708.4 708.4 708.4

38342.93 15434.65

0.15 0.1 0.1 0.1

5.38 0.72 0.80 0.70

10.50 1.40 1.56 1.36

15.63 2.08 2.31 2.03

Customers Earned Media PR Plan 5% increase to cusomer base Number of cust after 10% drop out per mth Yr1 , 20% Yr 2 income Safe Storage monthly payers 80% Safe Storage annual payers 20% customer referral commissions Photobook creation 15% take-up, av volume 1 book at £30 Scanning -photos 10% take up, av volume 100 photos at 9p ea Scanning -slides 5% take up, av volume 100 slides at 20p ea Scanning -negatives 5% take up, av volume 50 negatives at 35p ea Total Income

983.7661 1246.0196

Crowd funding Venture Capital

5000 20000

Total Income and Funding

25000 983.7661 1246.0196

62.41 8.32 9.25 8.09

1508.2731 9389.368

81.92 10.92 12.14 10.62

86.27 11.50 12.78 11.18

91.39 12.19 13.54 11.85

96.51 12.87 14.30 12.51

101.64 13.55 15.06 13.17

106.76 14.23 15.82 13.84

111.88 14.92 16.58 14.50

770.28 102.70 114.12 99.85

7057.89 5124.235 5386.489 5648.742 5910.996 6173.249 6435.503

54864.53 5000 20000

1508.2731 9389.368

7057.89 5124.235 5386.489 5648.742 5910.996 6173.249 6435.503

OUTFLOW Start Up Costs Website development Software design Domain name URL Limited Company Fee Office Equipment On Going Costs Advertising social media-Facebook/Youtube Advertising -google Advertising -SAGA 285000 readers x 0.25% takeup Advertising- Times 1.4m readers 0.02% Takeup Advertising bus shelter brand awareness 3 shelters x £265 Owners salary Travel costs & misc Insurance Security software Loan interest Memory Community How to Videos AWS Cloud storage £9.3 per TB

9.3

795 1000 100 41.7 167 20.83 100

400 150

1000 100 41.7 167 20.83 100 889.3962

400 150 2500 1000 100 41.7 167 20.83 100 847.044

0 79864.53

400 150

400 150

400 150

400 150

400 150

400 150

400 150

2000 795 1000 1000 1000 100 100 100 41.7 41.7 41.7 167 167 167 20.83 20.83 20.83 100 100 100 847.044 7735.031 3225.903

795 1000 100 41.7 167 20.83 100 718.146

1000 100 41.7 167 20.83 100 847.044

1000 100 41.7 167 20.83 100 847.044

795 1000 100 41.7 167 20.83 100 847.044

1000 100 41.7 167 20.83 100 847.044

1000 100 41.7 167 20.83 100 847.044

0 0 8000 2000 7 12 2000 0 0 4800 1800 2500 2000 3180 12000 1200 500.4 2004 250 1200 18497.78

5621.5773 9714.564 5205.436 3492.679 2826.577 2826.577 3621.577 2826.577 2826.577

61951.18

8000 2000 7 12 2000 400 150

2204.95

400 150

400 150

Charity Donation 20% of Profit

130

Total Outgoings

14793.53

Net Cash Position at Mth or Yr End

10206.47

-4080.56

-4113.30

Cumulative Cash Flow

10206.47 8321.303 4240.7456

127.44134

5000

2868.93 5326.5773 -1885.16

-325.20

1852.45

1631.56

2559.91

2822.17

2289.42

3346.67

3608.93

-197.755 1654.699 3286.255 5846.167 8668.332 10957.75 14304.42 17913.35

17913.35


Year 2

Year 3

Year 4

Memory Locker Ltd Balance Sheet end yr 1

Year 5

1335.84 1469.424 1616.366 1778.003 3540.79 5010.214 6626.58 8404.583 67 73 81 89 2886.066 4066.948 5365.919 6794.787 96971.8 136649.5 180294.9 228304.8 16540.18 28468.18 36936.34 46251.31

Income Memory Locker monthly payers 80% Memory Locker annual payers 20%

Memory Locker Ltd Profit & Loss account yr 1 yr 2 £ £

Fixed Assets less depn yr 3 £

yr 4 £

yr 5 £

9014.2

38343 15435

96972 16540

136649 28468

180295 36936

228305 46251

photobook creation 15% take-up, av volume 1 book at £30 scanning -photos 10% take up, av volume 100 photos at 9p ea

770

1948

2745

3622

4586

103

260

366

483

612

scanning -slides 5% take up, av volume 100 slides at 20p ea scanning -negatives 5% take up, av volume 50 negatives at 35p each

114

577

813

1073

1359

100

253

356

470

595

54865

116550

169398

222879

281708

Customer referral commissions 1948.09

2745.19

3622.00

4586.48

259.75

366.03

482.93

611.53

577.21

813.39

1073.18

1358.96

252.53

355.86

469.52

594.54

116549.6 169398.1 222878.8 281707.7

Total Income

1201 -3004.7

Current Assets Cash & Bank

17913.3

Current Liabilities

crowd funding loan

-500

21927 Profit Reserve

1927.59 1990

Share Capital

10

21927

Depreciation

3005

3005

3005

3005

5280 5808 6388.8 7027.68 1980 2178 2395.8 2635.38 2750 3025 3327.5 3660.25 2200 2420 2662 2928.2 3498 3847.8 4232.58 4655.838 13200 14520 15972 17569.2 1320 1452 1597.2 1756.92 550.44 605.484 666.0324 732.6356 2204.4 2424.84 2667.324 2934.056 250 250 250 250 1320.00 1452.00 1597.20 1756.92 8342.626 10982.21 12080.43 13288.47

advertising social media-facebook/youtube 4800 advertising -google 1800 advertising -SAGA 285000 readers x 0.25% takeup 2500 advertising- Times 1.4m readers 0.02% Takeup 2000 advertising bus shelter brand awareness 3 shelters x £265 for 3 mths time period3180 owners salary 12000 travel costs & misc 1200 insurance 500 security software 2004 loan interest 250 Memory Community How to Videos 1200 AWS Cloud storage £9.3 per TB 18498

5280 1980 2750 2200 3498 13200 1320 550 2204 250 1320 8343

5808 2178 3025 2420 3848 14520 1452 605 2425 250 1452 10982

6389 2396 3328 2662 4233 15972 1597 666 2667 250 1597 12080

7028 2635 3660 2928 4656 17569 1757 733 2934 250 1757 13288

385.5195 14129.87

Charity Donation 20% Profit

386

14130

23486

33207

44502

52937

45900

51970

56842

59196

1928

70649

117428

166037

222512

14129.87 23485.604

33207.446

44502.422

132830

178010

23485.6 33207.45

42895.47 48965.33 53836.86 59195.55 73654.1 120432.8

169042 222512.1

91567.45 212000.2 381042.2 603554.3

Profit In Year Tax 20 % Profit After Tax

385.5195 1542

56519

93942

131


Memory Locker Ltd Balance Sheet end yr 1

5

8.003 4.583 ear89 2 4.787

Year 3

Year 4

Memory Locker Ltd Profit & Loss account yr 1 yr 2 £ £

Year 5

1335.84 1469.424 1616.366 1778.003 Income 3540.79 5010.214 6626.58 8404.583 304.8 67 Memory Locker 73 81 monthly 89payers 80% 51.31 Memory Locker6794.787 annual payers 20% 886.066 4066.948 5365.919

94.54 259.75

707.7 577.21 252.53

yr 4 £

yr 5 £

9014.25

Memory Locker Ltd 136649 Profit 180295 228305 & Loss account 28468 yr36936 1 yr 246251 £ £

770

1948

2745

38343 3622 15435

96972 4586 16540

103

260

366

483

612

scanning -slides 5% take up, av volume 100 slides at 20p15% ea take-up, av volume114 577 photobook creation 1 book at £30 2745.19 3622.00 4586.48 scanning -negatives 5% take up, av volume 50 -photos negatives at take up, av volume 100 photos at 9p scanning 10% 35p each 100 253 ea 366.03 482.93 611.53

813

1073 770

1359 1948

356

470 103

595 260

366

483

612

169398

222879 114

281708 577

813

1073

1359

Total1073.18 Income 813.39 355.86

469.52

1358.96 594.54

54865 scanning -slides 5% take up, av volume 100 slides at116550 20p ea scanning -negatives 5% take up, av volume 50 negatives at 35p each Total Income

100

253

54865

116550

Current Assets yr 3 £

yr 4 Cash£& Bank

yr 5 £

2745 crowd funding 3622 loan 4586

169398

222879 Share Capital

Current Assets Cash & Bank -5000

17913.35

Current Liabilities

21927.6 crowd funding loan

5951927.598 19900 281708

12019 -3004.75 9014.25

17913.35

136649 180295 228305 Liabilities 46251 28468 Current 36936

356 Profit 470 Reserve

Memory Locker Ltd Balance Sheet end yr 1 Fixed Assets less depn

96972 16540

16549.6 169398.1 222878.8 281707.7

27.68 35.38 60.25 928.2 5.838 5280 569.2 1980 56.92 2750 .6356 2200 4.056 3498 250 13200 56.92 1320 88.47 550.44

yr 3 £

12019 -3004.75

38343 15435

Customer referral commissions Income 96971.8 136649.5 180294.9 228304.8 Memory Locker monthly payers 80% photobook creation 15% take-up, av volume 1 book at £30 86.48 6540.18 28468.18 36936.34 46251.31 Memory Locker annual payers 20% scanning -photos 10% take up, av volume 100 photos at 9p ea 11.53 Customer referral commissions

58.96 1948.09

Fixed Assets less depn

-5000 21927.6

100 21927.6

Profit Reserve Share Capital

1927.598 19900 100 21927.6

Depreciation

3005

3005

3005

3005

advertising social media-facebook/youtube 4800 5280 5808 6389 advertising -google 1800 1980 2178 2396 advertising -SAGA 285000 readers x Depreciation 0.25% takeup 2500 2750 3025 3328 3005 advertising- Times 1.4m readers 0.02% Takeup 2000 2200 2420 2662 advertising bus shelter brand awareness 3 shelters x £265 for 3 mths time period3180 3498 3848 4233 5808 6388.8 7027.68 advertising social media-facebook/youtube 4800 owners salary 12000 13200 14520 15972 2178 2395.8 2635.38 advertising -google 1800 travel costs & misc 1200 1320 1452 1597 3025 3327.5 3660.25 advertising -SAGA 285000 readers x 0.25% takeup 2500 insurance 500 550 605 666 2420 2662 2928.2 advertising- Times 1.4m readers 0.02% Takeup 2000 security software 2204for 3 mths 2425 3847.8 4232.58 4655.838 advertising bus shelter brand awareness 3 2004 shelters x £265 time period32667 180 loan interest 250 250 250 250 14520 15972 17569.2 owners salary 12000 Memory Community How to Videos travel costs & misc 1200 1320 1452 1597 1452 1597.2 1756.92 1200 AWS Cloud storage £9.3 per TB 18498 8343 10982 12080 605.484 666.0324 732.6356 insurance 500

2204.4 2424.84 2667.324 2934.056 07.45250 Charity Donation 20%250 Profit 250 250 1320.00 1452.00 1597.20 1756.92 95.55 342.626 10982.21 12080.43 13288.47

security software loan interest Memory Community How to Videos AWS Cloud storage £9.3 per TB

512.1 Profit23485.6 In Year 33207.45 85.5195 14129.87

Charity Donation 20% Profit

554.3 2895.47 48965.33 53836.86 59195.55 Tax 20 %

132

73654.1 120432.8 169042 222512.1 Profit After Tax

1567.45 212000.2 381042.2 603554.3

Tax 20 %

3005

3005

2204 44502 250 1320 59196 8343

5808 2178 3025 2420 3848 14520 1452 605 2425 250 1452 10982

6389 2396 3328 2662 4233 15972 1597 666 2667 250 1597 12080

7028 2635 3660 2928 4656 17569 1757 733 2934 250 1757 13288

386

14130

23486

52937

45900

51970

1928

70649

117428

166037 386

222512 14130

23486

33207

44502

14129.87 23485.604

52937 33207.446

45900 44502.422

51970

56842

59196

1928 132830

70649 178010

117428

166037

222512

14129.87 23485.604

33207.446

44502.422

385.5195 Profit In Year

2004 33207 250 1200 56842 18498

7028 2635 3660 3005 2928 4656 5280 17569 1980 1757 2750 733 2200 2934 3498 250 13200 1757 1320 13288 550

1542

56519

93942

385.5195


PR

BUS STOP

Number of customers The first-year total predicted customers is 1141. This number is based on advertising and its forecast take up: Initially MemoryLocker will also see a natural 10% GOOGLE THE TIMESeach month. This is a dropout rate of customers PPC reasonable assumption that takes into consideration external factors such as economic downturn and family situation. There is also an expected 10% of organic growth due to word of mouth as part of both the ‘earned’ and ‘shared’ media strategies, and also the asset of MemoryLocker community. As portrayed in the cash flow, the first month collates no customers due to still being in startup stages of operation. The number of customers has been based on advertising spend so that the business can reasonably scale up and down customer levels based on different advertising investment on a yearly basis. Therefore, the business can be fully scalable and elastic to different expenditures and economic climates. The rates have been based on industry statistics, however constant monitoring of take-up for different types of advertising will be undertaken to better refine the projections and to invest in the most cost-effective advertising method.

SAGA PR MAGAZINE

BUS STOP

The bus stop advertising Saga Magazine does not drive customer The one off saga numbers as It’s conversion advertisement will GOOGLE rate is not measurable attractSOCIAL approximately THE TIMES enough to accurately predict 0.25% of Sagas PPC MEDIA customer intake. Therefore, PR BUS STOP 285,000 readership it is categorised as (see appendix 6) ‘subsidiary’ marketing, with creating 712 new the purpose of awareness customers. and not conversion.

THE TIMES

The one off ‘Times’ newspaper advertisement will take up an approximate 0.02% of its 1.4 Million readership (see appendix 6), introducing 280 new one off customers.

GOOGLE PPC Google adverts costs approximately £12.50 per new customer (see appendix 6). A monthly £150 investment creates 12 new customers a month.

SAGA PR MAGAZINE

It can also be assumed that the SOCIAL PR ‘owned media’ THE TIMES MEDIA strategy will bring SAGA in 5% of all new MAGAZINE customers.

SOCIAL MEDIA With Facebook and YouTube adverts, a new customer costs £5 (see appendix 6). Resultingly £400 spent a month on this creates 80 new customers per 133 month.

BU

G


From year 2 onwards, MemoryLocker can expect to see a 20% dropout rate of customers. This is due to the initial first year customers being more likely to drop out after a year of using the service. As seen in year 2’s cash flow forecast, profitability has grown dramatically from year one. Three factors can be held accountable for this.

MemoryLocker works as a cumulative business model, meaning customers multiply with 80% of existing customers staying active. This is displayed in the customer build model.

MemoryLocker’s business model requires a high start-up capital investment such as website development and security software, however features low ongoing costs such as AWS storage costs per customer, community ‘how to’ videos and office equipment. Resultingly, the first year profitability is much lower than its successive years.

134


YEARLY PLAN

1 CUSTOMER

100 CUSTOMERS

1000 CUSTOMERS

CUSTOMER COST

As displayed in the pricing charts below, the profitability level per customer is extremely high. It costs MemoryLocker £9.35 approximately per customer lifetime (purchasing 1 Terabyte of storage from Amazon AWS) but brings in £42 per year, per customer on a monthly plan, and £35 on the yearly plan. This means that customers on the monthly plan are paying 4.5 X the storage cost that MemoryLocker is paying, and customers on the yearly plan are paying 3.75X the rate. The customer’s lifetime value (ten years) brings in £420 per customer on the monthly plan and £350 on the yearly plan. That’s 45 times the actual customer cost to the business on the monthly plan and 37.5 times the actual customer cost on the yearly plan. Due to this, there is room to revise the storage usage estimate up from 1 terabyte per customer and still maintain a profitable model.

Customer storage lifetime cost to business

£9.35

£935.00

£9,350

CUSTOMER INCOMINGS Customer monthly spend

£2.91

Customer Yearly spend

Customer lifetime value (Ten years)

MONTHLY PLAN

£291.00

£2,910

£35

£3,500

£35,000

£350

£35,000

£350,000

1 CUSTOMER

100 CUSTOMERS

The customer is paying 3.75X what MemoryLocker is paying

The customer is paying 37.5X what MemoryLocker is paying

1000 CUSTOMERS

CUSTOMER COST Customer storage lifetime cost to business

£9.35

£935.00

£9,350

CUSTOMER INCOMINGS Customer monthly spend

Customer Yearly spend

Customer lifetime value (Ten years)

£3.50

£350.00

£3,500

£42

£4,200

£42,000

£420

£42,000

£420,000

The customer is paying 4.5X what MemoryLocker is paying

The customer is paying 45X what MemoryLocker is paying

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customer referral commissions photobook creation 15% take-up, av volume 1 book at ÂŁ30 scanning -photos 10% take up, av volume 100 photos at 9p ea scanning -slides 5% take up, av volume 100 slides at 20p ea scanning -negatives 5% take up, av volume 50 negatives at 35p ea PHOTOBOOKS

Year 1 Year 2 Year 3 Year 4 Year 5

PHOTOS

Year 1 Year 2 Year 3 Year 4 Year 5

Average yearly customer numbers Average determined by customers for Commissi cost per advertising spend Take up Photobooks on earned photobook 1141.16 15% 171.17 15% 30 2886.07 15% 432.91 15% 30 4066.95 15% 610.04 15% 30 5365.92 15% 804.89 15% 30 6794.79 15% 1019.22 15% 30

Average yearly customer numbers determined by advertising spend Take up 1141.16 10% 2886.07 10% 4066.95 10% 5365.92 10% 6794.79 10%

Average photobook quantity per order

1 1 1 1 1

Average order value 30 30 30 30 30

Average customers for Average Average photo Photo quantity per Commissi cost per Average Scanning on earned photo order order value 114.12 10% 0.09 100 9 288.61 10% 0.09 100 9 406.69 10% 0.09 100 9 536.59 10% 0.09 100 9 679.48 10% 0.09 100 9

Profit per order based on % of outsourcing discount

Profit per order based on % of outsourcing discount

136 SLIDES

Average yearly

Profit per order

4.5 4.5 4.5 4.5 4.5

Yearly profit 770.28 1948.09 2745.19 3622.00 4586.48

0.9 0.9 0.9 0.9 0.9

Yearly profit 102.70 259.75 366.03 482.93 611.53


Year 5

PHOTOS

Year 1 Year 2 Year 3 Year 4 Year 5 SLIDES

Year 1 Year 2 Year 3 Year 4 Year 5

6794.79

15%

Average yearly customer numbers determined by advertising spend Take up 1141.16 10% 2886.07 10% 4066.95 10% 5365.92 10% 6794.79 10%

1019.22

15%

1

30

Average customers for Average Average photo Photo Commissi cost per quantity per Average Scanning on earned photo order order value 114.12 10% 0.09 100 9 288.61 10% 0.09 100 9 406.69 10% 0.09 100 9 536.59 10% 0.09 100 9 679.48 10% 0.09 100 9

Average yearly customer numbers Average Average determined by customers for Commissi cost per advertising spend Take up Slide Scanning on earned Slide 1141.16 5% 57.06 10% 2886.07 5% 144.30 10% 4066.95 5% 203.35 10% 5365.92 5% 268.30 10% 6794.79 5% 339.74 10%

NEGATIVES Average yearly customer numbers determined by advertising spend Take up Year 1 1141.16 5% Year 2 2886.07 5% Year 3 4066.95 5% Year 4 5365.92 5% Year 5 6794.79 5%

30

0.2 0.2 0.2 0.2 0.2

Average slide quantity per order

100 100 100 100 100

Average order value 20 20 20 20 20

Average customers for Average Average negative Negative Commissi cost per quantity per Average Scanning on earned negative order order value 57.06 10% 0.35 50 17.5 144.30 10% 0.35 50 17.5 203.35 10% 0.35 50 17.5 268.30 10% 0.35 50 17.5 339.74 10% 0.35 50 17.5

Profit per order based on % of outsourcing discount

Profit per order based on % of outsourcing discount

4.5

4586.48

0.9 0.9 0.9 0.9 0.9

Yearly profit 102.70 259.75 366.03 482.93 611.53

2 2 2 2 2

Yearly profit 114.12 288.61 406.69 536.59 679.48

Profit per order based on % of outsourcing discount Yearly profit 1.75 99.85 1.75 252.53 1.75 355.86 1.75 469.52 1.75 594.54

137


138


There will be six main methods by which the success of MemoryLocker will be monitored and measured. These are:

Qualitative

1. Brand awareness testing 2. Reviews and refer a friend numbers

Quantitative

1. Controlling sales numbers and outsourcing orders 2. Click through rates and vanity metrics 3. Asking customers via MemoryLocker community where they heard about the site 4. Monthly financial KPI monitoring

Key Performance indicators (KPI’S): Brand awareness testing understanding how the customer views MemoryLocker’s personality, the level of ease of the service and the effectiveness of MemoryLocker community. The results will help MemoryLocker improve its service. Reviews will be studied further to tailor the customer experience and identify any weaknesses. Friend referral statistics are indicative of customer satisfaction with the service. The monitoring of the above qualitative methods has the aim of directing spend into the most effective advertising methods and to understand external and internal trends in the business. Financial KPI’s such as return on capital employed, margin percentages and liquidity of the business will be reviewed monthly to monitor cashflow and profitability and to make any corrective actions where necessary.

139


140


FUTURE PLANS

APP DEVELOPMENT

ADDED VALUE SERVICES BECOME SELF PRODUCED AND NO LONGER OUTSOURCED

MEMORY LOCKER PHOTO SERVICES

141


LOADING LOADING YOUR APP... YOUR APP...

142


MEMORYLOCKER

UPLOAD PHOTOS HERE

LEARN HOW TO USE OUR SITE ON OUR COMMUNITY PAGE.

VIEW UPLOADED PHOTOS

143


As stated in the consumer analysis within the first three years of MemoryLocker’s operation an application is to be produced that is both compatible with IOS and Android devices. This is to be carried out to fit with evolving technical advancements and to satisfy the needs of the digitally savvy boomers, who account for 16.6% of MemoryLocker’s customer base. The app will make photo collation even easier for boomers as it will allow photos to be uploaded to MemoryLocker from the customers’ phones or tablets. This will improve the offering of the service and entice further customers. Below is an example of the app icon and wireframe:

MEMORYLOCKER NOTIFICATION Did you want to upload more photos to your MemoryLocker accont?

MEMORY LOCKER PHOTO SERVICES

144


MEMORY LOCKER PHOTO SERVICES MEMORY LOCKER PHOTO SERVICES

MemoryLocker will consider producing the outsourced services of photobook printing and scanning in house. This is to increase profitability of the added value services, and encourage more purchases through offering a larger variety of photo printing options, such as mugs, t-shirts, framed photo collages and more unique/different sizes of photobooks. Despite these predictions, this plan is subjective to the success of the added value services upon launch. If the photobook services do not have the initial predicted take up of 15% of all customers then the plan may not go ahead. This is because the investment of machinery costs are extremely high and if sales are low, return on investment will be poor and may even lead to cash problems in the business. To enable this to be a profitable venture, the market share of MemoryLocker will need to be high and the brand extremely salient in the market, with high consumer numbers. Therefore, this is a long term, rather than immediate plan.

145


146


-

There is a strong identified need for this service among baby boomers

-

Operates as a related diversification niche

-

High profitability level predicted after year 1 as once acquired, 80% of customers stay with the service.

-

Relatively low running costs with outsourced services to cover any knowledge deficits

-

Outsourcing services add an additional revenue stream into the business and differentiate the offering

-

Brand has capability to be household name due to strong brand identity and catchy slogan

- The cash flow and profit forecast show that it is a profitable, liquid business, with years 2-5 having the liquidity to be able to cover external changes, factors, risks and threats. Due to all the above factors as concluded throughout this report, the business has presented itself as an extremely viable proposition with a promising opportunity to bring value to the community and make high levels of profit after year 1. The primary research conducted has proven there is a solid need in the market for this service, and that the marketing communications plan and pricing is reasonable for the consumer. All potential risks to the business have been analysed and mitigated using contingency planning to ensure the businesses does not fail due to internal or external threats or weaknesses, therefore giving MemoryLocker the best possible opportunity to gain success upon launch and throughout operation. 147


148


149


150


PRESS RELEASE FREE ONLINE ASSISTANCE VIDEOS AND WORKSHOP SIGN UP MemoryLocker is a new online service that makes photo collation online extremely safe, and extremely easy. For only £3.50 per month, customers can enjoy unlimited photo storage, alongside and online community that helps people get online. MemoryLocker Community is a service available to the public, customer or non customer. It provides assistance with basic processes such as how to create a file, or save a document, and even more complex processes such as paying taxes online, or making social media profiles. 'How to videos' are available on the MemoryLocker Website, with the purpose of getting ages 50-70 more comfortable with using the online space! Not only this, but 20% of all MemoryLocker profits go to the charity 'The Digital Champions Network', who run free local computer sessions around the UK.

WHY? Because at MemoryLocker we believe that the internet is an incredible asset that can benefit many people's lives, and that everybody should be given the opportunity to know how to use it to the best of their ability. SIGN U FOR A DIGITAL CHAMPIONS LESSON OR VIEW OUR ONLINE SUPPORT VIDEOS AT:

WWW.MEMORYLOCKER.SERVICES WWW.MEMORYLOCKER.SERVICES/COMMUNITY 151


Hampshire Chronicle Hastings Observer Helston Advertiser (weekly free newspaper) Herald Express Herne Bay Gazette Hull Daily Mail Ilford Recorder Isle of Wight County Press The Journal (Newcastle upon Tyne) Kent and Sussex Courier Kent on Saturday Kent on Sunday Kent Messenger Kentish Express Kentish Gazette Kidderminster Shuttle Lancashire Evening Post Lancashire Telegraph Langport Leveller (free newspaper) Leicester Mercury Lincolnshire Echo Liverpool Echo London Evening Standard Lynn News Manchester Evening News Medway News The Mercury (Lichfield, Tamworth and surrounding area) Mid Sussex Times Newcastle Evening Chronicle Newcastle Sunday Sun Northampton Chronicle & Echo Northampton Herald & Post 152The Northern Echo (North East England) Norwich Evening News

EVERY LOCAL NEWSPAPER IN THE UK

Scunthorpe Telegraph The Sentinel (Stoke-onTrent and Staffordshire) Sevenoaks Chronicle Sheerness Times Guardian Sheffield Star Shropshire Star Skelmersdale Champion (weekly free newspaper) Slough Observer Southern Daily Echo Southport Champion (weekly free newspaper) Southport Reporter Southport Visiter Star Courier Hampshire and Surrey Stockport Express and Times, Stockport and district Stourbridge News Sunday Independent (South West England) Sunderland Echo Surrey Advertiser Tavistock Times Gazette Teesdale Mercury Teme Valley Times Warwickshire Telegraph Watford Observer The West Briton Western Daily Press Western Morning News Whitstable Gazette "UK Latest News" Wigan Observer Wirral Globe Wythenshawe World

Aintree & Maghull Champion (weekly free newspaper) Anfield & Walton Champion (weekly free newspaper) The Argus (Brighton & Hove and Sussex) Ashford Herald The Asian Today (Midlands) (owned by Urban Media) The Bath Chronicle Bedfordshire on Sunday Berwick Advertiser Birmingham Mail Birmingham Post Bolton News Bootle Champion (weekly free newspaper) Bournemouth Daily Echo Bucks Free Press Cambridge News Camden Gazette Camden New Journal Chad (Mansfield and Ashfield) The Champion (Southport) The Citizen Congleton Chronicle Cornish Guardian The Cornishman The Cotswold Journal Coventry Telegraph Crosby & Litherland Champion (weekly free newspaper) Cumberland and Westmorland Herald Deal and Sandwich Express Derby Telegraph Dover Express Dover Mercury Droitwich Advertiser Dudley News East Anglian Daily Times (owned by Archant) East Kent Gazette East Kent Mercury East Riding Mail

Eastern Daily Press (owned by Archant) Essex Chronicle Express and Echo Express & Star (Wolverhampton and the Black Country) Folkestone Herald Formby Champion (weekly free newspaper) Gravesend and Dartford Reporter Halesowen News Hampstead & Highgate Express ("Ham and High") Yorkshire Post Yorkshire Reporter Oxford Times Oxfordshire Guardian Patterdale Chronicle Peterborough Evening Telegraph Plymouth Herald The Poole Observer (digital daily newspaper) The Post, Bristol The Press (York)

PRESS RELEASE mailing list


Appendix 3: Supplementary information.

MemoryLocker’s service identifies as a cash cow product on the Boston Matrix due to its predicted high market share and customer take up, but its slow growth rate due to having a majority of late adopting consumers.

Relative Market Share

Low

Low

Market Growth Rate

High

High

153


SOSTAC for implemtation and execution of communications plan.

S O

154

SITUATION ANALYSIS

OBJECTIVE

S

RESEARCH

T

TACTICS

A

ACTIONS

C

CONTROL

MemoryLocker is a brand new business with no preconceptions from customers and no current brand awareness. To create 5% boomer awareness by the end of year 1 and launch successful brand communications to achieve this. The communications research suggests that Facebook, YouTube and news content is most popular for online contact, bus shelters, magazines and flyers are best for Offline contact. Using a mixture of owned, shared, earned and paid media will generate awareness whilst keeping costs low. Launch marketing and communications plan and disperse media release evenly throughout the year to control costs and maintain awareness and growth. Use vanity metrics such as analytics and bounce rates to measure brand engagement. For offline media, measure brand awareness through further primary research.


This model helps MemoryLocker to fully grasp the behaviours of its consumer. With this insight, the business can overcome the customers pain points, and learn how to target them most effectively. This model is used for the purpose of both customer acquisition and retention as it presents how to capture the customer and to keep them happy.

PAIN POINTS VALUES RESEARCH HABITS IDENTIFYING FACTORS PSYCHOGRAPHIC CHARACTERISTICS PRIORITIES

Having the channels of communication broken online Being classed as 'old'

Family time Convenience

Checks 2-3 competitors before purchase

Wealthy Looking for convenience Looking for time efficiency Loyal Mostly central to right wing politically Have the most disposable income of any age Family, work, friends, time.

155


This model discusses potential factors that may affect a consumers desire or ability to purchase from MemoryLocker. Unlike traditional models, it goes past analysing typical factors such as economic situation and ‘brexit’ and looks at social, cultural psychological and personal factors that may all effect purchase. It does not reach a decisive conclusion as to the extent to which customers will be effected but draws attention to potential issues that MemoryLocker must consider and be sensitive to. This will help with consumer targeting in particular, as for example, shown in ‘culutral factors, the brand should consider targeting more reserved and conservative cultures with particular attention to trust and security. Therefore, the model adds value by allowing MemoryLocker to consider factors outside the realm of politics, laws and ethics. Influences of consumer behaviour

External influences

Personal Factors

Occupation Consumers with intensive jobs with long hours such as doctors, nurses, lawyers or carers etc, may be less likely to use this service as their spare time is scarce and resultingly photo collation may therefore not be an immediate priority.

156

Retired consumers may be less likely to use MemoryLocker as although they have more leisure time to consider photo collation a priority, they have a lower income of cash in the f orm of a pension, which they may be reluctant on spending on non essential goods as it is not as large an income as a full time job.

Internal influences

Psychological Factors

Income Consumers with higher rates of disposable income are more likely to consume subscription services as they have a steady inflow of money.

Economic downturn may lead to redundancies and lower family incomes. This is likely to hit subscription services extremely hard as they are an 'easy to cut' outgoing.

Technological receptiveness As previously established, 41.6% of MemoryLocker consumers are 'digitally cautious' and also fall into the late majority in technological adoption. This means that it could take years bef ore MemoryLocker obtain nearly half its desired customer base.

'Digitally Cautious' boomers may be too reluctant to enter their banking details online due to safety reasons

Cultural Factors

Social Factors

Beliefs and attitudes

Culture

Family

Many boomers see technology as 'taking away' f rom experiencing life and damaging younger generations (Cole, 2018). Therefore they are dismissive and adamant not to give away their memories to the online space.

Consumers belonging to more conservative cultures or religions may be more concerned about privacy and security than the 'standard' western culture consumer and theref ore would be more reluctant to store their photos on a cloud based storage.

Consumers with deceased family members may want to use the service as a memory aid or living legacy f or them, which will encourage sales.

Consumers with no family may have no use for the service, or may f ind collating memories dif f icult or painf ul.


Emotional Benefits

Functional Benefits

Product Features

Target and Insights

A positive feeling that 20% of their money goes to charity. The reassurance of a never ending online legacy. Unlimited storage and guaranteed safety of photos and memories.

'How to' videos, easy use interface, life exceeding promise and additional scanning and photo book services.

To provide a secure and cost effective online solution for consumers memories.

The brand benefit ladder exhibits how the brand offers benefits beyond its core offering and exlpores the value it brings to the consumer.

157


PROBLEM

POTENTIAL ISSUES

PROBLEM SOLUTION

REPROCUSSIONS

OUTSOURCING PARTNERS FAIL TO DELIVER HIGH QUALITY SERVICE

THIS LEAVES THE CUSTOMER ANGRY AND GIVES MEMORYLOCKER A BAD IMAGE REFUND THE CUSTOMER FROM OWN POCKET IMMEDIATELY. THEN PICKUP THE PROBLEM WITH OUTSOURCING PARTNERS FOR A REFUND AND EXPLANATION. CASH IS TAKEN FROM MEMORYLOCKER'S POCKET FOR REFUNDS, MAKING THEM SHORT ON CASHFLOW.

HOW TO MANAGE S E E K I M M E D I A T E R E F U N D F R O M O U T S O U R C I N G P A R T N E R S . A S A B U S I N E S S ARRANGEMENT HAS ALREADY BEEN MADE, THIS SHOULD NOT TAKE REPROCUSSIONS LONGER THAN 3 WORKING DAYS TO PROCESS.

FUTURE DAMAGE 158PREVENTION

ASK CUSTOMERS TO GIVE FEEDBACK AFTER MAKING AN OUTSOURCING ORDER TO CHECK THE QUALITY OF SUPPLIERS SERVICES REGULARLY.


Happiness with the MemoryLocker service and community

MARKETING

CUSTOMER SUCCESS

Easy contact and quick response teams to help with online malfunctions, enquiries and billing problems.

CUSTOMER SUPPORT

Keep marketing media constant and fresh to ensure customers the service is still popular and fresh.

PRODUCT Customer Retention Necessities

Customers continue to log on and make regular updates are more likely to continue paying for the service.

Service that continues to function effectively without service failures or technical issues

ENGAGEMENT

159


The above chart refers to gross weekly earnings for current baby boomers. Despite pensions being strong for current boomers, upcoming boomers will have to work until age 67 (SSA.Gov, 2018) until they can receive their pensions. This means upcoming generations will have elongated disposable income due to full time employment, making a sustainable future for MemoryLocker. Economist at Kantar Retail, Doug Hermanson, states: “Upper-income Boomers can sustain their pre-recession spending and be a strong driver of the consumer economy over the next five to 10 years. They have the money to spend. It’s a different mindset of saving before and now saying, ‘I’ve got to spend it while I’m here.’” (Hermanson, 2010, Lee, 2016) Opportunities: MemoryLocker is an extremely useful service, however is it a nonessential cost which makes the affluent baby boomer market perfect for this service. Their sustained wealth makes a continuing subscription service a viable assumption and lessens risk. This is confirmed by the MemoryLocker concept testing research, by which 71% of baby boomers claimed to be either currently using, or would consider using online subscription services. Risks: Despite this, the frivolity of the baby boomer attitude to ‘spend it while I’m here’ could be potentially dangerous. Hermanson contradicts himself by proclaiming this attitude is positive whilst simultaneously suggesting that baby boomers can control their spending and sustain the economy for the foreseeable future. If baby boomers are ‘spending it all’ in fear of not being present in the future, their future finances could not withstand an added cost such as MemoryLocker, meaning users would have lower customer lifetime value by staying with the service for a shorter time. Conclusion: Financially, the upcoming boomer generation in terms of age range may have a larger proportion of disposable income due to their longer working lives and lessened frivolity, which makes them ideal for a long consumer lifetime with MemoryLocker. Despite this, the current boomers will sustain cash flow and subsequently will purchase more added value services which will improve cash flow and provide a strong cash injection into the business in its first 5-10 160 years.


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R.SER ORYL OCKE

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ALL PAGES MADE USING WWW.CANVA.COM. ALL ADDITONAL ICONS ARE DERIVED FROM THIS SOURCE. Canva.com. (2018). Amazingly Simple Graphic Design Software – Canva. [online] Available at: https://www.canva.com/ [Accessed 8 May 2018].

187


188


2015 Cone Communications/Ebiquity CSR Study. (2015). [online] Cone Communications/Ebiquity. Available at: http://file:///C:/Users/ User/Downloads/2015_Cone_Ebiquity_Global_CSR_Report.pdf [Accessed 25 May 2018].

Fig 1.

Purpose

fig 2

Fig 3

CSR as Value Creation

Gives strong brand essence and positive reputation

CSR as Risk Management

Gives MemoryLocker competitive Edge over noncharitable competitors such as SmugMug

CSR as Corporate Philanthropy

To encourage partnerships and increase funding opportunities

Impact

Benefits

Provides larger customer benefit

Brings in more customers. Keeps customers interested for longer HIGH

Brings in more customers. Provides positive brand perception

MEDIUM

Encourages outsourcing partners to collaborate and give larger commission of sale

Perception A business that is giving and community based, giving 20% profits to charity and running an online help community. Compared to large corporate money inspired competitors.

Businesses and consumers want to support charitable HIGH or businesses causes

Model adapted from: Tauro (2010). framework of CSR , tauro, 30 0ct 2010, wiki. https://commons. wikimedia.org/wiki/File:CSR_framework_-_value.jpg (accessed 20 May 2018)

Generates PR and editorial for MemoryLocker through Philanthropic intitiative

Model adapted from:

Process A service that features ‘how to’ videos at every step and offers scanning and print to make photo collation easier.

Prospect. Secure. Simple. Affordable Photo storage that is secure, affordable and simple to use, making online photo collation easy.

Burnstein, D. and MECLABS (2012). Customer Value: The 4 essential levels of value propositions - MarketingExperiments. [online] MarketingExperiments. Available at: https://marketingexperiments.com/value-proposition/levels-of-value-propositions [Accessed 25 May 2018].

189


Fig 4

MemoryLocker offers the opportunity for consumers to transcend themselves through a never ending digital legacy when they pass.

SELF TRANSCENDENCE

MemoryLocker allows consumers live up to their fullest potential by saving them time, effort and stress.

SELF ACTUALISATION

MemoryLocker helps consumers feel good about themselves by promoting 20% of their profits to charity, meaning the customer feels charitable, giving and kind.

SELF ESTEEM

MemoryLocker provides the consumer with a sense of safety that memories and photos are secure.

SAFETY NEEDS PSYCHOLOGICAL NEEDS

Fig 5

Provides Online Support Provides a Legacy

Provides Value Provides Security

Family Focused

How does the brand make the buyer look?

Helpful

£3.50 per month

SIMPLE. SECURE. AFFORDABLE Fun

Nurturing

Kind

Nostalgic

Loyal

Milo (2017). BRAND ESSENCE WHEEL. [online] MILO’s. Available at: https://milosmarketing.wordpress.com/brandessence-wheel/ [Accessed 25 May 2018].

Convenient

Online Support Network

Giving

Caring

How would the buyer describe the brand?

Trustworthy

CORE

3 Services

20% profits to charity

N/A

FACTS AND SYMBOLS

Unlimited Storage

Supportive

Part of a Community

A Sense of Belonging

BRAND PERSONALITY Technologically Forward

Limitless (through legacy)

How does the brand make the buyer feel?

AAKERS 5 DIMENSIONS OF BRAND PERSONALITY

Fig 6. MEMORYLOCKER'S PERSONALITY

SINCERITY

25%

EXCITEMENT

10%

COMPETENCE

30%

SOPHISTICATION 10%

190

Maslow, A. (2013). A theory of human motivation. Lanham: Start Publishing LLC. [Accessed 14 May 2018].

MemoryLocker Community provides a sense of belonging and support.

LOVE/BELONGING

What the brand does for the consumer

Model adapted from:

RUGGEDNESS

25%

Model source: Aaker, J. (1997). Dimensions of Brand Personality. SSRN Electronic Journal. [Accessed 15 May 2018].


Model source:

MEMORYLOCKER AS A SOLUTION

Fig 7.

SUITABILITY Consumer needs/wants: Legacy Value Online security Easy use website Easy photo collation MemoryLocker Offering: Online Legacy fulfilled with life exceeding promise. Value for money as the cheapest photo storage platform in the market. Latest online security software Offers online instructional videos to make website use easier. Offers storage, scanning and photo book printing services to make collation easier.

ACCEPTABILITY

Johnson, G., Scholes, K. and Whittington, R. (2009). Exploring corporate strategy. Harlow: Financial Times Prentice Hall. [Accessed 1 May 2018].

FEASIBILITY How is this proposition feasible? Low lifetime cost per customer makes chance of profitability higher. Execution of business is simple as storage can be bought when needed and added services go though outsourcing partners. Once initial website costs are covered, business costs are relatively low. Potential downfalls Lacking in staff expertise resources as starting with only One employee. Website faults may take time to fix if there isn't an in-house web designer.

Acceptable proposition for investment? Based on solid foundation of research that indicates a need in the market that isn't currently fulfilled. Great opportunity for a large rate of return for investors due to large profit margin per customer (ÂŁ9.35 lifetime customer cost for storage). Innovative business concept. Acceptability in the market? Growing industry that needs innovation. Neglected consumer that needs attention and has money to spend that is not affected by external environment (grey pound). Hard to compete with established competitors such as Amazon and Smugmug which may result in low acceptability from consumers.

Model source:

Porters 5 Forces

Threat of new entrants

Threat of substitute services/products

An Emerging Industry

Fig 8.

Bargaining power of consumers

Bargaining power of suppliers

Discount Culture

Outsourcing Discounts

Modern discerning customers expect a free trial period when using a subscription service, and this can be very costly to the business in terms of initial cash flow. If all consumers are receiving free trials on their first month then the cash flow of the first 6 months of operation is likely to be very weak.

Threat of low or no outsourcing discount offered by the supplier means a lower percentage of profit made by MemoryLocker on each sale, damaging the profits. There is also the risk that suppliers could start producing lower quality items because they are offering larger outsourcing discounts to reduce their own costs.

This can be overcome by offering free trials on occasion and not as a rule, as MemoryLocker is not a freemium business model. Free trials can then be used for marketing purposes, selectively on and rarely, on months where cash flow is sufficient and costs are low, which will prevent any capital problems. This will also encourage a higher percentage of people to use the trial as it is something that is not often available.

Outsourcing is an added value service and is not a main driver of revenue, therefore, this is not a massive risk for MemoryLocker

Threat of existing competitors

Established competitors

Loyalty as a disadvantage

Outdated Technologies There is a risk that this will become a much more highly saturated market as it is still an emerging industry. The risk with this is that larger competitors may be able to offer a better value product for customers than safe space due to factors such as high value starting investment and large economies of scale for photo books and prints. The response to this threat is acting quickly and efficiently to skim the market and capitalize on the customers loyalty.

There is the threat that cloud storage services will become outdated with the next technological innovation to be introduced in the market.

As baby boomers are largely not early technological adopters, this means that gradual planning can be made and no fast, damaging changes need to happen.

Smug Mug has been established in the field of online photo storage for 16 years. Therefore consumers are more likely to trust that their photos will be safe on their platform than a new market entry such as MemoryLocker Despite this, Smugmug target a different, more professional consumer and this will potentially seem daunting to a baby boomer. No other competitor in this market targets baby boomers exclusively, therefore the focus and simplicity that MemoryLocker provides will override its lack of establishment in the market.

Baby boomers are less experimental than other generations, they like to stick with what they know, and they're loyal (Farley, 2017). As a result, whilst MemoryLocker may provide customers with a higher customer proposition than its competitors, if consumers are already paying for for example, Dropbox services, they may be more reluctant than millennial's to change.

Porter, M. (1979). How Competitive Forces Shape Strategy. [online] Harvard Business Review. Available at: https://hbr.org/1979/03/ how-competitive-forces-shape-strategy [Accessed 25 May 2018].

Therefore, the primary focus for MemoryLocker will be targeting customers who do not currently use competitor platforms.

Model source:

S Fig 9

STRENGTHS

Unique customer offering High customer value proposition Charges less than competitors Percentage of consumer money goes to charity and inclusive community is provided. Cost per customer is low, providing increased profitability once initial investments are paid off 'Customer for life' concept adds value to service. Predicted cash flow for years 1-5 provides enough cash to create a significant buffer for any unexpected costs that may occur. Differentiated service that exists as a related diversification meaning there is nothing like it in the existing market, allowing quick growth levels. Customer is not vuneralbe to economic circumstances due to the 'grey pound.

W WEAKNESSES

Design flaws or website problems may incur additional costs that may infringe on profitability Security software may incur more costs than initially considered. Lack of management experience in cloud storage and IT may lead to a badly operated service with software malfunctions The low price of the service may not co exist well with the high security as customers usually associate low cost with poor quality which may deter them from using the service. Lack of staff may interfere with customer service quality and response time to enquires which may deter potential customers.

O

T

OPPORTUNITIES

THREATS

Related diversification strategy means the service is unique and there are no similar offerings Clouds as storage platforms are becoming increasing popular Opportunity for future potential growth into scanning and photo book market instead of using outsourcing partners Opportunity to move past photos and into all different kinds of memorabilia such as children's artwork etc. Opportunity to launch marketing worldwide and increase sales numbers massively. High initial investment costs of photo storage platform software may act as a barrier to entry for competitors which lessens MemoryLocker's competition and risk.

May struggle to compete against established competitors such as SmugMug who can offer history of security and more expertise creating barrier to entry for MemoryLocker. Corporate giants such as apple introducing higher security or reducing prices may make MemoryLocker lose its niche. Emerging or new technologies may steal limelight away from cloud storage and make the market and therefore MemoryLocker redundant. Low consumer confidence from digitally cautious baby boomers.

Albert Humphrey. (2005). SWOT Analysis for Management Consulting. SRI Alumni Newsletter. SRI International. Retrieved from https://www.sri.com/sites/default/files/ brochures/dec-05.pdf [Accessed 25 May 2018].

191


'WHICH SOCIAL MEDIA PLATFORMS DO YOU USE? SELECT ALL THAT APPLY'

Primary Research. See appendix 7.

(BOOMER BEHAVIOURS SURVEY, PRIMARY)

100%

'HOW DO YOU SPEND THE MAJORITY OF YOUR TIME ONLINE, RANK IN IMPORTANCE'

Primary Research. See appendix 7.

SECONDARY RESEARCH (‘A State of the User Experience’, 2016)

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0

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'HOW MUCH TIME DO YOU SPEND ONLINE EACH WEEK, OUTSIDE OF WORK' SECONDARY RESEARCH (‘A State of the User Experience’, 2016)

40%

LimelightNetworks (2016). The State of the User Experience. [online] Img03.en25.com. Available at: http://img03.en25.com/Web/LLNW/%7B70a00140-3e71-4850-9ab4-69 ee4672df9c%7D_StateoftheUserExperience.pdf [Accessed 20 May 2018].

Fig 11. 30%

20%

10%

0% 15+ Hours

11-15 Hours

8-10 Hours

5 - 7 Hours

'VOTE BY AGE' UK Election results 2017. (YouGov.com, 2017) 70

70

56

56

56

42

42

42

28

28

28

30

20

10

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Fig 13.

70

Curtis, C. (2018). YouGov | How Britain voted at the 2017 general election. [online] YouGov: What the world thinks. Available at: https://yougov.co.uk/news/2017/06/13/howbritain-voted-2017-general-election/ [Accessed 25 May 2018].


KPMG (2017). The Truth About Online Consumers: 2017 Global Online Consumers Report. [online] Assets.kpmg.com. Available at: https://assets.kpmg.com/content/dam/kpmg/xx/ pdf/2017/01/the-truth-about-online-consumers.pdf [Accessed 25 May 2018].

Fig. 14

Fig. 15

'NUMBER OF APP DOWNLOADS WORLDWIDE'

Statisa (2017). Annual number of mobile app downloads worldwide 2022 | Statistic. [online] Statista. Available at: https:// www.statista.com/statistics/271644/worldwide-free-and-paidmobile-app-store-downloads/ [Accessed 25 May 2018].

(STATISTICA, 2017)

400

300

200

100

0 2016

2017*

2021*

'DO YOU RESPOND BETTER TO PRINT MEDIA SUCH AS BILLBOARDS AND FLYERS OR ONLINE ADVERTS ON SOCIAL MEDIA AND WEBSITES'

Fig.16

(BOOMER BEHAVIOURS SURVEY, PRIMARY)

40%

Baby Boomer Survey. See Appendix 7.

30%

20%

10%

193

0% Online

Offline

Both equal


Year 1

Fig. 17

Year 3

Digitally Cautious 41.6%

Digitally Competent 41.6%

Digitally Savvy 16.6%

TECHNOLOGY ADOPTION CURVE INDUSTRY AVERAGE

Year 2

MEMORYLOCKER CUSTOMER ADOPTION CURVE

Rogers, E. (2002). Diffusion of preventive innovations. Addictive Behaviors, 27(6), p.246. [Accessed 25 May 2018].

Model source: Fig. 18

D

A

AWARENESS

A

INTEREST

DESIRE

ACTION

Stage 1: Attention/Awareness.

Stage 2: Interest/ Consideration; product & company research

Stage 3: Desire/ Conversion: When and where the consumer buys the product

I

At this stage, google ads will make the site Awareness is achieved at the very top of the search, making the through the basic site look official and legitimate on the advertising such as customer journey to the website. The site billboards, social media will be clearly and professionally laid out and promoting on news with clear ‘how to use’ videos on the websites. At this stage, website. The online ‘community’ section of the customer is the website with general computer ‘how to’ experiencing both interest videos will also create the impression of a and indifference as they philanthropic brand which will greatly do not have enough contribute to the consumers impression of information to gain the service. The consumer will be feeling desire. both intrigue and pessimism at this stage, as while they are excited by the promises of the brand, they are discerning and seeking signs of fraudulence.

Stage 4: Action and the customers experience and feedback

At this stage, the consumer will research competitors and seek a better value service. For photo storage services alone, MemoryLocker is the cheapest month by month service in the UK market offering unlimited storage, so the consumer will not find a more promising competitor on price. Despite this, for consumer peace of mind, MemoryLocker will offer a price match service by which they agree to meet any monthly price on an official UK site. Since research shows there is no current cheaper competitor, this offer is purely principle and serves customer reassurance. At this stage the customer experiences further curiosity and cautiousness which is what leads them to do further research. DROPOUT ZONE

Emotion: Interest and indifference

Emotion: Intrigue and pessimism

Emotion: Cautiousness and curiosity

Offering a benefit in return for feedback and reviews will entice customers to interact with MemoryLocker and encourage purchase. The customer feels excitement at this stage in their purchase and therefore would be more likely to leave positive feedback that would encourage others to purchase.

Priyanka, R (2013). “AIDA Marketing Communication Model: Stimulating a purchase decision in the minds of the consumers through a linear progression of steps,” International Journal of Multidisciplinary Research in Social Management, Vol. 1 , 2013, pp 37-44. [Accessed 22 May 2018].

Emotion: Excitement

Model source: High Uncertainty

194

Unstable

Adapted from:

Low Uncertainty

Stable

Fig. 19

RATE AND SCOPE OF CHANGE IN ENVIRONMENT

Moderate-High Uncertainty

MemoryLocker operates in a simple environment that is not massively effected by economic downturn because of its low cost nature and how essential cloud storage is in modern society. Not only this, but the baby boomers 'grey pound' is even less likely to be affected by any external change and is therefore not very environmentally elastic.

Simple

COMPLEXITY OF ENVIRONMENT

Low-Moderate Uncertainty

Complex

Daft, R. (1989). Organization theory and design. St. Paul: West Pub. Co. (Accessed 20 May 2018)


Fig. 20

Coles, C. (2018). AWS vs Azure vs Google Cloud Market Share 2017 - Free Report. [online] Skyhigh. Available at: https://www.skyhighnetworks. com/cloud-security-blog/microsoft-azure-closes-iaas-adoption-gap-withamazon-aws/ [Accessed 7 May 2018].

'PUBLIC CLOUD REVENUE MARKET SHARE 2017' (Coles, 2018 AWS vs Azure vs Google Cloud Market Share 2017)

Fig. 21

Security, simplicity, professionalism and good value for money

er of tA zu re

r

os icr

th e

IB M

So ftl ay

O

AW on

az

Model source:

M

Am

G

oo

gl e

Cl ou

d

S

50% 40% 30% 20% 10% 0%

MemoryLocker provides the customer what it wants

What consumers want

Provide value, security and ease of use

What MemoryLocker does best

Winning Zone Risky Zone

Provides the customer with security with their established reputation

competitive battle to capture consumers attention and meet needs

Dumb Zone

Losing Zone

What your competitor does best (SmugMug)

Provide an established, professional and beautiful service

BrandEngineers.com (2018). THE WINNING ZONE. [online] Brand Engineers. Available at: https://www.brandengineers.com/positioningtips/2017/6/6/the-winning-zone [Accessed 25 May 2018].

Provide an established, professional and beautiful service

Model source: MACRO ENVIRONMENT Social Factors

Fig. 22`

MICRO ENVIRONMENT

Web CRM Designers

Technol ogy

The Economy

MEMORYLOCKER'S BRAND ENVIRONMENT

Scanning Suppliers

Political Factors

The Public

Web Security Providers

MEMORYLOCKER

AWS Storage Providers

Competitors Cultural Forces

Printing Suppliers

Changing Laws & Policies

Oxford College of Marketing (2018). Micro and Macro Environment Factors | Oxford College of Marketing Blog. [online] Oxford College of Marketing Blog. Available at: https://blog.oxfordcollegeofmarketing.com/2014/11/04/ the-impact-of-micro-and-macro-environment-factors-on-marketing/ [Accessed 25 May 2018].

Consumers Boomer Demographic

195


Model source:

Fig. 23

Despite this, the 'grey pound' of the baby boomer (high levels of savings and assets) will protect them from being affected too greatly and will not prevent them from spending any disposable income, therefore MemoryLocker customers will still use services such as MemoryLocker in periods of economic downturn.

Economic downturn or recession means customers have less disposable income and spend less on non essential goods.

ECONOMIC

There has been increasing instances in the press of businesses becoming 'bankrupt' with managers extracting money out of the business for personal gain and leaving employees without careers and pensions, just two recent examples of this are Arcadia and their store BHS and construction company Carillion, in which 2,303 members of staff have been made redundant.

SOCIAL

TECHNOL OGICAL

Controlling and maintaining transparency with data may be difficult for MemoryLocker and may entail having to purchase additional software such as a data flow mapping tool to control data storage and collection which will be an added cost to the business that will decrease profitability.

GDPR compliance demands businesses to be completely transparent with the data that they are collecting and storing in order to protect consumer privacy rights (Itgovernance, 2018)

'PHOTO BOOKS REPLACING PHOTO ALBUMS IN THE HOUSEHOLD'

Model source:

This means that customers may not have the free time to undertake photo collation, however it does mean that customers will have more disposable income as they will be working full time rather than receiving a controlled state pension.

Changing regulations on retirement age means MemoryLocker customers will have to work for longer in order to receive their full pensions

ETHICAL

Consumers affected are unemployed and have to find new work. This cuts down disposable/household income and resultingly customers are much less likely to use the MemoryLocker service.

Anon (2018). PESTLE Analysis | Factsheets | CIPD. [online] CIPD. Available at: https://www.cipd.co.uk/knowledge/strategy/ organisational-development/pestle-analysis-factsheet [Accessed 25 May 2018].

Despite this, as MemoryLocker has a consumer that is mostly a late/mass adopter, this should not effect MemoryLocker's ability to stay current too greatly, as consumers are behind the latest technological innovations anyway.

As previously discussed in the SWOT analysis, technology adapts and improves extremely quickly and businesses must be able to have the research and development capabilities to stay competitive and current in this market.

LEGAL

Fig. 24`

This results in increased customers to MemoryLocker. It is important to consider that once the pound strengthens against other currencies, MemoryLocker may see some high dropout levels from international customers.

The weakened pound due to the after effects of Britain leaving the EU means that customers living outside of the UK get more for their money in conversion and therefore are more likely to sign up for services such as MemoryLocker where they can get a cheaper value service than perhaps national services in their own countries.

POLITICAL

'DO YOU THINK PHOTO BOOKS WILL EVENTUALLY REPLACE PHOTO ALBUMS IN YOUR HOUSEHOLD?' (INFOTRENDS, PHOTO PRINTING SURVEY, 2013)

Yes - Will start 25%

Yes - Already 29%

Booms, Bernard H.; Bitner, Mary Jo (1981). “Marketing Strategies and Organization Structures for Service Firms”. Marketing of Services. American Marketing Association: 47–51.(Accessed 19 May 2018)

Haueter, D. (2014). InfoTrends InfoBlog » Digital photo printing. [online] Blog.infotrends. com. Available at: http://blog. infotrends.com/?tag=digitalphoto-printing [Accessed 25 May 2018]. Fig. 26

No 16%

I Don't Know 31%

Fig. 25

GOOGLE ADS FACEBOOK ADS YOU TUBE ADS BUS STOPS SAGA MAGAZINE THE TIMES NEWSPAPER

PR FOR THE BRAND AND MEMORYLOCKER COMMUNITY

EARNED

196

OWNED WEBSITE, MEMORYLOCKER COMMUNITY

Model source:

PAID

SHARED WORD OF MOUTH

Kelly, R. (2018). Sample Marketing Plan With Paid, Owned, Earned and Shared Media -. [online] Pearanalytics.com. Available at: https://pearanalytics.com/blog/2014/samplemarketing-plan-with-paid-owned-earned-andshared-media/ [Accessed 25 May 2018].

Yearly dicounted pricing strategy £3.50 per month, £35 per year Having a presence online and across all social media platforms.

PRICE

A subscription based service that gives unlimited and secure photo storage to customers PRODUCT

PHYSICAL EVIDENCE 7 P'S MARKETING MIX

Paid, Earned, Shared and Owned media combined with word of mouth.

PLACE

PROMOTI ON

Facebook YouTube Bus Shelters Saga Magazine The Times Flyers Emails

PEOPLE POSITIO NING

Blue Ocean unique product. Positioned as a low cost enterprise

Customers, spread via word of mouth, encouraged via 15% off discount for sharing on Facebook


197


Appendix 2. Evidencing of Rates and Assumptions

Bus Stop Advert

Saga Advertisement

Psvmedia.co.uk. (2018). Bus Advertising Prices and Options - PSV Media. [online] Available at: http:// www.psvmedia.co.uk/busadvertising-prices.html [Accessed 25 May 2018].

SAGA PLC (2018). Advertise with us. [online] Saga.co.uk. Available at: https://www.saga.co.uk/magazine/ saga-magazine/advertising/advertise-with-us [Accessed 20 May 2018]. Facebook and You Tube Adverts The Times Advert Newsukadvertising.co.uk. (2018). The Times | News UK Advertising. [online] Available at: https://www. newsukadvertising.co.uk/ the-times [Accessed 20 May 2018].

198

Facebook Business (2018). Facebook Business. [online] Facebook Business. Available at: https://www.facebook.com/ business?ref=sem_smb&campaign_ id=638817082920393&placement=exact&creative=268177954927&keyword=facebook+advertise&extra_1=93f7f1a4-2d71-44f2-90c4-1be87ebacfeb&gclid=Cj0KCQjwuYTYBRDsARIsAJnrUXAU18sfv7lbrcgQXoRKRRLe-EkxAZ8m0DVerA7ReK6P3DEMIT97KUoaAtppEALw_wcB [Accessed 20 May 2018].


Appendix 2: Evidencing of rates and assumptions. PHOTOS - How much space do photos use up?

Evidence for the assumption that each customer will need 1TB of storage for a lifetime.

If at the average rate of 12mp, 1gb can get you 250 photos, then 1000 gb (1 terabyte) can get you 250,000 photos which is more than sufficient for a customers lifetime.

VIDEOS - How much space do videos take up? If at the average 24Mbps 1gb can get you 5 minutes of video, then 1000 gb (1 terabyte) can get you 5000 minutes (83.33 hours) in video. Simply the customer will not need both 83.33 hours of video and 250,000 photos, so their terabyte will be a mixture of both video and photo.

Photo and video usage amounts taken from source:

Ebay (2016). USB-Flash-Drives-How-Much-Storage-Space-is-Enough-. [online] eBay. Available at: https://www.ebay.com/gds/USB-Flash-Drives-How-Much-Storage-Space-is-Enough/10000000177629681/g.html [Accessed 19 May 2018].

199


200


201


CONCEPT TESTING - GENERATION Y

202


203


MILLENIALS - CONCEPT TESTING

204


205


BABY BOOMERS - CONCEPT TESTING

206


Do you feel like your photos, videos and memories are kept safe on storage platforms such as Facebook, instagram, Whatsapp etc? Why do you feel this way/

207


208


209


210


211


Do you ever get concerned that you may lose your digital photos/memories if the social media platform/ mobile phone that you have stored them on becomes outdated? Please explain why you feel this way

212


213


214


BABY BOOMER BEHAVIOURS SURVEY

215


216


If a company were to try and advertise to you, what would be the platform that you would find preferable? Consider print media, billboards, social media, websites and anything else that you interact with?

217


218


219


Focus Group 1: Susan 55, Faye 53, Shirley 70, Gary 56, Ray 54 Section 1: Photo Archiving Do you ever archive/collate/ put effort into restoring your photos? Gary: I do Faye: Yes Shirley: I don’t know what you mean, hm yes Sue: Yes, I save them on to a computer because I’m worried ill lose them on the iCloud Ray: I just basically store mine on iCloud Why do you do this? Faye: Because I think I’m going to lose them Gary: well I’ve started to do photobooks because I think we’re going to lose everything on IT Faye: I do worry about that Gary: I think it will just get lost in the memory of computers Shirley: Yes, I think I’d rather have photographs in books Sue: well I like having photographs in a book and I’m happy to have digital photographs to show people but I worry that things are on the iCloud and not on my computer anymore because recently I’ve realised that they’re storing them on iCloud, they’re not even in my phone memory anymore, I’ve saved them and now they’re on the cloud not my phone. Faye: and you don’t know how to retrieve them as well! Sue: and what happened if apple started to charge a lot of money or they held you ransom or anything could happen, and you just feel like it’s not yours don’t you? And it’s something that should be yours. Ray: I don’t know I just store them on there. Um, just to keep them safe, maybe for later years to look back on. Do you think it’s important to have digital memories of you and your family? Sue: Yes Faye: Well, I think it’s good to have both Ray: good to have both Gary: both Shirley: both Do you use iCloud, dropbox, or google photos? Faye: no, I sometimes use dropbox for work though Ray: iCloud Gary: Ive started putting my daughters singing things on dropbox 220 no Shirley: Sue: I’m using iCloud, but I thought they were saved to my actual phone, but apparently, they’re not they’re in iCloud.


Do you find them easy to use or quite complicated? Faye: I can’t really answer that one because I don’t really use them enough Ray: I think iCloud’s fairly simple, I mean it takes a while to get to it but once your there its pretty simple to work it out Sue: I think it’s easy to use but there are sometimes when, like when I originally had my other iPad it didn’t seem to sync with my photos, but I had saved my photos to a hard drive so it wasn’t a problem, so yes it is easy but I still don’t trust it 100% that’s all Gary: it’s easier to get your photos of iCloud then it is off the computer Faye: I still worry that someone else will manage to hack in and get to my photos. Have you ever heard of the brand Smugmug? All: no Section 3: SafeSpace I am working on creating a service aimed at the baby boomer market, ages 50-70. The service is called safe space, and acts as a safe online storage option for photos and videos. Additionally, the service offers to scan in your physical photos, and download your online photos into physical format. Do you think that there is a need for this service? Faye: yes, I think there is as its one place for everything, so you can think, I know that its all together in one place and its safe. Sue: definitely I would use it Gary: yes, I would consider using it depending on the price, but I think it’s a good idea Ray: I would use it as I do worry about the iCloud losing all my photos Shirley: Yes, I might find it useful What additional/different features would you like to see in this service? Faye: organization by different things such as people, date, location, a good way of organising would be good Ray: yes, you could almost tag your photos like you do on Facebook with different key words that would help you to track and locate them Shirley: yes, that’s a very good idea actually, it would make it very easy to navigate Section 4: SafeSpace communication What do you think of the name SafeSpace? Faye: I don’t mind it Gary: I’m not too keen because it makes me think of other things, like it’s not specific to an online photo storage location, for all I know it could be a safe place for offenders or something like that. I think it needs to be clearer 221 Sue: I completely agree I think it needs to involve memories or photos in some way Ray: I second that


What do you think of the name MemoryLocker? Gary: that’s much, much better Sue: I like that one actually because it sounds safe, the word locker makes me trust it Ray: yes, that one is better Shirley: yes, I like it Faye: Much clearer! In terms of branding in general, do you prefer more corporate styles or more personal and colloquial branding? Faye: I don’t think that I would be too bothered about that to be honest, id probably go for more corporate though I think Sue: yeah, I think id want to trust it so therefore I wouldn’t want to think I was something small and low key, id want it to look like its something official. Faye: yes something official that’s recognised What do you respond the most to, online or offline marketing? Faye: online I think, its gotta be now Ray: online Shirley: Online Sue: online Gary: offline Have you ever purchased something a blogger has promoted? Sue: I don’t know any bloggers Ray: no Gary: yes, I have yes, yeah, I looked on travel blog sites about a story of India from when we did our trip. Do you ever notice social media adverts? Sue: I notice them on Facebook and things like that but I don’t think I’ve ever bought anything off social media Gary: I don’t look at them Faye: I do look at them sometimes, if they are of an interest to me Sue: but have you ever bought one that’s flashed up though? Faye: um yes Raye: 222 I have bought one, I did once.


Do you ever click on clickbait advertisements? Faye: probably not, if I’m not interested in it or not trying to research it myself then I probably wouldn’t look at it Sue: I like to lead my own investigations. I feel as if someone’s trying to get me to do it, it almost gets my back up a little bit, I know it sounds a bit silly. What social media platform do you use the most? Sue: Facebook, but I am on snapshot and Instagram as well Shirley: Facebook Gary: Facebook Section 5: Online Behaviours How comfortable are you with using the internet? Faye: pretty comfortable yeah Gary: pretty comfortable Shirley: learning Ray: yeah, I’m pretty comfortable, still worried about security though, I think you know you can get a bit carried away, they do know a lot of information about you, especially on Facebook Faye: too much How comfortable are you with uploading photos to a website? Sue: I have done it for like, photobooks and stuff, yeah Ray: yes, quite comfortable Everyone: yes, comfortable How often do you find internet sites challenging to use? Shirley: quite often Sue: sometimes, sometimes they are a bit of a pain – I think why on earth have they made this so complicated Faye: generally, I think it’s alright Ray: agreed Gary: I’d say every week Fay: I just don’t like getting timed out for things if I’m using things and I’m a bit on the slow side

223


Do some sites seem so complex that you don’t procced with the transaction? Faye: very rarely, only if it involves payment it would delay my because sometimes I would think this is too much effort and just cancel it Gary: I’ve done that and stopped the transaction because it was too complicated Sue: so have I Ray: I find it simpler just doing it all through PayPal, it’s easy and simple Sue: I think sometimes, you are just trying to work out to see how much something is going to cost and they almost try and sign up before that and you think hold on, I didn’t want to do that. Gary: yes, I hate that How comfortable are you with making payments online? Faye: very comfortable as long as it’s a secure site and I feel happy with that Sue: yeah Gary: absolutely fine Ray: yeah, I’m fine Please give some examples of sites that you think are easy to use Gary: Nationwide building society Faye: Barclays bank Sue & Gary: Lloyds bank Ray: yeah HSBC, they’re very good Faye: so, all the banks generally Sue: amazon Gary: Facebook Please give some examples of sites that you think are complicated to use Gary: some holiday booking sites, airline flights, when you want to know which flights are going from a certain airport, because they’re too determined by advertising, you don’t always get all of the information. Some railways ones aren’t good either Sue: you’re never too sure if you’ve got the right deal Shirley: yes, coaches Do you ever find apple products or cloud storage difficult to use? 224 Everyone: Not really


Focus group: Book club: Sandy, Gwyn, Joy Section 1: Photo Archiving Do you ever archive/collate/ put effort into restoring your photos? Sandy: No Joy: Not in the cloud because I don’t trust it in any way whatsoever. I do do it but I do it on my laptop Gwyn: so do i! I do it all on memory sticks Do you think it’s important to have digital memories of you and your family? Sandy: yeah, yeah I do Joy: if it’s a really great photograph you then print it off but digital seems to be the priority nowadays. Gwyn: yes Section 2: Losing photos Do you ever lose photos online or on phones? Sandy: No Joy: No Gwyn: actually yes! Do you use iCloud, dropbox, or google photos? Joy: dropbox, but for work, I wouldn’t use dropbox for anything personal Gwyn: no Sandy: no, I’ve never even heard of dropbox What social media platform do you use the most? Joy: professionally or personally? Because I don’t use it personally, only for work Gwyn: Facebook Sandy: I don’t use any 225


Have you ever heard of the brand SmugMug? All: No Section 3: SafeSpace I am working on creating a service aimed at the baby boomer market, ages 50-70. The service is called safe space, and acts as a safe online storage option for photos and videos. Additionally, the service offers to scan in your physical photos, and download your online photos into physical format. Do you think that there is a need for this service? Sandy: yes, and I would use it if it was guaranteed to be safe. Joy: yes it would have to be very secure, but it sounds like a good idea Gwyn: yes I would give it a go. What additional/different features would you like to see in this service? Sandy: secure payments through things like PayPal, that’s essential. Section 4: SafeSpace communication What do you think of the name MemoryLocker? Gwyn: it’s clear, it tells you what it is Sandy: yes, I like that it has the word memories in it, it sounds very sentimental Joy: I like it In terms of branding in general, do you prefer more corporate styles or more personal and colloquial branding? Joy: I don’t mind, I just like brands to have a lot of personality Sandy: corporate, then it seems more trustworthy and professional Gwyn: I don’t mind What do you respond the most to, online or offline marketing? Gwyn: online 226 offline Sandy: Joy: offline, if it wasn’t for work I wouldn’t come across online advertisements often


Do you ever notice social media adverts?

How comfortable are you with making payments online?

Gwyn: I notice them but I don’t often click on them Sandy: no, I don’t use social media Joy: no

Sandy: fine, it’s my job Gwyn: I’m fine but I am cautions, I always use a credit card never a debit card, I feel like i’m safer with a credit card than a debit Joy: I am exactly the same I only ever use one specific credit card.

Do you ever click on clickbait advertisements? All: no What social media platform do you use the most? Gwyn & Joy: Facebook Section 5: Online Behaviours How comfortable are you with using the internet?

Please give some examples of sites that you think are easy to use Gwyn: Facebook, amazon, eBay – although I do get annoyed with that sometimes because they don’t filter that well Joy: you tube Please give some examples of sites that you think are complicated to use Joy: all football and sports websites, bbc sports is getting increasingly difficult as they keep changing it.

Gwyn: Yes, i’m good Sandy: i’m still not quite comfortable. I’m not all there yet. Joy: (laughs) I am reasonably okay with it How comfortable are you with uploading photos to a website? Gwyn: fine Sandy: I’ve never done it Joy: no, not that comfortable Do some sites seem so complex that you don’t procced with the transaction? Joy: yes Gwyn: no not really Sandy: sometimes I guess, but not that often. I’m alright with it because I often have to complete transactions for work. 227


Section 1: Photo Archiving

BRIAN AND ANGELA

Do you ever archive/collate/ put effort into restoring your photos? Brian: Well we do worry about this because we get it wrong don’t we? we’ve got all our photos in different place. Angela: We have done that haven’t we. We’ve put them online, but we have a tendency to lose them, because I think we don’t file them properly. How do you do this? Is it ever online? Angela: yes, this is online. We have a tenancy to not be able to find them because we haven’t filed them in any useful order Brian: and there are several different places where we keep them What Is the reason for keeping them in different places? Brian: incompetence (laughs) sometimes when your uploading them, the thing is, is that the computer does it and you’re not sure where it’s gone, like it says it’s going to do something like put it into pictures or this particular file, and then when you go back, it may be in a place where you didn’t envisage. Do you think it’s important to have digital memories of you and your family? Brian: its important to have obviously a record nowadays online Angela: because now everybody now takes photographs on their phone its important to keep up with it because that’s how everything is done now, so we don’t now very often have physical photographs, you know occasionally youll go and get one printed off, but not very often. Section 2: Losing photos Do you ever lose photos online or on phones? Angela: Yes, ive lost photos, ive lost some when I got a new phone even though I went down to the shop and asked them to do it for me, I did lose some I think. Occasionally I people send things through on you know, WhatsApp, sometimes they automatically save and sometimes they don’t and then if you haven’t made a point of saving it you lose it. Brian: sometimes I lose files on the desktop because I can’t remember where I’ve saved or imported them to on the computer. Do you feel that there is a need for a service that safely stores specifically photos and video memories online? Brain: It would certainly be helpful wouldn’t it, to know they’d be secure and everything Angela: I think so, I think it needs to be very well explained, to how one uses that, for somebody who is not particularly IT literate. I mean I want something that is very carefully set out with exactly what I would need to do in intelligible language not jargon. 228 Have you ever heard of the brand SnugMug? Both: No


Do you use icloud, dropbox, or google photos? Angela: Dropbox very occasionally Do you find them easy to use or quite complicated? Angela: we’ve not used it for a while because it got full so now we’ve just got some photos on there but not a lot. Section 3: SafeSpace I am working on creating a service aimed at the baby boomer market, ages 50-70. The service is called safe space, and acts as a safe online storage option for photos and videos. Additionally, the service offers to scan in your physical photos, and download your online photos into physical format. Do you think you would ever use this service? Brian: we would, wouldn’t we? Angela: Yes, I think we would Brian: if we knew it was easily assessible and easy to use What additional/different features would you like to see in this service? Brian: a function to edit and change the photos because that would be useful. Crop, filter and things like that. Angela: yes that would be very useful because you can just use the one platform and do everything on there, uploading, editing and storing. Section 4: SafeSpace communication What do you think of the name MemoryLocker? Brian: sounds alright to me Angela: it sounds very good. With these things you don’t always know what they do. But it says what it does which is very clear. Brain: and the locker bit has a dual interpretation, storage and security. In terms of branding in general, do you prefer more corporate styles or more personal and colloquial branding? Brian: it doesn’t matter to me really as long as it looks professional Angela: I like quite clean styles really What do you respond the most to, online or offline marketing? Angela: its hard to measure what I respond the best to, but i’m receptive to both

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Do you like tailored advertising online?

How comfortable are you with making payments online?

What we don’t like, is signing up to something and then getting emails about things that aren’t even related. I don’t like that really. Its difficult to say. Brian: I don’t like the tailored adverts especially on Facebook and YouTube. I don’t like it I find it invasive. I try and clear my cookies often so they can’t do it.

Brian: Fairly comfortable Angela: Yes, but we’re careful which cards we use, you know, we tend to use the credit card online rather than our regular debit card/bank account Brian: well you’ve got to be as secure as you can. Angela: we like PayPal. It gives you a bit of extra security and you can get your money back if its fraudulent.

Do you trust friends and family more than bloggers? Both: definitely Do you ever click on clickbait advertisements? Angela: very rarley Section 5: Online Behaviours How comfortable are you with using the internet? Angela: fairly comfortable Brain: yes, I mean we aren’t IT wiz kids by any stretch but we are fairly comfortable. How comfortable are you with uploading photos to a website? Angela: well uploading to a computer, yes, but uploading to websites its not something we’ve done often. I’ve done it before for photobooks but yes, a little comfortable. How often do you find internet sites challenging to use? Brian: its infrequent isn’t it, because some of the sites that can be challenging are just poorly designed. For example, if you are booking an airline flight, and the they change the price and they ask you something else and confuse you. Angela: yes, i find that completely frustrating. I guess everyone struggles with that though, and not just us. Do some sites seem so complex that you don’t procced with the transaction? 230 Both: Yes


Neil

Section 3: SafeSpace

Section 1: Photo Archiving

I am working on creating a service aimed at the baby boomer market, ages 50-70. The service is called safe space, and acts as a safe online storage option for photos and videos. Additionally, the service offers to scan in your physical photos, and download your online photos into physical format.

Do you ever archive/collate/ put effort into restoring your photos? No, not really Do you think it’s important to have digital memories of you and your family? These days, yes Why?

Do you think that there is a need for this service? Yes, I think there is, maybe for people who care more about collating their photos than me, i’m not too fussed about it, but yes for some people I think it would be very good. Do you think you would ever use this service?

Because, digital it seems to be the only way of recording anything, there’s no sort of going to boots to go and pick your photos up anymore is there If it was cost effective and easy to use Section 2: Losing photos

Section 4: SafeSpace communication

Do you ever lose photos online or on phones?

What do you think of the name MemoryLocker?

No

I think it’s good

Do you feel that there is a need for a service that safely stores specifically photos and video memories online?

In terms of branding in general, do you prefer more corporate styles or more personal and colloquial branding?

Yes, maybe that would help keep all my photos in one place

Corporate definitely

Do you use icloud, dropbox, or google photos?

What do you respond the most to, online or offline marketing?

Yes, icloud

Online

Do you find them easy to use or quite complicated?

Do you like tailored advertising online?

I don’t use them very often, but from what I know of them they are fairly straight forward

Yes, I don’t mind it

Have you ever heard of the brand SnugMug? No

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Do you ever notice social media adverts?

Please give some examples of sites that you think are easy to use

Yes

Amazon, eBay

Do you ever click on clickbait advertisements?

Please give some examples of sites that you think are complicated to use

Sometimes

Holiday booking sites sometimes or price comparison sites

What social media platform do you use the most?

Do you ever find apple products or cloud storage difficult to use?

Facebook

No, I do find it relatively easy to use.

Section 5: Online Behaviours How comfortable are you with using the internet? Yes I would say I’m very comfortable How comfortable are you with uploading photos to a website? Less comfortable How often do you find internet sites challenging to use? Sometimes but not very often, I’m generally fine because most websites are very easy. Do some sites seem so complex that you don’t procced with the transaction? Yes, I’ve done that before How comfortable are you with making payments online? Not very Why is that? 232 about people stealing my card details online, you know your bank I get worried account being rinsed.


One on one interview – Susan Josey Section 1: Photo Archiving Do you ever archive/collate/ put effort into restoring your photos? Yes How do you do this? Is it ever online?

Do you feel that there is a need for a service that safely stores specifically photos and video memories online? If it was cost effective, I would like a space such as that, where I know that I had the legal rights and the secure rights to my photos, no one else could see them, and that, those photos were solely for my use, unlike Instagram or Facebook or perhaps other photo platforms where you wonder if actually they might take away the ability to store them at some stage. Do you use iCloud, drop box, or google photos?

No, I do it to hard disk drives. I save and download it from my iPhone and onto my hard disk because I’m worried about losing it. I also take my daughters old iPhone I’m on iCloud. But that’s, mostly for me, is helps move stuff between my and save their photos to a hard drive because I think that they don’t realise that iPad and my iPhone and it does save them to the iCloud but I’m always a they have not got the property rights to their own photos. little bit worried about that. Do you think it’s important to have digital memories of you and your family?

Why are you worried about that?

Yes

It may be not be a founded worry, but I feel like at some point iCloud may decide not to keep the photos and I feel that – well I’ve heard about people not having control of the photos. For example, some of the photos that people have stored on iCloud – like some famous celebrities have had their nude photos hacked.

Why? Because I wouldn’t want to print out all of the memories because it would be a lot of expense and also a lot of storage space Section 2: Losing photos Do you ever lose photos online or on phones? I have lost them on my phone, but fortunately the majority of the time I’ve backed it up to my hard drive, but they’re not that accessible on a hard drive so it would have to take a lot of effort to go and get them from the hard drive, by logging on to an offline computer, it’s not very visible to me, so it’s not ideal, but I do know that I have stored them somewhere, but it isn’t that easy.

Have you ever heard of the brand SmugMug? No Section 3: SafeSpace I am working on creating a service aimed at the baby boomer market, ages 50-70. The service is called safe space, and acts as a safe online storage option for photos and videos. Additionally, the service offers to scan In your physical photos, and download your online photos into physical format.

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Do you think that there is a need for this service?

Section 4: SafeSpace communication

Yes I think that there is a need a for having photographs and all of the different aspects of photographs, and things saving the respective memories in one place, I think if anything you could extend it to having things like scanning of prom tickets and significant wedding invitations and sort of memorabilia that allies with your photographs to create kind of memory – yeah well a whole visual memory database, because things like that - I mean I don’t want all that clutter in my house, I am a bit of a hoarder, but I often, unfortunately throw away things because I just think I can’t keep them, but maybe – you know, pictures of children’s mother’s day cards that children have given me over the years, because I have two over twenty year old daughters – so I’d have 4o such cards, and then all my birthday cards, but I would quite like to keep a copy of those. School records with the children and their reports, and good pictures, anything like that that’s a good visual memory, I would like to store, but not have to store it in my own house – I quite like to have a non-cluttered house!

What do you think of the name SafeSpace?

Do you think you would ever use this service? Yes, I think it would be interesting to me to have a service such as that if it was cost effective. What do you like the most about the idea? I like the idea that all my photos would be in one place and that they would be safe, and there forever, and that I would have control over them. I’d like it if they were organised well in a file sort of way, so its easily accessible. Like easy to add file names, easy to move things between files, easy to see in date order. I like the idea that I could easily select from the platforms which photos I would have in the photobooks, it’s difficult looking between different media and different places that you are storing them, like getting some from Instagram, getting some from Facebook, I like the idea a lot. What do you like the least about the idea? I’m not sure there’s actually anything I don’t like about the idea. 234

Personally, I feel that the3 name makes me think of being a safe space for adults to be safe and not subject to interference, because it doesn’t relate to a visual media. In terms of branding in general, do you prefer more corporate styles or more personal and colloquial branding? I don’t think I mind particularly as long as the sites easy to use and not over cluttered, sometimes on a site you think, I just want to find the login thing, and there’s so much data on the site that I don’t know what I’m doing. Obviously, I think that a professional look is important, I don’t like using sites that are obviously not from a very big company, and you try and put things in and it’s hard because they are not very well put together. What do you respond the most to, online or offline marketing? Um, it’s hard because I guess I don’t know where my ideas about buying things are coming from. I guess I don’t like things being pushed upon me, like on a site where I’m not trying to buy something. Do you like tailored advertising online? It’s just that I don’t like people phoning me up telling me I need something, I want to search the market for the best one. But I don’t mind if it’s the idea, because I can go away and research it on my own, but I don’t like it to be like, oh here’s the idea go straight away with that one, I like to go away and take my time about the decision I suppose. Do you trust friends and family more than bloggers? I don’t really follow bloggers


Have you ever purchased something a blogger has promoted?

How comfortable are you with making payments online?

I don’t know, I mean, how would I know?

I am very comfortable to do that.

Do you ever notice social media adverts?

Please give some examples of sites that you think are easy to use

There are some, I mean I do notice them and sometimes I do look at them. It’s just almost as though I wouldn’t buy anything on there because I think – why was that advert there, it kind of puts me off. A bit like when you’re looking at things and it says; do you want to lose your belly fat in ten days? I almost think that they’re trying to sell me pills that I know doesn’t work.so I kind of have a mistrust with these, thinking that they’re a scam.

Amazon. Why?

Do you ever click on clickbait advertisements?

Because I’ve got an amazon account, every time I go into it I’m already logged in, and all I have to do is click the item I want and then click that I want to buy it and that’s all I have to do. I don’t have to re put in all my details or remember my password, I mean it might not be safe or whatever but it is easy to use.

If I do I immediately go off them, if I go on them by mistake.

Please give some examples of sites that you think are complicated to use

What social media platform do you use the most?

How comfortable are you with using the internet?

Personally, Tesco for online shopping, because they keep on asking me to upload the app and I don’t use it that frequently – like once every two months or so. The favourites are always in a different place and it just changes the format, and I just think, why do you have to keep changing it. I mean I know they are making some things better, but I always seems to be different and it’s just a learning experience every time. The whole point of doing the Tesco shop is to get it done quickly and it just feels very frustrating.

Quite comfortable.

Do you ever find apple products or cloud storage difficult to use?

How comfortable are you with uploading photos to a website?

I don’t use the storage very much but I do find the cloud a bit flaky, one time it didn’t upload on one of my accounts – I don’t really trust it but maybe that’s my perception. I’m sure a lot of people use it and are happy with it but I am a bit lacking in trust in it.

Facebook, Instagram and snapchat. Section 5: Online Behaviours

Quite comfortable. How often do you find internet sites challenging to use? I mean I can always cope with them but sometimes I find them challenging. The worst example was trying to do an Indian visa. It was very frustrating. Do some sites seem so complex that you don’t procced with the transaction? Yes. I have done that before.

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School of Art & Design

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

School of Art & Design

Module: FMBR3000 Ref. no: Date: 27/02/2018 Name : Ella Josey

ba

fmb3

Tutorial / Seminar Record Sheet Work to bring / prepare for session: Discuss memory safe idea with Charlotte.

Tutorial / Seminar Record Sheet 2017/18 Module: Stage 2 FMB30001 Ref. no: Date: 21/02/2018 Name : Ella Josey

Tutorial / Seminar Record Sheet Work to bring / prepare for session: Email Mark with stage 2 proposal Title, idea – no more than a line and a half, short paragraph with more detail, who what when why how, technical touchpoints.

Learning issues to discuss in session: Whether there is already something like it in the market. Is it too close to the idea of the cloud and is it innovative enough?

Learning issues to discuss in session: Is the business model sustainable in terms of money, cash flow and return on investment? Is the charitable giving a good idea?

Feedback from session: Good idea. Maybe create personalized packages to send to consumers who use the service such as photobooks etc. Use maybe a code for a will so that families can continue to look at photos of deceased family members online.

Tasks for next session:

Create a survey which will help determine if this is what baby boomers really want.

Feedback from session: Charitable giving – allow it to change the nature of the business – maybe predominantly B2B instead of B2C – working partnership with charities, they help promote memory service and you give some profits to charity

Tasks for next session:

Work on branding and further development and clarity of idea Research what partnerships are already happening with brands and charities such as Mind.

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5 Signed (student)

244

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5 Signed (student)


School of Art & Design

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

School of Art & Design

Module: Stage 2 FMB30001 Ref. no: Date: 07/03/2018 Name: Ella Josey

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

Module: Stage 2 FMB30001 Ref. no: Date: 14/03/2018 Name : Ella Josey

Tutorial / Seminar Record Sheet

Tutorial / Seminar Record Sheet Work to bring / prepare for session:

Work to bring / prepare for session:

Consideration for branding Contents structure

Introduction paragraph and research methods for review

Learning issues to discuss in session:

Is branding suitable for business? Show brand book, font and colour scheme in brand book.

Feedback from session:

Investment proposal in appendix Branding is way too clinical and lacks personality, also the colour choice is too feminine for a unisex brand needs remodeling.

Learning issues to discuss in session:

Writing style of report? Which models to include?

Feedback from session:

Brand benefit ladder Sostac CSR Responsibility model Write concisely with clear analysis of models Explain why and how models add value to the business plan and report otherwise there is no point of having them.

Tasks for next session: Tasks for next session:

Remodel branding Continue researching and developing brand idea Implement models discussed and continue writing‌

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5 Signed (student)

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5 Signed (student)

245


School of Art & Design

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

School of Art & Design

Module: Stage 2 FMB30001 Ref. no: Date: 27/03/2018 Name : Ella Josey

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

Tutorial / Seminar Record Sheet

Module: Stage 2 FMB30001 Ref. no: Date: 21/03/2018 Name : Ella Josey

Tutorial / Seminar Record Sheet

Work to bring / prepare for session:

Work to bring / prepare for session:

Branding reinvention and new name: MemoryLocker

Comms plan outline

Learning issues to discuss in session

Learning issues to discuss in session

Finances what to include What are reasonable costs to assume?

Comms plan outline – is it suitable, are the costs reasonable?

Comms plan to show

What are best methods of contact for my three different consumers?

Feedback from session:

Feedback from session:

Research costings per customer on storage, how much it will cost the business.

Mixture of print and online

On right track with comms plan costings.

Look into doing magazines for target market Which online platform do they use the most? How do they research what they are buying before they buy it?

Tasks for next session:

Tasks for next session:

Complete financials over Easter break and develop brand identity further, make website.

Complete comms plan and look up suitable magazines to advertise in and costings.

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5

Signed (student)

Signed (student)

246


School of Art & Design

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

School of Art & Design

Module: Stage 2 FMB30001 Ref. no: Date: 17/04/2018 Name : Ella Josey

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

Tutorial / Seminar Record Sheet

Module: Stage 2 FMB30001 Ref. no: Date: 24/04/2018 Name : Ella Josey

Tutorial / Seminar Record Sheet

Work to bring / prepare for session:

Work to bring / prepare for session:

Complete financials and develop brand identity further, make website.

Complete mock presentation

Learning issues to discuss in session

Learning issues to discuss in session

Show website and social media accounts What is a reasonable number of customers to assume for year 1? 1000?

Go over presentation

Feedback from session:

Feedback from session:

1000 is reasonable

Make slides simpler and change some formatting issues

Branding looks professional and correct for market

Make sure you are not saying what is on the slide and instead analyzing what is on the slide or pointing out the risks etc.

Add more models to the report Tasks for next session:

Tasks for next session:

Continue writing

Make presentation look more professional and write executive summary.

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 1 2 3 4 5

Signed (student)

Signed (student)

247


School of Art & Design

ba

Tutorial / Seminar Record Sheet 2017/18

fmb3

Module: Stage 2 FMB30001 Ref. no: Date: 01/05/2018 Name : Ella Josey

Tutorial / Seminar Record Sheet Work to bring / prepare for session:

Executive summary

Learning issues to discuss in session

Last opportunity to go over structure with mark Executive summary, are headings, topics and visuals appropriate? How much of the financials should be included in the executive summary?

Feedback from session:

Executive summary has good images and good structure, no additional work needed.

Tasks for next session:

Finish up presentation for next week, complete report.

Please indicate progress to hand in (1 = Not ready / 5 = Ready and Prepared) 2 3 4 5

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Signed (student)

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