Foursquare Marketing Team Project
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Developed a social media marketing strategy in collective study on “Foursquare”, identifying business development and partnership opportunities. 1. Cover 2. Agenda 3. Company Background 4. Company- Critical Issues 5. Recommendations 6. Segmentation analysis 7. Target Market analysis 8. Positioning statement & Branding 9. Product Strategy 10. Price Strategy 11. Promotion Strategy 12. Financials 13. Monitoring and Control 14. Monitoring and Control- New Product 15. Conclusion
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Foursquare Marketing Team Project
- 1. Sakheni Dlamini, Fatima Manning, Joanne Morelock, Andrea Wong
- 2. Agenda Background Critical issues Brand strategy Financials Implementation schedule Monitoring and control
- 3. Background Product Description Market research Situational analysis
- 4. Critical Issues Relevance Privacy & security Customer relationship management
- 5. Recommendations Interface update Redefine “fun” Launch a new product
- 6. Segmentation Distribution Geography Psychographics Personas Socialites Self promoters Enthusiasts Discounters Gamers Occasional Posters
- 7. Target Market Zak — Enthusiast Lifestyle interests Social interaction Young Affluent Content “I enjoy good food, I enjoy talking about food and sharing tips, recipes, restaurant information.” - Zak
- 8. Positioning & Branding New Positioning Statement For city-dwellers, who love quality experiences, Foursquare offers the most relevant communications of all mobile apps between consumers and merchants, as evidenced by secure, location-specific tips, hassle-free discounts and real-time communications with establishments.
- 9. Product Strategy Introduce new product: Open Channel, a feature that enhances users shopping experience Encourages a “live interaction Provides relevant content by increasing two-way communication Monetizes relationship between users and merchants
- 10. Price Strategy Feature available to loyal users via 50 cashed-in discounts Cashed-in discounts require input of user credit card Participating locations include our strongest business partnerships in 3 major cities
- 11. Promotion Strategy Emphasize VIP-like experience from “check in” to “check out” Release story to technology bloggers Gain buy-in and establish new business partnerships during Social Media Week Create buzz through signage and billboards in merchant locations and via social media Launch on Foursquare Day
- 12. Financials Capital Budgeting Analysis 4/2013 - 3/2014 4/2014 - 3/2015 4/2015 - 3/2016 4/2016 - 3/2017 Incremental Income Statement New revenues realized $ 9,993,049 $ 11,527,981 $ 14,283,169 New variable costs $ 2,997,915 $ 3,458,394 $ 4,284,951 New employee costs $ (500,000) $ (500,000) $ (520,000) $ (556,400) New R&D costs $ (1,000,000) $ (1,000,000) $ (1,000,000) $ (1,000,000) New marketing expenses $ (750,000) $ (1,500,000) $ (1,500,000) $ (1,500,000) New depreciation costs $ (333,333) $ (333,333) $ (333,333) EBT $ 9,657,630 $ 11,633,042 $ 15,178,386 Taxes $ (3,380,171) $ (4,071,565) $ (5,312,435) Net Income $ 6,277,460 $ 7,561,478 $ 9,865,951 Operating Cash Flows $ 6,610,793 $ 7,894,811 $ 10,199,284 Fixed Asset Increase/Decrease $ (1,000,000) $ 350,000 Taxes on assets sold $ 350,000 Terminal Value $ 84,994,037 Total yearly cash flows $ (3,250,000) $ 6,610,793 $ 7,894,811 $ 95,893,321 Breakeven Sales = 10 million Net Present Value = 77 million Months to Breakeven = 12 months Internal Rate of Return = 324%
- 13. Monitoring and Control How comfortable people feel about sharing % of customers who say they would recommend Foursquare Brand liking % of new customer downloads Retention rate of the new customers Brand awareness % of target market customers who have brand awareness recall
- 14. “Open Channel” Monitoring and Control Potential Product % of customers who say they want new channels open % of new channels open # of features offered by businesses
- 15. Conclusion Foursquare needs to take advantage of this prime opportunity Unique relationship with customers and merchants that provides ample opportunity to grow Some risks | High return | Low investment Largest risk for Foursquare is to not doing anything
Notas do Editor
- location-based mobile app provides recommendations on where to go and what to do. As Foursquare has evolved, it hasn’t managed to move too far beyond the check-in phenomenon. The company has added some smart discount offerings, locking in a big deal with American Express to allow local merchants to offer up deals to users who sync their credit cards. the company has also worked with publishers and third-parties to publish best-of lists that auto-notify users when they are close to desired attractions can share and save specific places you visited using the “check in” feature and learn about new places through Foursquare’s local search recommendations engine, Explore. From our research – incentives and rewards, utilization (users prefer email) content, attention span, privacy, Current Value Proposition. Foursquare strives “To make the most of where you are. smartphone platform is at 46% of all cell phone users US market for Foursquare is currently adults, aged 18-44, who owns a smartphone, live in an urban or suburban area and utilize location-based services. The total number of people who fit this description is approximately 36 million people. The market itself is growing rapidly with a 21% annual growth Competition - Foursquare’s most prevalent competitors are Groupon, Yelp, and Twitter and Facebook. Groupon and Yelp compete with Foursquare regarding geo location based deals and reviews, and Twitter and Facebook compete in the social media landscape Competition is on attracting and retianing customers, but also on the longevity and resources of the company
- Relevance Concerns that not everyone really wants to share this information High stigma associated with navel gazing and embarrassing shares Not clear exactly how sharing where you are adds value to your real world experience. Privacy People don’t want to share, but the model leaned more heavily on sharing with friends Difficulty with opting out, with people sharing and being targeted when they don’t want to be. CRM Revenue model is based on being able to provide valuable information to businesses (privacy issues are at cross purposes) Bring this more heavily into alignment
- Interface update – A core product revision Address privacy issues to increase control Add features that allow for specificity of who you share information with and sync to Facebook/Twitter lists Redefine “fun” – A reposition that supports the core product revision Move from fun for right now (which could be a fad) to a longer term value proposition that emphasizing an enhanced commercial experience. Launch a new product – Totally new feature that is offered within the Foursquare platform - Great new product idea…
- Funneling by distribution, then geography and then by psychographics (usage patterns)
- He’s motivated by offline interests and hobbies. he connects with people who have similar hobbies, and searches for information that will support his lifestyle interests, He relies on email for promotions and in-depth content He uses Facebook to show his support for his favorite brands, and uses Facebook and Twitter to network with other Enthusiasts. Due to his relationships with other users, Zak’s interaction impacts a brand’s bottom line. He takes his online interactions very seriously, and is equally as likely to follow a page at someone else’s recommendation as he is to give recommendations
- brand recall and knowledge is very low, even though Foursquare dominates the market in the geo-social arena. using aided awareness, consumers were more able to recall the brand. Brand has evolved as it has grown leaving consumers confused Focus on moving the Enthusiasts from infrequent or moderate users to being frequent users. Competitive differentiation Encourage real-time, in-person shopping experiences, that encourages the consumer to “continue the conversation” with the establishment even after checking-in. Checking-in could just be the first step, followed by pushing personal information to the business so they can customize your shopping experience.
- We see this as a strategic product meant to reward and enhance our top loyal users.
- MARKETING DASHBOARD Sections for metrics: Brand Liking and Awareness Application downloads Other metrics examples: -% of consumers who fall into comfortable and very comfortable categories Surveys! -The # of people who after open the channel vs. the number of people who check in and purchase -Average perception of Foursquare’s product quality relative to chief competition Important to understand: -How consumers are responding re: our critical issues -How Foursquare is competing with top competitors
- Other metric examples: % of customers who say Foursquare’s product is the most preferred in its category % of traffic to new channel compared to average traffic Average perception of business quality with open channel compared to average perception through chief competitor. Important to measure: -Perception of business quality -Business operational performance -Consumer response to the new product COMPETITORS RESPONSE: Response: Competitors may create an outlet for consumers to directly give suggestions and concerns with proof that the information is received and value by the businesses Our Action: Keeps in tact Foursquare’s competitive advantage of real time help, insight, and suggestion through dialogue to the businesses Clearly convey our new value proposition to the businesses and the customers; important to not lose sight of that. RISKS AND RESPONSE: Risk: Slow business-to-customers response in real-time, discouraging the consumers from downloading and sharing Mitigation : Give businesses benchmarks to reach and measures to use to make sure they are responding in a timely manner Mitigation: Easy to manage and understand Risk: Business might try to the channel, cut out middle man Mitigation: Clear value proposition cannot make the VP muddy in any way. Customers don’t want clutter or want to be confused, make that clear to busienes. One less thing for a business to worry about
- Great position, expertise and monetization structure to be (proven) innovative and create this channel and expand the attention span of mobile phone users Customer and business relationship building; foundation is there which is unique to Foursquare Very competitive landscape and market; Foursquare not using their capabilities to be innovative and develop would be the ultimate risk in comparison to introducing a pilot version of the new product