Marketing Plan for a new to the world app

EXECUTIVE SUMMARY

What is FunCab ?

FunCab is a platform where one can learn vocabulary in an effective manner such that all the words one comes across get permanently embedded in the memory

Learning is based on the fact that it becomes very easy to learn new words if one is able to relate it some visual, article, incidence or a phrase etc

Example:The word ‘Assiduous’ can be learnt by the fact that it is made of the phrase “Ass” which means a Donkey, We also know that it is a hardworking animal.Therefore the meaning of the word

‘Assiduous’ is Hardworking

Situation Analysis

Number Game (India)

150 million student population (aged 18 - 24)

10% of which have access to education (= 15 million)

Out of which 11 million have enrolled into colleges

Of which 70% of them have smartphone

Therefore 7.7 million student population becomes our target

Advantages of good vocabulary -

1. To score high in entrance exams

2. To comprehend what you read

3. To be able to write well

4. To persuade others

5. To increase level of confidence

The researcher Johnson O’Connor, known for his studies about the impact of vocabulary on people’s lives, has drawn many amazing conclusions from a vast amount of tests and experiments, performed in more than 20 years of research.

This data shows that if one is aiming for the top jobs then he or she must be fluent with english

There are hundreds of app aiming to enhance one’s vocabulary

Out of these apps only few are actually useful like VoLT, Vocabulary Builder, vocabulary.com, Painless GRE etc

Only the app VoLT is close to this idea i.e learning vocabulary through visuals and phrases but still it has no provision for tests, videos, articles etc - Point of Differences

Competitors

MyApp

isUnique

Goal

Performance will depend on 3 factors

1. No. of registered users

2. Conversion ratio

3. Consumers’ review on Play store, Quora, Facebook etc

No. of registered users

The basic parameter will be how many downloads the app gets in the first few months it launches.

The time take to have 1 Million users will serve as a measure of how successful the business model has been

Conversion Ratio

The fraction of free users who turned to subscription is also an important measure.

We shall aim for a subscription ratio of 5%

Consumers’ Review

Good way of knowing about loopholes in your app and also response of users

Strategy

5 C’s of Target Market

1. Consumers• Students aged 18 - 24 years

• Are most likely to focus on improving vocabulary

• In order to target competitive exams, interviews, placement etc

2. Collaborators• App Developer (to build a user friendly app)

• Shutterstock (for visuals)

• Colleges and Universities societies and professors (for spreading awareness among students)

• Coaching Institutes (for spreading awareness among students)

3. CompanyMy friends who are willing to invest in the App will be the stakeholders

Also some of the entrepreneurs who are interested to invest, will be our stakeholders

4. CompetitorsFollowing apps available on Android Play store are potential competitors :-

VoLT - This app is our closest competitor in terms of the method it uses to enhance one’s vocabulary

Others include Vocabulary Builder, vocabulary.com, Painless GRE etc - but these apps doesn’t make use of visuals or videos but rely mostly on test and quizzes.

5. ContextThe app will be developed within a budget corresponding to the investment obtained

As students are tech savvy, the app will be designed such that its UI is easy to comprehend and interesting to work

There will be a provision of video download so that one can learn offline also

The app will effectively alleviate fear of vocabulary especially among the engineering students

CUSTOMER SATISFACTION

Tactics

User friendly interface

Beautiful Visuals

HD Videos

Easy to understand phrases

Use of current articles of the newspaper

Quizzes and Tests

Bookmark option

Fun Vocabulary

“Now learning vocabulary a fun”

App will be free for 100 words (ads)

Subscription for 500 words will cost Rs 11(ads)

Subscription for 1000 words will cost Rs 21(ads)

Complete subscription will cost Rs 49(no ads)

On referring the app to other, one will get free subscription for 500 words

Since our app is targeting the tech savvy youth section, it would not depend much on traditional forms of advertisement. Advertising can be done extensively through the following channels -

1. Social media

2. In person interaction with faculty and students of top Universities, Colleges and Coaching Institutes through some workshop or PR desk

3. Website advertisements

The App will be available on Google Play

Implementation

Administration & Financing Team

This is the core team that administers the entire operations and accounts. It heads all other teams and is responsible for growth and progress of the company. It has to set targets and assign work to all other teams

Design and Technical Team

The team will design (logo, User Interface) and develop the app

Marketing Team This team will be responsible for building a relationship with the customers by building a brand image through different communication channels. The brand positioning of the company is dependent on the efficiency of this team

Market Research 2 months

Designing and Building App 4 months

Product and Pricing Strategy 1 month

Then the App will be launched and communication will go parallel

DISCLAIMERCreated by Aditya Todi, DTU, during a marketing internship by Prof. Sameer Mathur, IIM Lucknow.

(See www.IIMInternship.com)