Development Work For Buisness Plan
Our Goals
To ensure our campaign is successful, using our research of our customer base and progression of our idea, we have developed a clear set of objectives. These are as follows:
To increase the brand awareness and profile of our product to our target market, through the number of users and downloads of our app. Increasing the brand awareness means we can launch a marketing campaign that allows us to further explore the desires of our consumers. This campaign will allow the business to expand on growth, and so enables investment into more styles on the market.
To achieve the support of five high brand companies, signing up to sell their products through our app. In order to achieve this goal, the business first needs to work with small and upcoming companies; giving them a boost in sales while also making a reputation for our business. Creating a business reputation will allow us to make agreements with bigger brands as they will be able to acknowledge the sales our business would make for their brand.
To obtain the minimum of 2500 sales within the first year of launching the app, achieving the objectives above will allow us to meet this business goal, by expanding and growing.
Strategy
Part of our strategy is being able to foresee setbacks that may arise and putting in place preventive measures or devising contingency plans. For example, the business may have issues with unforeseen expenditures. If we have to spend more money on a certain part of the company that we have not allowed for or underestimated, it could set us back and even result in us not having enough money to keep the business afloat. We will ensure our company is not affected by this potential setback by managing and using spreadsheets of our cash flow and guaranteeing knowledge of how much we can spend and the amount of investment money we have to put towards the business.
The strategy for maintaining a constant, updated awareness of our marketing involves using advertising on the app store to try and reach a wider audience and expand our presence. Another tactic is giving discount to students through services such as Unidays, where they send out notifications through their app and emails to their mailing list. This could provide our business with advertising through other services without charge, as well as giving consumers an incentive to purchase items with our app. We can also use social media to create brand awareness by interacting with our customers and creating competition incentives to win a free item or a voucher by tagging the brand Trendr with their outfit to spread the word to a wider audience.
With the technology awareness of our idea using an app is more efficient, it also fits our target market and matches the personas of our users. An application appeals to everyday life, can be accessed anytime anywhere and has a friendly usability that gamifies clothes shopping. In comparison to a web-based application that is only accessible at more specific times and scenarios, an app has more adaptability meaning it is accessed more frequently.
Costs
In order to finance Trendr we will be hoping to gain investors to give our business a minimum of £2000, this investment will be transferred over a five-month period at key points, noted in the cash flow above. The three-year cash flow lays out what we aim to achieve, how we will expand and how we will turn a profit. We have taken into account the Christmas shopping spending and how there will be times we experience a settling of profits due to popularity rises and falls. Since we aim to launch the app in April, we will be using the investments from January and February to build the application and organise any bug fixes before the launch. The extra £500 in May is in place to cover any unexpected costs that may arise or if an unforeseen expenditure arises. The factored in office space cost is so that we could eventually expand the company, aiding customer service, business transactions and product sourcing. Wages have not been incorporated into our cash flow system as we believe that set wages will be less economical for each individual on the team.