P8: Present the new product proposal to stakeholders
Below I have attached my presentation.
Below I have attached a video of me presenting my product.
P9: Explain analysed feedback for project feasibility
Below I have attached a video of me receiving feedback.
After receiving feedback from the stakeholders I was able to identify that they all thoroughly enjoyed my presentation skills. They mentioned that I had very inviting body language and maintained good eye contact throughout. They also said that I came across as very confident which also aided in the overall experience they had during my presentation. Another key feature that one of the stakeholders pointed out is that they enjoyed the style of my presentation and the images and branding that I included throughout. I also think this was effective because this sort of layered branding will help the stakeholders remember my presentation better over other less visually stimulating presentations.
The main issue that one of the stakeholders identified in my presentation was the fact that my idea is very broad and that I don't have a specific target audience in mind and instead I plan to target too wide of an audience. They said this was a problem because as a new app it may be difficult to attract large enough numbers of varying communities and interests at once. Instead, the stakeholder, told me that it might be a better idea to specify and focus on a niche target audience to get the product of the ground and build an audience and expand later on in the future after the app has expanded it's user size. I think that this is a valid point that was made by one of the stakeholders as when looking at other successful apps and online products, they mainly started as a niche. A good example of this is Facebook, which originally was created only for university students and as it gained traction it began opening up to more and more people.
I think that a sense of exclusivity is important when making a new app as it is one of the key features that may attract a new audience to an unknown product. In order to improve on this point I would re-evaluate who I am aiming the app towards and aim it at a niche audience. After giving this some thought I have decided that if I were to reinvent the app I would target it specifically at a very fashion-orientated audience rather than at the everyday person. I think that by making a very high-end fashion app it would fill a whole in a market as most apps are aimed at people of varying ages and interests. After gaining a large user base from my niche audience I would plan to expand on the idea and include a wider sphere of interests on the app.
Another weakness that the stakeholders have pointed out in my presentation was the fact that I had underestimated the costs of marketing, especially social media and celebrity endorsement based advertising. I think that they were correct as I barely included any information in my presentation about the costs of my marketing as I assumed it would be too cheap to be worth discussing and analysing in the depth. After looking into this topic I was able to find that social media and celebrity endorsed marketing is actually very expensive. After looking at the prices of outsourced social media marketing campaigns, I found that the average company, for example TFC Marketing, charge between £4,000-£9,000 per month (Source:https://www.contentfac.com/how-much-does-social-media-marketing-cost/). These costs do not include celebrity endorsements which costs I found depend on the profile of the celebrity used. I looked at how costs varied depending on the social media platform and the profile of the celebrity used. I found a very useful chart that I have attached below.
The main issue that one of the stakeholders identified in my presentation was the fact that my idea is very broad and that I don't have a specific target audience in mind and instead I plan to target too wide of an audience. They said this was a problem because as a new app it may be difficult to attract large enough numbers of varying communities and interests at once. Instead, the stakeholder, told me that it might be a better idea to specify and focus on a niche target audience to get the product of the ground and build an audience and expand later on in the future after the app has expanded it's user size. I think that this is a valid point that was made by one of the stakeholders as when looking at other successful apps and online products, they mainly started as a niche. A good example of this is Facebook, which originally was created only for university students and as it gained traction it began opening up to more and more people.
I think that a sense of exclusivity is important when making a new app as it is one of the key features that may attract a new audience to an unknown product. In order to improve on this point I would re-evaluate who I am aiming the app towards and aim it at a niche audience. After giving this some thought I have decided that if I were to reinvent the app I would target it specifically at a very fashion-orientated audience rather than at the everyday person. I think that by making a very high-end fashion app it would fill a whole in a market as most apps are aimed at people of varying ages and interests. After gaining a large user base from my niche audience I would plan to expand on the idea and include a wider sphere of interests on the app.
Another weakness that the stakeholders have pointed out in my presentation was the fact that I had underestimated the costs of marketing, especially social media and celebrity endorsement based advertising. I think that they were correct as I barely included any information in my presentation about the costs of my marketing as I assumed it would be too cheap to be worth discussing and analysing in the depth. After looking into this topic I was able to find that social media and celebrity endorsed marketing is actually very expensive. After looking at the prices of outsourced social media marketing campaigns, I found that the average company, for example TFC Marketing, charge between £4,000-£9,000 per month (Source:https://www.contentfac.com/how-much-does-social-media-marketing-cost/). These costs do not include celebrity endorsements which costs I found depend on the profile of the celebrity used. I looked at how costs varied depending on the social media platform and the profile of the celebrity used. I found a very useful chart that I have attached below.
After looking at this chart I was able to swiftly identify that in order to reach any sizeable audience I would have to spend a minimum of $2,000 per post. In order to reach an audience of over 500,000 I would be spending between $4,000-25,000. These costs are much higher than what I anticipated and if I were to present once again I would definitely mention these costs to my stakeholders and maybe even discard the idea of using celebrity endorsement based advertising and stick with a social media marketing campaign instead as it is far more feasible economically for a start-up company rather than spending a very high amount of money for one post from a media influencer.