Social media marketing final

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1. INTERNATIONAL INSTITUTE OF PLANNING AND MANAGEMENT, CHENNAIBUSINESS PLAN PRESENTED ONSOCIAL MEDIA MARKETINGPrepared By,Prafful Kothari 11-ISBES.Saravanan 15-ISBEPritesh Jain 06-ISBEG.Tharun 04-ISBE PGP/SS/10-12/FINANCETable of ContentsExecutive SummaryIntroductionVision & MissionMarketing PlansSWOT AnalysisFinancial AnalysisTactics & Risk EvaluationConclusionBibliographyEXECUTIVE SUMMARYSocial media marketing has become an important tool in public relations. Each and every firm wants to take utmost advantage of social media to advertise their products. It is now emerging as the future means of advertising where companies can focus directly on their target audience.Our idea is to open a social service media advertising firm. There is a huge craze and demand for these firms. Many companies have understood the importance and the reach available in social media. Companies in developed markets are taking social media very seriously as compared to companies in India. But even many Indian companies had realized the importance social media and are fastly moving towards a new regime. Today, social media is in sync with any communication in India and on global level too.The main focus of our company is to provide a best possible service to our customers. We would like to act as a bridge between our clients and towards their target audience. We advertise our clients product on social media sites like face book, twitter, YouTube.We would also create a fan page for all our clients and thereby create a huge customer base for our clients. We would also be engaged in consultancy work, where by our analyst team would conduct market research for our clients products and reveal the problems they are facing in the market among the customers and provide the best possible solutions to overcome their current problems.Since effective communication is essential for maintaining any business, whether start-up or a large organization. Many companies will surely use this social media as a means for advertisement. Our company is viewing a great opportunity and scope to grow in this industry.In the world of integrated marketing, social media advertising is vital for the success of any marketing campaign. INTRODUCTIONTraditionally marketing was through advertisement (news paper, TV, radio, magazines)campaigns, PR campaigns etc. But from the time of evolution of internet and social networking platforms, marketing is trending towards internet marketing and social media marketing which helps to attract the exact target audience (avoiding leakages). Social Media marketing is a recent addition to organizations integrated Marketing Communication plans to connect with their target markets. Social Media is the hottest buzz in the industry today. It usually focuses on efforts to create content that attracts attention and encourages readers to share it with their social networks like Face book, Twitter, LinkedIn, YouTube etc.Social media marketing is sited as the fastest ground means of marketing because of its unique advantages like reaching the target audience for a small fraction of traditional advertising budgets .Internet marketing is inexpensive when examining the ratio of cost to the reach of the target audience. Social media is also sited as a customized means of targeting the audience based on the their geographic, demographic & psychographic preferences.It is a very efficient tool for providing solutions based on the requirements i.e creating product awareness, attracting customers, building customer relations, building brand image etc.WHY HAVE WE CHOSEN THIS BUSINESS? Marketing is trending towards being the most important vertical in organizations because it creates a brand image, generates sales, creates relationship and is the most critical factor for the growth in this competitive world. Hence there are immense opportunities in the pool of marketing. Social media marketing is sited as the fastest ground means of marketing because of its unique advantages like reaching the target audience for a small fraction of traditional advertising budgets. Internet marketing is inexpensive when examining the ratio of cost to the reach of the target audience.Large amount of the population is found engaged to Social networking sites like Face book, LinkedIn, YouTube, Twitter etc and the number is increasing from past few years. Hence there is a immense opportunities for the marketers to penetrate the social networking sites to market the product and persuade the customers towards the product by building good relationship with them. Hence we have chosen this business because of the enormous potential and growing demand for modern marketing. We will not only be providing social media marketing activities but also will consult our clients for understanding their requirements and framing the marketing activities appropriately so that it is effective and help our clients business grow at a rapid pace. We believe in conducting a market research to identify the loop holes which will help in framing our marketing activities to bridge the gap. We have chosen the top 4 social networking platforms(Face book, LinkedIn, YouTube & Twitter) to execute the social media marketing for our clients because of the population engaged in these websites which helps our clients to optimize their marketing budget and reap maximum profit out of it. VISION & MISSION VisionOur Vision is to be leaders in worldwide of Social Media Marketing by providing the best of best services. We are aimed at growing as a professional Social Media Marketers through our continuous efforts in ethical way in our work field and providing full customer satisfaction.MissionOur Mission is to carter the needs of our valued clients/ customers with minimal possible time at a cost efficient price. We will ensure to make yourself/ your brand reach targeted audience at best competitive price to ensure that you stay with us and get the best of services will provide u with innovative strategies.MARKETINGSTPSegmentation: Indian Customers, Corporates and celebritiesTargeting: High net worth Individuals, emerging brands Positioning: Effective Reach 7PsProduct 2. Various Kinds of Product / ServicesFacebook Setup/enhance & promotionWeekly management & updatesDaily updatesProfile banner and custom landing page designAds campaign managementGeo targeted friend/fan seedingTwitterSetup/enhance & promotionWeekly management & updatesDaily updatesCustom background designFriend seedingDirectory submissionFlickrSetup/enhance & promotionWeekly management & updatesDaily updatesYoutubeSetup/enhance & promotionCustom background designWeekly management & updatesDaily updatesPrice 3. We offer three variants of services Silver one time registration fee Rs.5000 and monthly Rs.15,000Gold- one time registration fee Rs.5000 and monthly Rs.20,000Platinum- one time registration fee Rs.5000 and monthly Rs.25,000Compared to our competitors , our prices are really competitive enough to penetrate the market.Place 4. We would work from our office location and our market is online Virtual Place covering Indian customers and spreading advertisements globally. 5. PromotionWe would promote our business via Weekly advertisements in Economic times generally on Friday and hit flash advertisements on social media sites , and being an service oriented firm Word of mouth is best way of publicity. People 6. We are four partners and we would be working along with 2 professional for web designing , and 2 junior level professional and 2 attendees. 7. 8. Process 9. The process would be like, getting clients for our business, then we will analyze their brand and promote accordingly, we will follow up with our clients for feedbacks, and customize our offerings to suit the customers needs and regular follow up with clients 10. Physical Evidence Essential evidence customizing of services, innovative marketing strategies, Regular customer feedbacks Peripheral evidence SWOT Analysis Strength: Increasing social media usage, will increase our size of marketWeakness : New entrant, less experienceOpportunities: Huge market, wide scope, future of business is going to be complete onlineThreats : Technological problems, Virus threat, Competition.FINANCIAL ANALYSISProjected Profit & Loss Account Year 1Year 2Year 3 Year 4 Year 5IncomeConsulting / Service charges4,502,500.004,952,750.005,448,025.005,992,827.506,592,110.254,502,500.004,952,750.005,448,025.005,992,827.506,592,110.25Expenses Rent360,000.00396,000.00435,600.00479,160.00527,076.00Internet charges24,000.0026,400.0029,040.0031,944.0035,138.40Telephone12,000.0013,200.0014,520.0015,972.0017,569.20Miscellaneous36,000.0039,600.0043,560.0047,916.0052,707.60Salary to employees792,000.00871,200.00958,320.001,054,152.001,159,567.20Salary to partners1,440,000.001,584,000.001,742,400.001,916,640.002,108,304.00Depreciation180,000.00100,500.0059,175.0037,173.0025,035.19System maintenance charges120,000.00132,000.00145,200.00159,720.00175,692.00Office stationary12,000.0013,200.0014,520.0015,972.0017,569.20Promotion expenses (Ad exp)800,000.00880,000.00968,000.001,064,800.001,171,280.00Interest - Term Loan67,500.0052,500.0037,500.0022,500.007,500.00Interest - Working Capital105,000.00112,000.00126,000.00140,000.00154,000.00Business License Fee written off100,000.00100,000.00100,000.00100,000.00100,000.00PBT454,000.00632,150.00774,190.00906,878.501,040,671.464,502,500.004,952,750.005,448,025.005,992,827.506,592,110.25Tax (30%)136,200.00189,645.00232,257.00272,063.55312,201.44PAT317,800.00442,505.00541,933.00634,814.95728,470.02Projected Balance SheetSources Year 1Year 2Year 3Year 4Year 5Partners Capital600,000.00770,000.00719,500.00660,325.00723,151.25Add: Net Profit317,800.00442,505.00541,933.00634,814.95728,470.02Less : Drawings147,800.00493,005.00601,108.00571,988.70753,505.21770,000.00719,500.00660,325.00723,151.25698,116.06Term Loan Bank400,000.00300,000.00200,000.00100,000.000.00Working Capital from Bank750,000.00800,000.00900,000.001,000,000.001,100,000.001,920,000.001,819,500.001,760,325.001,823,151.251,798,116.06ApplicationsFixed AssetsSystems & Software300,000.00150,000.0075,000.0037,500.0018,750.00Less: Dep (50%)150,000.0075,000.0037,500.0018,750.009,375.00150,000.0075,000.0037,500.0018,750.009,375.00Furniture & fittings200,000.00170,000.00144,500.00122,825.00104,401.25Less: Dep (15%)30,000.0025,500.0021,675.0018,423.7515,660.19170,000.00144,500.00122,825.00104,401.2588,741.06Net Fixed Assets320,000.00219,500.00160,325.00123,151.2598,116.06Business Licensing400,000.00300,000.00200,000.00100,000.000.00Current AssetsReceivables1,000,000.001,100,000.001,200,000.001,400,000.001,500,000.00Rent Advance200,000.00200,000.00200,000.00200,000.00200,000.001,920,000.001,819,500.001,760,325.001,823,151.251,798,116.06 Return on Investment41.2761.5082.0787.78104.35Projected Cash Flow StatementParticularsYear1Year 2Year 3Year 4Year 5InflowCapital600,000.000.000.000.000.00PAT317,800.00442,505.00541,933.00634,815.00728,470.00Depreciation180,000.00100,500.0059,175.0037,173.0025,035.00Business License Write off100,000.00100,000.00100,000.00100,000.00100,000.00Bank Working Capital750,000.0050,000.00100,000.00100,000.00100,000.00Bank Term Loan500,000.000.000.000.000.002,447,800.00693,005.00801,108.00871,988.00953,505.00OutflowFixed Assets500,000.000.000.000.000.00Business License500,000.000.000.000.000.00Rent Advance200,000.000.000.000.000.00Receivables1,000,000.00100,000.00100,000.00200,000.00100,000.00Term Loan Repayment100,000.00100,000.00100,000.00100,000.00100,000.00Drawings147,800.00493,005.00601,108.00571,988.00753,505.002,447,800.00693,005.00801,108.00871,988.00953,505.00Notes:Term Loan5,00,000/- @ 15% for 5 yearPrincipal to be paid1,00,000 every yearWorking Capital from Bank 75% of Expenses taken as Working Capital It is taken @ 14%DepreciationSystems 50%Furniture& Fixtures -15%HUMAN RESOURCEOur company knows that employees are crux of our business. Our company provides many benefits to our employees like advance, leave encashment, conveyance etc. so that our employees feel the sense of belongingness. But our company also is keen on the bottom line that is getting results and work done on time.Our company has two professionals for web designing, exterior designing and uploading advertisements. Their monthly salary is Rs25000/-. They would be provided a special benefit of providing a pulsar bike to both the professionals.Our company also recruits two junior professionals mainly to solve trouble shoot form our clients. Their monthly salary is Rs10000/-. They would be provided a special petrol conveyance for all working days.Our company also recruits two attenders for keeping our office neat, clean and tidy. Their monthly salary is Rs3000/-. They would be provided a special beta of rs15/- every day for their presence in office.TacticsTwitterTwitter allows companies to promote products on an individual level. The use of a product can be explained in short messages that followers are more likely to read. These messages appear on followers home pages. Messages can link to the products website, Face book profile, photos, videos, etc. This link provides followers the opportunity to spend more time interacting with the product online. This interaction can create a loyal connection between product and individual and can also lead to larger advertising opportunities. Twitter promotes a product in real-time and brings customers in. Face bookFace book profiles are more detailed than Twitter. They allow a product to provide videos, photos, and longer descriptions. Videos can show when a product can be used as well as how to use it. It can include testimonials as other followers can comment on the product pages for others to see. Face book can link back to the products Twitter page as well as send out event reminders. Face book promotes a product in real-time and brings customers in. BlogsBlogs allow a product or company to provide longer descriptions of products or services. The longer description can include reasoning and uses. It can include testimonials and can link to and from Face book and Twitter pages. Blogs can be updated frequently and are promotional techniques for keeping customersRISK EVALUATIONIn case of difficulty or if there is a necessity to wind up the business the following steps can be taken.Since the kind of products which the company sells is not perishable items it is always easy to sell it back in the market again. The investment made for the computers,, laptop, furniture or the buildup area and the interior decorations are the main issue. However all these assets are also can be re-sold with a revalued price.Even if we decide to sell our firm to a new concern, it will be sold at a higher price due to the image and reputation which our company earned over the past years. We are sure any new company taking over our business could easily continue business in the same name using our goodwill at least for the next three years.CONCLUSIONSocial media marketing benefits organizations and individuals by providing them an additional channel for customer support, a means to gain customer and competitive insight, recruitment and retention of new customers/business partners, and a method of managing reputation online.Key factors that ensure its success are its relevance to the customer, the value it provides them with and the strength of the foundation on which it is built.A strong foundation serves as a platform in which the organization can centralize its information and direct customers on its recent developments via other social media channels, such as article and press release publications. Oftentimes, corporate social media platforms are used to offer unique incentives to customers who are willing to engage (i.e. "like" a Face book Page).Our firm will enhance better customer relationship and provide the best services to our customers. Since all our partners are from marketing and finance background we would be able to administrate and market our services with ease.BIBLIOGRAPHY