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BET 602
Tactical Plan for Bread Crumb Tracking
Submitted To:
Dr. Harvir Bansal
Submitted By:
Sarah Tasnia (20596230)
Sarah
Tasnia, MBET 12.0
Breadcrumb tracking is software to track mobile workforce that will help companies
to optimize the overall productivity of the workforce & increase ROI (Return on
Investment) by managing staff faster & effectively. However, since we have been
working on this start up & we had to analyze overall market situation & competitive
positioning, we came up with some strategies that might help this tech based
venture to grow in this industry. Out of 4Ps I have written tactical plan on Product.
However, we mentioned 2-3 strategies for product in our previous assignment,
these are about: Product feature, corporate name, branding and packaging &
labeling. As for this assignment I discussed about the strategy we proposed about
better product features mentioned under the Product out of 4ps.
Competitive analysis
Market Analysis & Customer need
Shift in the trend of technology
Company Resources
However, the features that have been proposed in our product strategy to make
Breadcrumb a better tracking software are:
Sales force
integration
Mobile Payments
Wireless forms
Mobile invoicing
Multilingual
features
Voice Features
experience)
Sarah
Tasnia, MBET 12.0
Objectives:
We have proposed to add the features mentioned above usually for two main
reasons, first, as a startup Bread Crumb tracking to be widely marketable, secondly
to capture larger market share. However, the main reason for adding those features
is to accomplish it the following objectives for Breadcrumb Tracking Solutions:
Keeping average app rating 4.5 or above on scale of 5.0 in play store
At least 5 out of 10 customer would recommend this product on our page for
better UX.
Mobile payment transaction should not take more than 90 seconds.
Enabling a fully functioning voice command feature with lag time not more
than 3 Seconds.
Finally adding the best 3 features among the proposed features in our
premium model.
Procedure:
Objective
1. Keeping average app rating
4.5/5.0 in play store
Process
- Add a Review Bar to the app website with
Tapstreams tool that invites visitors of
breadcrumb website to give feedback. If
feedback is positive (>4) theyre suggested
to leave a review on the App Store. If
feedback
is
negative
(<=3)
theyre
least
out
of
10
better UX
Sarah
Tasnia, MBET 12.0
app in the App Store.
Objective
3. Mobile payment transaction
Process
-Designing the mobile payment system
90 seconds.
following
factors;
simplicity,
usability,
the
factors
of
mobile
object
&
Seconds.
in
our
premium
model
identifier
with
and
top
rated
features to
design
our
Control:
It is important to set some key metrics to monitor, measure & control what objective
we are going to execute for breadcrumb tracking. However timeline of the control
will vary according to objective that we will be deriving from the benefit of adding
proposed product features.
Objective
App Rating
Monitoring
UX
Authority
design team,
Developers,
Sales
Key Metrics
Result
Tapstream
Timeline
of
Monthly
Sarah
Tasnia, MBET 12.0
Customer
team
Sales & Marketing
Number
Recommendation
department, IT
positive/negative
of
Monthly
recommendations
Objective
Mobile
Monitoring
payment
transaction
Key Metrics
Authority
UX design team,
UX
IT
customer
Sales
&
Marketing team
TimeLine
survey,
comments
Bi-weekly
&
recommendation in
Voice
Command
Feature
Developers
&
UX
design team
app page
Interview
of
Bi-weekly
current/future
customers & focus
group
All the key metrics
features
department and IT
mentioned
department
and
in
premium model
6 months
above
follow-up
App rating:
-It falls under the brand of Product category & is one of the significant
attribute
-We will be observing the fluctuations of app rating with the UX team,
developers & the sales & marketing team with the help of the data stored in
our Tap stream software.
- After analyzing the app rating we will take actionable insights (i.e adding
convenience or another feature suggested by customers) to maintain our app
basis,
Sarah
Tasnia, MBET 12.0
-After analyzing we will design a better UX (User experience) & UI (User
Interface) in addition to improving the product, so that seven out of 10
customer recommend our product.
team, & the system will be updated (if needed) by our IT department.
Voice Command Feature:
-This is a totally new feature on this type of app, so there is a high chance to
get competitive advantage if we ace on this feature.
-We will be developing & monitoring this feature bi-weekly with our UX design
team & developers in addition to our market research team, so that we can
assure that there is less or almost no lag time on voice command feature of
our software.
Adding top three features in our premium model:
-Breadcrumb will be launching premium model in addition to our current
standard model, so we want to know which are the top three features that
our customer wants if they get a premium model, it will be a 6 month
monitoring project & the observant of this project will be sales & marketing
department & IT department. We will also observe the UX survey results for
the features mentioned above & after taking actionable insights we will also
do a follow up survey with our current & potential customers to sort the best
features.
Budget:
Since Bread Crumb is a start-up & its age is less than five years, so we determined
the total marketing budget as a percentage of our five years projected revenue.
However, as an industry standard a startup should not exceed their spending on
marketing (that includes all 4ps) budget more than 12-20% of the average of their
projected revenue. After 5 years when the company is stablished the industry
standard is to spend 6-12 % of total projected revenue on their marketing budget.
Sarah
Tasnia, MBET 12.0
Since all our objectives has timeline of less than a year & we will be revising our
objectives based on what works for us, so I have provided the budget for the year
2016.
Particulars (2016)
Projected revenue
Infrastructure development
Salary of Developers & UX design team
Sales & Marketing Cost
Total Marketing cost
% of total revenue
$
$
$
$
$
USD
851,937.49
76,674.37
25,558.12
8,519.37
110,751.87
13%
However, we did our financial projection previously keeping this strategy in mind,
so, in addition to that our marketing cost, we also added salary of developers & UX
team & investment on IT infrastructure; which occupies 13% of total projected
revenue
of
2016s
projected
revenue.
So, our total marketing cost for the year 2016 is $110,751 out of which we believe
28-40%(Which is about $44,300) will be invested towards the product strategies we
made for breadcrumb tracking.
Considering the market data & subscription fees of different apps like tapstream or
technology used for monetary transaction following is the pie chart of our estimated
budget allocated for the objectives mentioned previously.
Sarah
Tasnia, MBET 12.0
13%
9%
25%
30%
So, out of $44,300, we have allocated the highest amount on the technology
application of mobile payment transaction & voice command feature, followed by
development of app rating & customer recognition. However, we will be revising our
allocated budget when we are considering a new product strategies, we should set
aside some funds for testing. Since we do not know if the new strategies will work
for our business, we should only use a small portion of our marketing funds.
Only after determining that it works for our business we will invest more funds
funnel into the new strategic objective for our proposed product strategy.