STAGE 2 FMB: FOLLOWERS, LIKES & ANXIETY by Grace Boateng

LT D .

gRACE Boateng n0802431

WOrd count: 8,900

I confirm that this work has gained ethical approval and that I have faithfully observed the terms of approval in the conduct of this project. GB Signed............................................................................ 15/04/2021 Date.............................................................................

PLAYLIST: 4.0 Who we are 4.1 Overview pg 47 4.2 Brand story pg 49 4.3 DNA pg 50-51 4 . 3 . 1 Va l u e s p g 5 5 4.3.2 Essence pg 56 4.3.3 Personality pg 58 4 . 3 . 4 To n e o f v o i c e p g 5 9 4.3.5 Promise pg 60 4.3.6 USP pg 61 4.3.7 Brand identity prism pg 62-63 4.4 Main logo pg 65 4.4.1 Logo placement pg 66 4 . 4 . 2 L o g o : n o ’s p g 6 7 4.4.3 Colour palette pg 68-69 4 . 4 . 4 Ty p e f a c e p g 7 1 5.0 Play 5.1 Primary market pg 73

1.0 Play 1.1 Introduction pg 11 1.2 Rationale pg 14-15 1.3 Aims and Objectives pg 16-17 1.4 Methodology pg 19-23 2.0 Reflection 2.1 Key insights pg 25 2.2 The lag pg 26-27 2.2.1 The concept pg 28 2.3 Concept testing: consumers pg 29-31 2.3.1 Concept testing: experts pg 34-25 3.0 Birds eyeview 3.1 Overview pg 37 3.2 Golden circle pg 38-39 3.3 Business model pg 40-41

5.1.1 Secondary market pg 75 5.2 Market drivers pg 76-77 5.2.1 Macro environment pg 80-83 5.2.2 Micro environment pg 84-87 5.3 Competitive analysis pg 88-89 5.3.1 Primary competitors pg 90-91 5.3.2 Secondary competitors pg 92 5.3.3 Market positioning pg 93 5.4 key competitors pg 94-95 5.5 TOWS pg 96-97 5.6 Porters 5 Forces pg 98-99 5.7 Market readiness pg 100-101 6.0 Digital native(s) 6.1 Overview pg 105 6.2 Segmentation pg 106-107 6.3 Consumer portfolio pg 111 6 . 4 Va l u e p ro p o s i t i o n p g 1 1 2 - 1 1 3 6.5 Benefit ladder pg 114-115

7.0 The mix 7.1 Objectives pg 118 7 . 2 Ye a r 1 , 2 , 3 p g 1 1 9 - 1 2 0 7.3 7ps marketing mix pg 122-124 8 . 0 Vo l u m e u p 8.1 Aida pg 127 8.1.1Drip pg 128-129 8.2 Objectives pg 130-131 8.3 Communications playlist pg 132-133 8.3.1 Social media pg 134-135 8.3.2 Outdoorsy pg 136 8.3.3 Collaboration pg 137-139 8.3.4 Email marketing pg 142 8.4.5 Raffles pg 143 8.4 Brand launch pg 144-145 8.5 Timeline pg 146 8 . 6 Ye a r 2 , 3 o v e r v i e w p g 1 4 7

9.0 The mix 9.1 Initial funding pg 152-153 9.2 Sales forecast pg 154 9 . 2 . 1 Ye a r 1 p g 1 5 4 9 . 2 . 2 Ye a r 2 , 3 p g 1 5 5 9.3 Profit and loss pg 156-157 9.4 Marketing budget pg 158-159 10.0 00 10.1 Key performance indicators pg 161 10.2 Risks assessment pg 162-163 10.3 Objective review pg 164 10.4 Future growth pg 165 10.5 Conclusion pg 166 References pg 168-173 Bibliography pg 174-178 Image references pg 179-180 Figures pg 181

1.1

IN TR O D U C TIO N

pLAY

Present-day society is the most digitally connected group the world has seen. The world has become immensely digital, with Social media being the most utilised digital technology out there (Clement, 2020; Rostam, 2019). The number of active users is estimated to reach beyond 3 billion by 2023: approximately 50% of t h e E a r t h s e n t i r e p o p u l a t i o n ( Ta n k o v s k a , 2 0 2 1 ) . This shows the prominence of Social media in contemporary society and how powerful it h a s b e c o m e . H o w e v e r, a s d i g i t a l t e c h n o l o g y continues to integrate into daily lifestyles, it is undeniable that it causes some adverse mental health impacts on its end-users (Galluci, 2019). Although being digitally connected is developing and beneficial, it juxtaposes by simultaneously increasing anxiety which has been thoroughly evident in the Stage One report. As a result, this project represents research findings collated from both reports into the final r e a l i s a t i o n s t a g e ( s e e a p p e n d i x 2 ) . A c c o r d i n g l y, a business plan has been formulated to help traverse an insight with lucrative future potential. Utilising both primary and secondary research, this report will provide an in-depth analysis of a new business idea, accounting for the market of operation, consumers and branding approach. M o r e o v e r, t h i s r e p o r t w i l l s t a t e a t h r e e - y e a r marketing strategy and communications plan which, will be vindicated with thorough financial planning.

“

DID YOU KNOW?

According to the National Health Service (2019) anxiety is an uneasy feeling which follows with fear and worry that can be minor or severe. It can also manifest in form of: •restlessness •a sense of dread •feeling constantly “on edge” •difficulty concentrating •irritability.

1.2

R AT IONALE Comprehensive research, evident in the Stage one report, was carried out investigating the t o p i c o f S o c i a l m e d i a a n d a n x i e t y. I n t h i s , b o t h consumer and industry professional view gave p r o f o u n d i n s i g h t s i n t o t h e m a t t e r. I t w a s a p p a r e n t that Social media has helped innovate and enhance societal connectivity in ways beyond socialising. Despite research certainly proving Social media is helpful in many ways, the longt e r m i m p a c t s a r e c l e a r . S o c i a l m e d i a ’s m o s t p ro m i n e n t u s e r s a re a g e d b e t w e e n 1 6 - 2 4 - y e a rold (Hovorka, 2020). This age group are also termed Generation Z (Gen z), often referred to as digital natives because they are a generation who do not know a world without the internet. This means growing up, the digital technology in the discussion has been a key part of their lives. The integration of Social media with daily living habits causes some users to spend more than 12 hours a day there. Nonchalantly spending this much time on Social media which ends up affecting beyond the mind, it also affects diet and sleep (Hawkins, 2020).

This approach is supported by Hawkins (2020) humans should be getting dopamine from nature and other natural sources examples being, exercising and eating nourishing foods. H o w e v e r, i n t h i s d a y i n a g e , t h e ‘ d a i l y d o s e o f dopamine can come from Social media, meaning it comes from electronics, which is unnatural (Hillard 2020). The release of dopamine results in a feeling/emotion, and it being attainable through electronic systems implies a dependency on Social media to feel gratified. Furthermore, with the number of active social media users extrapolated to rise, it suggests that this reward chemical may also continue to be achieved a r t i f i c i a l l y, w h i c h i s c o u n t e r p r o d u c t i v e t o h u m a n nature. Amidst all of this, Social media is still t h e m o s t c o n s u m e d f o r m o f m e d i a ( C h a f f e y, 2020). Therefore, there is the potential for a business that educates consumers on Social media and the impacts it has on them beyond mental health. The new proposal can hinder the adverse impacts by teaching and providing the opportunity to take care of oneself, which is what Followers, likes & anxiety offers.

Objectives: • To u t i l i s e p r e v i o u s r e s e a r c h f r o m S t a g e o n e a n d Future thinking with new findings to progress a feasible and effective business idea.

1.3

• To r e f l e c t a s o l i d u n d e r s t a n d i n g o f t h e t a r g e t e d consumers and business goals.

A I M S & OB J ECT IVES

• To c r e a t e a n i n t e g r a t e d m a r k e t i n g s t r a t e g y a l o n g with a reasonably fabricated communications plan recognising the financial demands.

Aim: This report aims to present an achievable and well-structured business plan, which answers an emanate business opportunity in the Podcast market. It additionally aims to increase t h e c o n s u m e r ’s k n o w l e d g e ( c o n c e r n i n g S o c i a l media) whilst promoting natural self-care.

• To a s s e s s t h e d u r a b i l i t y o f t h e b u s i n e s s i d e a by examining the strengths and vulnerabilities.

• To g i v e a d e t a i l e d a n a l y s i s o f t h e e x t e r i o r environments that the business will operate in, considering the relevant global macro and micro trends.

1.4

ME TH O D O L O GY To d e v e l o p a c o m m e r c i a l l y f e a s i b l e b u s i n e s s plan, it was vital to carry out a mixed-method research strategy (Public Health England, 2020). This means both qualitative and quantitative primary research was conducted, along with secondary research to present whether there is an operating market and consumer for the b u s i n e s s p ro p o s a l t o a s s u re t e n a b i l i t y ( Va l c h e v a , 2021). The primary research methods were carefully selected to lessen limitations (evident in the adjourning table). Despite this, a global pandemic meant some research methods could not be applied and some modified.

P R I M A R Y R E S E A R C H

L i m i tati o n

O bj e c t i v e achieved

100+ respondents aged between 18 and 24 years old.

The online survey helped to build on the findings from the Stage one report. It gave more insights into consumers viewpoints and attitudes towards Podcasts. Furthermore, as expressed by Saunders, Lewis and Thornhill (Saunders, Lewis and Thornhill, 2009), the large sample size revealed new judgments of Followers, l i k e s & a n x i e t y. T h i s i s b e c a u s e t h e d a t a w a s o b t a i n e d from a large sample size.

Although the survey gained over 100 respondents, s u r v e y s , h o w e v e r, a r e l i m i t e d i n d e t a i l b e c a u s e a survey doesn’t allow for responses to be discussed in d e t a i l o r f u r t h e r p r o v o k i n g q u e s t i o n s ( Te m k i n n . d . ) . To overcome this, other research methods, which allowed for further questions, took place.

1,2

The focus group proved that some participants were dominating with their responses. According to (Binns, 2021), this can happen in group situations, and it did. This led to some misleading narratives from some o t h e r p a r t i c i p a n t s . To o v e r c o m e t h i s , t h e f o c u s w a s supposed to do done in person so that participants. H o w e v e r, d u e t o g o v e r n m e n t r e s t r i c t i o n s , i t h a d t o b e carried out virtually via Zoom. Thus, making it difficult to rule out false consensuses.

4,2

Due to the global pandemic (COVID-19), this research method could not be carried out. Meeting places were closed, which meant meeting in a physical space to conduct the research could not happen.

5,2

The interviews were carried out via ZOOM so, this meant that some participants had connectivity issues. To o v e r c o m e t h i s , i n d i v i d u a l f o l l o w - u p s w e r e d o n e t o clarify any points that were missed.

1,2

P o d c a s t o w n e r.

To u n d e r s t a n d h o w t o s t a r t a P o d c a s t a n d h o w t h e y w o r k , how promotion works (e.g. working with influencers) and how much to charge for advertising on a platform.

Multiple Podcasts were contacted but, not all responded. This may have been due to their follower count being high. Therefore, they were not able to see all ‘direct messages’. As a result, Podcasts with less than 1,000 followers were contacted, and responses were gained.

1,2,3

Product manager with well-being experience in a respected business.

To g a i n i n d u s t r y p r o f e s s i o n a l f e e d b a c k o n F o l l o w e r s , l i k e s & a n x i e t y. T h i s h e l p e d t o i d e n t i f y s o m e r i s k s involved with start-up/ small business. It also gave more insight into the well-being market/ consumer attributes.

As the interviews were completed via email, it meant that new concepts could not be fabricated or insights d i s c u s s e d f u r t h e r. A s a r e s u l t , a n a l y t i c a l m a r k e t research has been carried out in an attempt to fill the gaps.

F o cu s g ro u p

2 male and 2 female participants aged between 18 and 24 years old.

Due to the nature of online surveys, the aim of this was to encourage collaborative discussions (Saunders, Lewis and Thornhill, 2009). This was to uncover the marketing details that harmonise with the targeted consumer group. The focus group also allowed for indepth conversations about themes that came up in the survey which proved helpful in this project.

Et h n o g rap h y

Not applicable.

To w a t c h a n d u n d e r s t a n d a p a r t i c u l a r g r o u p o f p e o p l e in line with their Podcast/listening, Social media and online purchasing habits and why the aforementioned could be.

I n - d ep t h I n t erview ( co n cep t t es t in g)

2 male and 2 female who are a part of the targeted consumer group.

I n d u s t ry ex p ert

Ex p ert in t erview

Pu r p o s e/ r ati o n al e

This method was to test the concept of Followers, likes & a n x i e t y. T h i s a l l o w e d f o r m o r e v a l u a b l e o p i n i o n s t o be obtained around things like the brand name, logo etc.

“

On lin e s u rvey

Sa mple

1,2,3,4

S E C O N D A R Y R E S E A R C H

M arket res earc h, tre nd res earch d at ab a se s (e .g. L S:N Glo b al, M i nte l a nd P as s p o rt)

Li mi tati o n

Ob je c t i v e achieved

Allows access to statistics and facts gathered by trusted professionals. This helped to obtain information about the market, consumers and macro/micro trends that will directly impact the new business.

A few of the reports that would have been helpful for research could not be obtained due to high costs. Despite this, academic subscriptions through a university allowed this access. This was sufficient for t h e a n a l y s i s o f F o l l o w e r s , l i k e s & a n x i e t y.

5,2

Acad emic b o o ks

To v a l i d a t e F o l l o w e r s , l i k e s & a n x i e t y a s a b u s i n e s s , t h e academic books provided applicable business theories and models such as the AIDA and DRIP and model.

Some academic sources were outdated and, therefore, invalid in supporting this project. Therefore, to reduce this limitation, further reading was done to find modern sources which reinforced the same concepts.

Jo u r n al s

Journals are specific and tailored, so they give the relevant information, unlike a generically informative document.

Academic books provide a scope of information, taking i n t o a c c o u n t m u l t i p l e s u b j e c t s ( C Q U n i v e r s i t y L i b r a r y, n . d . ) . H o w e v e r, j o u r n a l s d o n o t . T h e r e f o r e , b o o k s a n d journal have been used simultaneously to support each o t h e r.

Do cu m en t a rie s

D es k res ea rc h

Purpose / rati o nal e

To g a i n a v a l u a b l e a n d v a r i e d p e r s p e c t i v e media and mental health.

To o b t a i n s a l e s documents along range of articles.

on Social

figures and access government with business publications and a

The narrative, although varied, was tailored profoundly to specific beliefs. Therefore, more research into the ‘other’ opinions was conducted.

The administration of the data can be biased and, t h e r e f o r e , u n r e l i a b l e ( Te m k i n , n . d . ) . . D e s p i t e t h i s , t h e data was precise and up-date.

1,4

1,5

3,5

2.1

K E Y IN S IGH T

rEFLECTION

In the Stage one report, key insights were discovered which, have played a major role in the final realisation stage of this project. Due to the algorithms of Social media, some consumers h a v e b e c o m e d e p e n d e n t o n i t d a i l y, w h i l s t s o m e depend on it for a release of dopamine. It has become apparent that there is a lack of education on how Social media actively impacts its users. The mental health impacts of Social media are the most ‘talked’ about, but it goes beyond that. This subject is being ‘pushed under the rug ‘ because Social media is a lucrative asset t o s o c i e t y ( Ta n k , 2 0 2 0 ) . B u t , t h e m a j o r i t y o f consumers do not know this or why this is. This is further supported by the conclusions of the Future thinking report. Therefore, Followers, likes & followers consequently wants to be the gap filler for this insight. The business will provide consumers with a relationship that edifies their well-being: gratified by nature rather than an electric system of tools. Stage one also evidenced that consumers are interested in their well-being and reducing the things that decrease their physical and mental health. Therefore, this new business venture will support them by providing a place where they can find help and educate themselves.

A s m e n t i o n e d e a r l i e r, G e n z a r e l i v i n g i n a society where they are the most impacted by anxiety (Briggs, 2020) with a lack of education and places to find support. Therefore, as consumers of large amounts of Social media, there is a needs to tackle the impacts. Although they continue to consume, the online survey revealed:

Over 50%

of respondents would listen to a Podcast that speaks on the science (e.g. algorithms) of Social media, and how it impacts mental health (see appendix 6,q). FIGURE 1

68%

2.2 T HE LAG

never

have been educated on the science of Social media with another 60%+ knowing it impacts their health (see appendix 6,d). FIGURE 2

Lack of care

from the app owners/... companies want to keep us in the dark/ ...Keep their money up (see appendix 5,a) FIGURE 3 Further interviews revealed that Social media owners need to take responsibility for the impacts that their industry cause. The lack of conversation is allowing owners t o ‘ s h y a w a y ’ ( Ta n k , 2 0 2 0 ) . T h e o v e r a l l occurrence was there needing to be action taken about Social media algorithms and how it is impacting the digital natives “... even if it means turning off your phone for a year” (Participant 3, appendix 5,c). The latter statement illustrates the severity of the impacts. Furthermore, according to Hawkins (2020), Social media impacts arguably the most important organ and affects vital parts of life, like diet and sleep (Hawkins, 2020). Therefore, there needs more done to provide a valuable understanding of how Social m e d i a , t h i s d a i l y l i v i n g h a b i t / d e p e n d e n c y, is nonchalantly impacting their well-being.

2.2.1

T H E C O NCEP T The concept is an educational Podcast that aims to create a digital community that anchors on the science of Social media and the impacts on its primary consumer Gen Z. Inspired by the insight of there being a lack of education and a n e e d f o r c o m m u n i t y. B y c r e a t i n g a p l a t f o r m / conversation, it will aid the digital natives in reassessing their daily habits and encourage better well-being. Simply: a brand that truly c a r e s f o r i t s c o n s u m e r ’s w e l l - b e i n g . The amount of digital natives spending more time on their devices due to the global pandemic has increased by at least 80% (Watson, 2020) i n c o m p a r i s o n t o t h e y e a r b e f o r e . C o n s e q u e n t l y, spending more time on your device means more time to be spent on Social media (Galluci, 2019), w h i c h i s a d v e r s e . H o w e v e r, t h e p a n d e m i c h a s caused a lot to move online, like school and work. This is out of the control of consumers because the circumstance is on a global scale. Therefore, this increase may be due to factors beyond personal control. Despite the lack of control for consumers, the negative correlation between Social media and health shows a need. A need for people to understand how what they spend considerable time on impacts them. Podcasting is a great way to enlighten listeners quickly and conveniently (O’keefe, n.d.). Not only can they be listened to anywhere, but they have also been scientifically proven to trigger multiple parts of the brain, which lead to the release of many beneficial chemicals. Although it has been mentioned before that Social media usage also causes the release of chemicals, there is a difference. The chemical released during Social media usage has been likened to the feeling of a class A drug high (Hillaird, 2020), whereas chemicals released during Podcast listening have no negative connotations. Overall, a Podcast will open up a conversation that will help the well-being of Gen Z. This will improve the knowledge gap of end-users and bring more awareness of the toxicity of Social media whilst promoting self-care.

2.3

C O N C E P T TE S TIN G

[ W hy w oul d you l i st e n t o a P od c a st w hi c h, a i ms t o e d u c a t e p e op l e on t he sc i e nc e of S oc i a l me d i a , a nd how i t i m p a c t s me nt a l he a l t h? ]

“

CO NCEP T TEST ING: CONSUMER S

“

“Because I use social media a lot”

Based on the insights discovered in preceding work and additional research, to understand consumer perception and attitudes towards a Podcast that will increase their knowledge of Social media science and provide them with the opportunity to ‘take time out. The c o n c e p t w a s t e s t e d w i t h G e n z ( 1 8 - 1 9 - y e a rolds) and industry experts to authenticate its l e g i t i m a c y.

“I would like to know how social media harms me”

“More people need to be educated on this topic” “It would be a unique and interesting conversation which is rarely discussed in contemporary time”

[ S e e a ppe n dix 6,r ] [ Wo u l d y ou l i s te n to a Podcast which, aims t o educat e peo ple o n t h e sc ie nc e of Soc i al m e d ia, and ho w it impact s ment al healt h? ]

YES

MAYBE

90%

10%

[ Se e ap p end ix 5,c ] FIGURE 4

Based on the outcome of in-depth interviews and o n l i n e s u r v e y, i t i s e v i d e n t t h a t t h e r e i s a s u b s t a n t i a l interest in Followers, likes & anxiety business proposal. The research did also reveal that some participants felt as though the main focus of the Podcast, educating, can become “dragged out” (see a p p e n d i x 6 , i ) . To a l l e v i a t e t h i s , p e r s o n a l i t i e s w h o have been impacted unfavourably by Social media, and scientific specialists, will be invited onto the s h o w t o b r i n g r a w, u p - t o - d a t e a n d e x c i t i n g c o n t e n t . Additional data showed that the host, influencers, length and the platform are profoundly important to Gen Z when listening to Podcasts (see appendix 6 n,o). Therefore, Followers, likes & anxiety will take all this earnestly to maximise its attractiveness.

“

DID YOU KNOW?

There are 582 million entrepreneurs in the world. (Todorov, 2021)

2.3.1

CO NCEP T T EST ING: EXPERT S To f u r t h e r v a l i d a t e t h e c o n c e p t o f F o l l o w e r s , l i k e s & a n x i e t y, i n t e r v i e w s w i t h i n d u s t r y e x p e r t s w e r e conducted. One expert was a Podcast owner and, t h e o t h e r, a p r o d u c t m a n a g e r f o r a w e l l - k n o w n corporation. Although the interviewees were from different corporate environments, the general conclusion was that they are both experienced in the Podcast industry and have witnessed the growth of interest towards Podcast (see appendix 5). It was revealed by the Podcast owner that, due to the global pandemic, Podcast listening on Spotify has doubled further supported by Porty (2020). Consumers have more free time on their hands due to being out of work or being home more than usual. As a result, consumers are looking for a ‘wind down’ and, Podcasts conveniently do that (Birch, 2020; W a l m s l e y, 2 0 2 0 ; H i l l a i r d , 2 0 2 0 ) . C o n s e q u e n t l y, i t is evident that this is a growing market, and with the need to educate, this business proposition is a suitable approach, people want to be educated and, people are also listening to Podcasts in abundance so, why not fuse the two (see appendix 5,a).

EXPERT APPROVAL RATE = 100%

Overall, all the experts reacted positively to the Podcast proposal (see appendix 5) together with the t a r g e t e d c o n s u m e r s . H o w e v e r, i t i s v i t a l t o c o n s i d e r the testimonials of research participants as business will fail if there is a misunderstanding of the market and what the consumers want: meet their needs by applying the market (see appendix 5,a). Therefore, for business success, Followers, likes & anxiety has been fabricated to meet these demands (whether it be the needs of consumers or the market).

3.1

B U S IN ES S O VERVIE W

Birds eyeview

Followers, likes & anxiety is an educational Podcast that offers insights into Social media science and how one can improve their well-being whilst providing them with the opportunity to do so. Operating as a B2C, the business will create an online community for the digital natives to truly understand how and why Social media harms their mental health whilst simultaneously bringing light to a topic t h a t i s k e p t u n d e r t h e r u g ( Ta n k , 2 0 2 0 ) . Furthermore, from a B2B perspective, Followers, likes & anxiety will build a strong with their consumers and, with an adequate engagement/ conversion rate, will be a platform for brands that sell well-being products to reach a wider audience and increase their awareness. Overall, the business will combine the technological phenomenon (Galluci, 2019; Hawkins, 2020), Social media, to help end-users adopt new beneficial habits for their mental health. Followers, likes & anxiety will successfully launch into the Podcast market in January 2022, as a solution, to the identified issues in previous chapters.

What?

3.2

HOW?

WHY? THE GOLDEN CIR CLE

[ Va lue pro po sit io n ]

The Golden Circle by Sinek (2009) has been employed as an i n s t r u m e n t t o h e l p u n d e r s t a n d F o l l o w e r s , l i k e s & a n x i e t y ’s core objective as a new business. The model stresses ‘what’ the business does and ‘how’ it will run, further emphasising ‘ w h y ’ t h e b u s i n e s s e x i s t s ( C h a f f e y, 2 0 2 0 ) . B y i m p l e m e n t i n g t h i s b u s i n e s s m o d e l i n t o t h e b r a n d ’s o p e r a t i o n s , i t i s a p p a r e n t t h a t t h e brand is fit for the character of Gen Z and meets their demands. Followers, likes & anxiety putting its consumers first is principal t o t h e b r a n d ’s v i s i o n a s i t i s v i t a l f o r s u c c e s s a n d d u r a b i l i t y .

The majority of digital natives, aged between 18-24 years old, are impacted by Social media, but not all know how or why (Boateng, 2021) and are thus, they are seeking education on the science of Social media (especially concerning mental health).

With the help and hosting of industry professionals, the brand will provide indispensable insights for its consumers whilst simultaneously promoting products and services that align with the ‘what’ of the business.

A Podcast that promotes wellbeing and, taking time out from the renounced fourth utility ( 4 t h U t i l i t y, n.d.; Rostam, 2019): Social media. This Podcast will offer an educational and wellness platform for consumers to improve their quality of life.

K ey par tn er s

3.3

• Mental health experts • Editors • Recorders • Suppliers • Brands • Investors

BUS INESS MODEL [ The b usiness mo del canvas ]

Followers, likes & anxiety adopts a B2C approach by providing an informative Podcast selling merchandise as the mainstream of income and promoting well-being products/ services being the secondary stream. Having more than one income stream will create endurance for the brand, which may allow for the building of lasting relationships with the targeted consumers. This business model is similar to The self-esteem and confidence mindset podcast regarding its content and product/service o ff e r i n g . B e l o w, t h e b u s i n e s s m o d e l c a n v a s f u r t h e r e l u c i d a t e s how the business will be wholistically administered.

Key res ou rces • Recording equipment • Merchandise (stock and supply) • Recording location • External brands (product/ services) • Finances

• • • •

(See appendix 8 for full canvas).

Employee salaries Paying suppliers Marketing Promotion (e.g. influencers)

Education Insights Advanced wellness Community

C u s tom er rel ati on s h i ps

C os t s tr u ctu re • • • •

• • • •

Social media End-users Management Brand partnerships/ sponsorship • Reach • Research • Giveaways

Val u e propos i ti on

C u s tom er s egm en ts • Gen Z/ digital natives • Yo u n g p r o f e s s i o n a l / educated • ‘Lack’ knowledge on Social media science

Key activities

• • • • •

Digital/ online Face-to-face Respect Tr a n s p a r e n t Reward for valuing the brand

Revenue s t re a m s • • • • •

B2C streaming B2C merchandise B2C events B2C raffles B2C/B2B promotion

Channels • Spotify (main Platform for the podcast) • Shopify store • Tw i t t e r • Instagram • Facebook • Email marketing • Events

Rewind

Who we are.

4 43

A message from the brand to you:

We understand that our brand embodies taking time away from Social media and taking care of o n e s e l f . H o w e v e r, t o r e a c h c o n s u m e r, w e u s e S o c i a l m e d i a . T h i s m a y s e e m c o n t r a d i c t o r y, b u t as a brand, that is where our consumers are and, this is the most effective way to reach them. If you are looking to listen to an episode please v i s i t u s o n S p o t i f y : t h e b e s t & u s e r- f r i e n d l y music streaming platform (Bibbiani, 2019).

4.1

OVERVIEW

A t F o l l o w e r s , l i k e s & a n x i e t y, we identify ourselves as a digital communal Podcast that offers informative content about Social media science for digital natives who are looking to enhance their mental health. By bridging education and well-being products/ services t o g e t h e r, w e a r e b e g i n n i n g a conversation that will beneficially impact consumers and s o c i e t y. Our expert knowledge uniformly matches our wellness opportunities (majorly provided by sponsors) in providing consumers with experiences that will increase their mental health. At F o l l o w e r s , l i k e s & a n x i e t y, i t i s a l l a b o u t t h e c o n s u m e r. N o t the CEOs.

4.2

A LL

WH ERE

B R A N D S TO RY Followers, likes & anxiety was founded by Grace Boateng, a young entrepreneur who is p a s s i o n a t e a b o u t b o t h S o c i a l m e d i a a n d a n x i e t y. She recognised the need for consumers to be educated on the form of media that some spend more than 25% of their day consuming (Hawkins, 2020). Consumers are becoming more and more dependent on Social media for their daily dose of happiness (Hawkins), which is simultaneously detrimental to oneself. As a result, the brand Grace has built combines the experiences and needs of consumers and educates them on the m a t t e r. F o l l o w e r s , l i k e s & a n x i e t y i s a b r a n d dedicated to working with other brands who understand their mission and vision. Therefore, through partnerships and sponsorships, they will consistently deliver value to their consumers. The brand is on a mission to start a conversation that will impact the zeitgeist of its end-users.

BEGA N

4.3

BR AND DNA

MISSION: To g i v e o u r c o n s u m e r s a t r u e u n d e r s t a n d i n g o f what it means to be social through education, g u i d a n c e a n d t r a n s p a r e n c y.

VISION: To e n c o u r a g e a s o c i a l c o m m u n i t y t h a t t r u l y c a r e s a b o u t t h e w e l l - b e i n g o f o n e a n o t h e r.

“

DID YOU KNOW?

In 2019, More than 70% of adults were using Social media compared to just 5% in 2005. (Ospina, 2019)

1. 4.3.1

BRAND VALUES

2. 3.

CONSCIOUS: We advocate that consumers deserve more insight into the daily habit of Social media. We understand that external pressures, such as a pandemic, can drive consumers to spend more time participating in activities that nonchalantly cause harm: Social media. That is what we are h e r e f o r, t o i n s i g h t a n d i m p r o v e .

INCLUSIVE: We believe that everyone deserves to have sound mental health. We understand that not everyone c a n h a v e t h e l a t t e r, h o w e v e r, t h e r e m u s t b e knowledge on how-to and a chance!

EDUCATION: We are determined to educate and increase the q u a l i t y o f l i f e f o r o u r e n d u s e r s . S i m p l y, w e want to inform consumers how Social media corporations profit from their attention and how they can overcome the impacts.

5:22

4.3.2

essence

Shedding light on the toxic science of Social media so consumers c a n b e h a p p i e r.

-28:21

4.3.3

4.3.4

P ER SONALIT Y

TO N E O F V O IC E

p e r s o n a b l e , y o u n g , a t t e n t i v e , a d a p t a b l e , q u i r k y, p r o f e s s i o n a l

warm, transparent, assertive, optimistic, genuine

E.G .

“Hey friend, we want you to reach ultimate happiness but it starts with you. We are the help a l o n g t h e w a y. . . J u s t t u n e i n . . . W e ’ r e w a i t i n g ”

4.3.5

4.3.6

PR OMISE

USP

Followers, likes & anxiety promises digital natives knowledgeable content that can improve their quality of life.

Our unique selling point: a brand with a platform that exposes its consumers to well-being e x p e r i e n c e s , p r o d u c t s a n d s e r v i c e s f u r t h e r, providing end-users with the chance to endure these freely.

4.3.7

physique * * * * *

Modern Simple Crisp Gradient=aura Professional yet young

* * * * *

Relatinship * * * *

Personable Quirky Professional Attentive Genuine

culture

Tr a n s p a r e n t Relative Mature Strong loyalty

* * * * *

relection

INTERNALIZATION

The six elements of Kapferers (1994) brand prism has been utilised to comprehend the strength and endurance of Followers, likes & a n x i e t y. It can be reasoned, from the prism, that the brand is professional, modern and juvenile: three aspects that will aid the branding of Followers, likes & anxiety to ensure a clear message to its targeted demographic.

EXTERNALISATION

B R AN D ID ENTI TY P RI SM

personality

Optimistic environment Education Expertise Innovation Responsible

Self-image

* Yo u n g e d u c a t e d professionals * Te c h s a v v y * Advance quality of life * Seeks gratification from physical experiences

* Needs confidence boost * Anxious butterfly wants to socialise but the impacts delay its bloom * Sense of belonging in community FIGURE 5

4.4

MAIN LOGO:

BRAND GUIDELINES

Our main logo trade-offs our brand name, F o l l o w e r s , l i k e s & a n x i e t y, w h i c h i s d e p l o y e d f ro m t h e p o p u l a r f o l l o w, a n d l i k e f u n c t i o n o f S o c i a l m e d i a . A t F o l l o w e r s , l i k e s & a n x i e t y, educating and enhancing our consumers’ mental health is at the core. The microphone in the logo is to communicate something is being said, m a y b e a c o n v e r s a t i o n . H o w e v e r, t h e ‘ p o d c a s t ’ at the bottom confirms there is a conversation h a p p e n i n g . M o r e o v e r, t h e b a c k g r o u n d g r a d i e n t demonstrates wisdom and success, which is what our brand encompasses.

4.4.1

4.4.2

LOGO PLACEMENT & SIZE:

L O G O - N O ’s : Although inclusivity is essential to our brand, our l o g o u n i q u e n e s s d o e s n o t o b s e r v e t h i s e d i c t . To e n s u r e c l a r i t y a n d q u a l i t y, b e l o w a r e e x a m p l e s o f d i s t o r t e d v e r s i o n s o u r l o g o ; t h e d o n o t ’s .

3CM

At all times, our logo must be the legible size. If there isn’t sufficient space around our logo, it can be rescaled until there is adequate expanse. A minimum enclosing of 3cm white-space must be present all around the logo. This is to guarantee precision and reduce obstructions

*DO NOT REDUCE THE O PA C I T Y *

* D O N O T C U T L O G O O F F AT ANY POINT*

*DO NOT DISTORT LOGO*

*DO NOT OBSTRUCT*

4.4.3

S O P H I S T I C AT I O N

MOOD SWINGS:

SIMPLICITY

SUCCESS

OPTIMISM

N AT U R E

L O YA LT Y

WISDOM

Co lo ur palette

Our primary colour palette consists of bright and v i b r a n t c o l o u r s : y e l l o w, p u r p l e , g re e n , b l a c k , blue, white and orange. These colours have been chosen because they encompass what we are as a brand (as seen above). On the adjacent page, the colours have been combined, giving forethought to backgrounds and light, to show our ‘mood swing’ (which is displayed through colour and their meaning).

WISDOM

SUCCESS

GRADIENT

4.4.4

A B C D E typef F Gace:H I J K L M N O P Q R S T U V W X Y Z A t F o l l o w e r s , l i k e s & a n x i e t y, w e u s e f o n t s t h a t we feel resonate with our brand. BD colonius to reflect our juvenile and adaptable personality and Helvetica Neue to exhibit our professionalism a n d a u t h e n t i c i t y. T h e c o m b i n a t i o n o f t h e t w o i s t h e p e r f e c t r e p r e s e n t a t i o n o f o u r p e r s o n a l i t y.

““

Helvetica Neue 30 PT (MAIN heading) Helvetica Neue Bold 20 PT (Sub headings) H e lve tic a N e u e L igh t 12 P T (M a in body)

A B C D E F 1 2 3 4 5 6 7 8 9 0

! @ £ $ % & * ( ) _ - {} : “” | < > ? . 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

A B C D E F

A B C FG H I L M N Q R S V W X

D J O T Y

E K P U Z

! @ £ $ % & * ( ) _ - {} : “” | < > ? .

5.1

P R IMA RY MA R K E T: MU S IC / S TR E A MIN G (P O D C A S T)

MARKET HEALTH:

Podcasts operate in the music market because they are a form of streaming (Birch, 2020). According to Birch (2020), there are over 15 million Podcast listeners in the United Kingdom (UK) alone, with the market being worth more than £900 million (2020), a 3 . 2 % i n c r e a s e f r o m t h e p r e v i o u s y e a r. T h e m a r k e t is immense and is still projected to grow steadily as the popularity of Podcasts increases: forecasts predicting listeners to reach approximately 20 million listeners by 2024 (Birch, 2020). Key drivers of this growth include people being more dependent on “inhome entertainment, such as streaming, whilst in and o u t o f l o c k d o w n ” ( B i r c h , 2 0 2 0 ) . H o w e v e r, d u e t o t h e global pandemic, consumers are currently looking for value when listening to Podcasts. Consumers are spending a lot more time doing activities, such as meeting online, which would have happened in r e a l l i f e . H o w e v e r, c a r r y i n g o u t r e a l - l i f e t a s k s o n l i n e is becoming highly unfavourable for people. People would much rather switch off and be entertained/ occupied in a non-screen based way (Birch, 2020; Hillaird, 2020). Nevertheless, 36% of consumers state that they would listen to an educational/ m o t i v a t i o n a l / s e l f - h e l p P o d c a s t ( W a l m s l e y, 2 0 1 9 ) , with an additional 55% looking for Podcasts that host industry experts (e.g. biological journalist). Based on these findings, businesses can potentially compete and further advance the market by meeting these needs. Therefore, it is apparent that there is a potential market space for Followers, likes & anxiety to launch into, especially since brands like Spotify expect 20% of their total revenue to come from Podcast in the years to come (Birch, 2020; W a l m s l e y, 2 0 1 9 ) .

5.1.1 S EC O N D A RY MA R KET: H EA LTH & W E L L B E IN G In association with the more widespread health and wellness inclination, consumers are constantly looking for more efficient and worthwhile ways to ‘take time out’ (Kemp, 2017). People are actively increasing their mental well-being and overall wellness and, this caused the market to undergo significant amounts of growth. Between 2015 and 2017, the industry grew by 6.4%, reaching beyond £ 3 t r i l l i o n ( M c G r o a r t y, 2 0 1 8 ) . M o r e o v e r, i n 2 0 1 8 , the market was valued at £4 trillion, simultaneously being the year where the abruptest growth of well-ness Podcast listening amongst young adults ( 1 5 - 2 4 - y e a r - o l d s ) ( O f c o m , 2 0 1 8 ; W a l m s l e y, 2 0 1 9 ) occurred. This statistic is expected to continue growing with 1 in 5 people from this demographic, the targeted demographic, listening to healthrelated Podcasts. This shows health and well-being plays major roles in markets beyond themselves. S u b s e q u e n t l y, a s e x h i b i t e d p r e v i o u s l y, b o t h m a r k e t s are extrapolated to experience exponential growth due to consumers desiring ‘wellness’. Therefore, there is substantial demand for Followers, likes & a n x i e t y, a s t h e b u s i n e s s e s t e e m s i t s c o n s u m e r s ’ well-being by providing valuable knowledge.

5.2

M A R KET DR IVER S As mentioned in previous sub-chapters, it is vital to understand the market. Therefore, an audit of the external environment has been conducted to assist in obtaining a rooted understanding of key market drivers to accelerate the growth of Followers, likes & anxiety (See appendix 7 for full PESTLE analysis).

p e s

• • • • •

Manipulative algorithms Lack of governmental control Skewing feed Corruption Abuse

P o l i t i ca l

Increased phone usage/ availability Human interaction Digital connectivity Organic posting Omni-channel marketing

Tech n i cal

• • • •

COVID-19 E-commerce High-street downward spiral Consumers becoming digitalised

Eco n o m i ca l

So c i al

t l e

• • • • •

• GDPR regulations • Email marketing • Penalties/ breaches

L egal

• • • •

COVID-19 Lack of human interaction Community Unpredictability

• • • •

Digital meetings Multiple impacted sectors COVID-19 regulations Risk assessment

En v i ron m en tal

“

DID YOU KNOW?

‘Like’ it or not, using social media can cause anxiety, depression, and other health challenges. (Sperling, 2020).

5.2.1 M A CRO ENVIR ONMENT

A macro trend is a long-term change in society that endures at least five years, affecting a range of industries from health to finance and beyond (Ross, 2019). The changes have given an increase to the macro trends Health and Well-being, and technology: which have acquainted the development of the Followers, l i k e s & a n x i e t y.

As mentioned before, health and well-being has been a profound component in the realisation stage of this project: with the average British consumer becoming more conscious of their health-related decisions (Wunsch, 2020). Adopting healthy living habits requires both physical and mental well-being because they are equally important, according to Britons ( N a y l o r, 2 0 1 6 ) . H o w e v e r, t h i s p r o v e d t o b e different amongst the targeted demographic. Gen Z is valuing mental well-being to be of higher importance because it can affect their diet and cause a deficiency in sleep (Hawkins, 2020). As a result, many companies are profiting by making available products that promote health and health-improving support systems (Research and Markets, 2021). C o n s e q u e n t l y, a b u s i n e s s s u c h a s F o l l o w e r s , l i k e s & a n x i e t y, w h i c h f u s e w e l l - b e i n g a n d education, is a “great business Idea”(see A p p e n d i x 5 , a ) . C o n c u r r e n t l y, t h e r e i s a m a r k e t potential for Followers, likes & anxiety as Gen z believe “...people need to be educated on...[the] topic [of Social media]” (Boateng, 2 0 2 1 ; Ta n k , 2 0 2 0 ) .

D IGITA L T E C H N OL OG Y

“

HEALT H & WELL- B E IN G

The usage of social media to consume information has risen from 44% to 49%. Simultaneously, the consumption of data via television has decreased by 4% among adults (Ofcom, 2019).

Tr a d i t i o n a l l y, n e w s p a p e r s , t e l e v i s i o n o r r a d i o were the popular forms of media consumption ( G a l l u c i , 2 0 1 9 ; O f c o m , 2 0 1 9 ) . H o w e v e r, i n t h e past decade, technology has evolved and, media consumption has become profoundly online/digital (Ofcom, 2019). Not only does this increase the chance of adverse impacts but, it also shows that consumer consumption habits have evolved. Consumers now want convenience and, this was found to be true in the Stage one report as Gen Z prefer to consume information and stay up-to-date at the touch of a button. Although this consumption habit encourages users to spend m o r e t i m e o n S o c i a l m e d i a ( M e t e v, 2 0 2 1 ) , i t does make the transferring of information more straightforward. Nonetheless, digital consumption is evidently the most convenient and popular to consume knowledge. Therefore, being a Podcast is in line with this consumer habit thus, being an appropriate business proposal.

5.2.2 M I CRO ENVIR ONMENT

Proportion of adopters

Micro trends are “specific shifts in consumer behaviour that are changing the business environment in the short-term” (LSN : Micro Tr e n d s , 2 0 2 1 ) w h i c h , u s u a l l y s t a r t w i t h e a r l y influencers (macro trends), moving to mass adoption within one or two years. Therefore, the micro trends which have influenced the realisation of Followers, likes & anxiety are digital drugs and plugged in. The following image illustrates the latter:

time

‘PL U G G E D I N ’

Although evidence suggests that digital technology assists health and well-being, the impacts usage doesn’t imply this. According to medical experts, humans get their ‘daily dose of dopamine from Social media (Hillaird, 2020). Dopamine is a neurotransmitter that consumers feel as a state of pleasure/reward: the same feeling people get from doing class A drugs such as cocaine (Pietrangelo, 2019). What this exhibits is that social media is a remedy that consumers are addicted to. As a result of the scientific impacts, people spend more time looking at their phones than the sun (Hawkins, 2020). This affects the consumer more than they know because the quality of their diet, sleep and lifestyle can decrease (Hawkins, 2020). This means is that some consumers are having their wellness reduced and are not aware of it. Due to the Followers, likes & anxiety essence, there is, therefore, an emerging possibility to close the gap of consumers being unaware. This should give consumers a better understanding of how they are being impacted nonchalantly by Social m e d i a i n a n e f f i c i e n t a n d v a l u a b l e w a y.

Due to the worldwide pandemic, consumers are spending more time on their devices than ever before. According to research conducted b y Ta l k Ta l k , i n s o m e p a r t s o f t h e w o r l d , w h i c h is valid for the UK also, landline calls surged b e y o n d 5 0 % ( P a n e s a r, 2 0 2 1 ) .

“

‘DIGITAL DR U GS ’

“The move to staying at home has re-ignited people’s hunger to stay connected,...[by] voice” (Panesar, 2021).

To m a k e u p f o r t h e l a c k o f h u m a n i n t e r a c t i o n , consumers are shifting towards digital spaces in anticipation of valuable ‘conversations’. O b v i o u s l y, consumers are establishing relationships through audio, which is why “Spotify has tapped into the rising vocal r e s u r g e n c e ” ( To w e r s , 2 0 2 1 ) . T h i s o c c u r r e n c e is a valuable opportunity because Followers, likes & anxiety is a Podcast, meaning audio is at the core of the business. Thus, in line with t h i s s p e c i f i c s h i f t i n c o n s u m e r b e h a v i o u r.

5.3

CO M P ETIT IVE ANALYSIS

A competitor analysis has been conducted to show the positioning of Followers, likes & anxiety in the UK Podcast market. The analysis concentrates on competitors nationally rather than where the Podcast is located, Reading. This is to understand Followers, likes & anxiety competitive advantage in the market from a broad perspective, given that it is a start-up.

5.3.1 P RI M A RY COMPET IT OR S: W E L L N ES S ( A L S O KNOWN AS HEALT H ) PODCAST S .

An examination of key business in the wellness Podcast market (see appendix 9) has revealed that most of them are giving wellness advice and creating a platform that s o l e l y d o e s t h a t . H o w e v e r, i t c a n b e d e b a t e d that only providing advice is not enough for consumers, as it does not tackle the core of the issues consumers are facing (as evidenced in Stage one). Health is an important topic because it is a matter which impacts daily lifestyle. Therefore, Podcasts of this sort should actively help consumer by providing physical touch-points. Despite many of the market players surrounding their USP on the content, their content does not go as far as physically helping them. Therefore, due to the differentiation of Followers, likes & anxiety , the targeted consumer will encounter a brand that provides value by tackling the core impacts and provide physical opportunities for wellness.

5.3.3 MA R K E T P O S ITIO N IN G [ P E RC E P TU AL MAP ]

5.3.2 S ECO ND ARY COMPET IT OR S: W ELLNESS PR OVIDER S Although the idea of a Podcast that talks about the science of Social media and the adverse impacts it is having on consumers is n o t h i n g n e w, t h e re a re o t h e r b u s i n e s s e s ( n o n podcasts) that follow the same conversation, therefore being competition. Research did also reveal that consumers prefer brands that can meet multiple needs if possible (Boateng, 2021). Brands, such as the Priory group, which provide a holistic well-being platform (e.g. therapy and a helpline), meet this need a b u n d a n t l y. I n t h e f u t u r e , F o l l o w e r s , l i k e s & anxiety will consider adopting a holistic a p p r o a c h t o o . H o w e v e r, d u e t o t h e l a c k o f connective audio, (Podcast) Followers, likes & anxiety has a competitive edge.

A perceptual map has been fabricated with the well-being and experiential competitors in mind. From the analysis, it is clear that there is an opportunity for Followers, likes & anxiety to launch into the Podcast market with scarce competition as companies are not f o c u s i n g o n t h e e x p e r i e n c e s o f t h e c o n s u m e r. Whilst The self-esteem and confidence mindset podcast only provide digital experiences for consumers, it is similar to the innovation of F o l l o w e r s , l i k e s & a n x i e t y. T h e c o n t e n t t h e y provide heavily focuses on the causes of inadequate mental health and ways to improve it. Therefore, they have been identified as the m a i n o p p o s i t i o n f o r F o l l o w e r s , l i k e s & a n x i e t y.

E X PE R IE N T IAL (N O N - PH Y S IC AL)

B R O AD W E LL- B E IN G CONTENT

SP E C I F I E D W E L L BE I N G C O N T E N T

E X PE R IE N T IAL (PH Y S IC AL)

FIGURE 6

5.4

KEY C OMPET IT OR :

H o w e v e r, Followers, likes & anxiety has a competitive edge because of the pandemic. COVID-19 has certainly caused an upsurge in the use of Social media (and devices), thus increasing anxiety in G e n Z ( Tw e n g e , 2 0 1 7 ) . L a u n c h i n g p o s t pandemic, the brand will aid consumers by raising more awareness on the Social media science through experiential events and provide valuable means for them to reduce/ extirpate their mental health issues. Consumers are seeking postp a n d e m i c h e l p e s p e c i a l l y, f o r t h e i r m e n t a l health, after being “glued” to their devices (Dunne, 2020). Therefore, having physical touch-points to do this puts Followers, likes & anxiety at an advantage. The self-esteem and confidence mindset is a prominent well-being Podcast evidenced in their Social media followings (Pardoe, n.d.). Based in the UK, it targets young business professionals and, it provides 1:1 sessions beyond podcasting. This shows that the B2C relationship can be personal. The brand also implements first ‘confidence coaching’ for free, meaning anyone can encounter the brand, which is favourable for recognition.

External opportunities (0) • • •

• •

•

5.5

TO WS ANALYSIS

The TOWS business model forces (Assen et al, 2019), an extension of the SWOT business model, has been utilised to distinguish the internal and external strengths and weaknesses of Followers, likes & anxiety faces as a new market p l a y e r. T h e T O W S a i m s t o i d e n t i f y possible strategic directions that the brand can strive towards whilst acknowledging the factors that can minimise risk.

Internal Strengths (s) • • •

• • • • • •

•

• • •

Start-up brand meaning low awareness and disestablished B2C relationships. Low market experience. Low profits in the first period of operation due to the high start-up costs. Heavily reliant on expert knowledge.

• • •

S/O •

•

Providing consumers with knowledge and opportunities to better their overall wellness (especially mental well-being). Collaborating with brands to strengthen communication and marketing. Thus allowing a wider reach.

•

W/O • • •

Start-up costs may be reduced by sponsorships. Investors. Building a solid Social media presence prior to launching can increase consumer reach.

Already existing and established Podcasts with solid financial funding. C h a n g i n g c o n s u m e r ’s n e e d s . Plugging in (see section 5.2.2) no longer being the focus.

S/T

•

INTERNAL WEAKNESSES (W) •

Strong and viable research prior to the realisation of F o l l o w e r s , l i k e s & a n x i e t y. Well-built content. Promote wellness for consumers and provide opportunities for that to happen. More than one revenue stream. Specific and valuable content Post-pandemic ‘help’ via plugging in. Strong branding. Recognises impactful macro/ micro trends. Strong communication and marketing plan using relevant platforms to increase awareness. Digital nature means a wide range of consumers can be reached.

Host events across the UK. E x p a n d g l o b a l l y. Podcast market expected to grow therefore Followers, likes & anxiety can maximise its offerings. The business may be able to extent into a visual talk s h o w. Own well-being products such as teas and supplements sold in places such as Holland and Barret. Gen Z being the target consumer aids the building of a strong online presence.

External threats (t)

Va l i d re s e a rc h p r i o r t o t h e launch of Followers, likes & anxiety should present the chance to meet certain consumers needs which competitors are not. Marketing that is solid and innovative will need to happen regularly to encourage streaming. Offer strong and relevant content to minimise the risk of Followers, likes & anxiety experiencing low consumer retention.

w/t •

•

Research can be carried on a regular basis to ensure the business proposal are being met. Consistent measurement of engagement across platforms to increase consumer retention.

COMPETITIVE RIVALRY Podcasting and health and well-being are both markets that have been extrapolated to rise. Therefore, the bargaining power of suppliers bargaining power of buyers, the threat of new entrants and, the threat of substitutes Podcasts have been evaluated to c o n c l u d e t h e o v e r a l l c o m p e t i t i v e n e s s o f F o l l o w e r s , l i k e s & a n x i e t y. Although the value proposition allows the brand ability to succeed, understanding the competition is key to long-term success (see appendix 10 for full model.)

5.6

Threat of new entrants

Porters five forces is a business model that exhibits the competitive forces (Assen et al, 2019) that a business will face as a new market entrant. This tool has allowed a clear scope on the key obstacles that Followers, likes & anxiety may encounter when entering the Podcast market in the UK. Furthermore, the analysis using Porters five forces has provided an outlook on how to overcome the barriers.

Threat of substitute products

M O D ERAT E- H I G H

Bargaining power of suppliers

LO W

Bargaining power of buyers

M O D ERAT E- H I G H

H IG H

P O RTER S 5 F OR CES

5.7

M A RKET R EADINESS

100

Overall, the macro and micro environments of the current market, and the competitive atmosphere in which Followers, likes & anxiety operates, has made it apparent that there is enough market scope to launch. Although competition is high, growth is expected across the b u s i n e s s . M o r e o v e r, t h e c o m p e t i t i o n is high in the southern part of the UK. H o w e v e r, Reading has been chosen as the main town of operation because of its stance (e.g. to merchandise suppliers), and it is n o t f a r f r o m t h e c a p i t a l c i t y, L o n d o n , where the launch event will take p l a c e . F i n a l l y, d u e t o t h e m i s s i o n o f F o l l o w e r s , l i k e s & a n x i e t y, i t t a r g e t s a p p ro x i m a t e l y 9 4 , 0 0 0 1 8 - 2 4 - y e a rolds in the UK: 2% of the overall market.

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“

DID YOU KNOW?

Podcasts are highly beneficial for the mind are a convenient way to unwind. (O’keefe, n.d.)

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6.1

O V E RV IEW

Digital native(s)

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For Followers, likes & anxiety to endure success, it must target the correct segment of the market as this makes it easier to create content and manage m a r k e t i n g s t r a t e g i e s ( Ya y a , 2 0 1 7 ) . G i v e n t h a t t h e r e are over 60 million people in the UK alone (Office for National Statistics, 2021), it is essential to understand market segments. This is because one business cannot meet the needs of every single individual.

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GEOGR APH IC

D 6.2

SEG M ENTATI ON

DEMOGR AP H IC

b B EHAVIOU R A L

p PSYCHOGR AP H IC

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Followers, likes & anxiety plans to target young individuals across the whole of the UK. This is due to the digital nature of Podcasts. Podcasts can be accessed anywhere, so long as one has access t o S p o t i f y. T h e r e f o r e , F o l l o w e r s , l i k e s & a n x i e t y i s not limited by location when it comes to business. H o w e v e r, i t d o e s c o n s i d e r g e o g r a p h i c s w h e n i t c o m e s to physical activities, e.g. London is considered as a hot spot for the target market (Lees, 2019), meaning the launch event will take place there to maximise reach. According to multiple credible sources (British business bank, n.d.; Start Up Loans, 2021), for s m a l l b u s i n e s s e s , l i k e F o l l o w e r s , l i k e s & a n x i e t y, aiming for 1-5% of a market share in the first few years of operation is realistic and suitable. As a result, the brand would like to obtain a 2% market s h a re o f t h e 1 8 - 2 4 - y e a r- o l d m a r k e t ( 5 m i l l i o n plus) (LG Inform, 2019). Therefore, the total target market for the following three years accumulates to approximately 94,000 people.

Followers, likes & anxiety will target people who want to utilise Social media a lot and are looking to improve their mental health, given the circumstances of the pandemic and lifestyle changes. These are the loyal consumers due to Followers, likes & anxiety being a solution and providing consumers with value.

1 8 - 2 4 - y e a r - o l d s a r e t h e m o s t i m p a c t e d , m e n t a l l y, b y s o c i a l m e d i a ( B r i g g s , 2 0 2 0 ; Tw e n g e , 2 0 1 7 ) m e a n i n g , there is already a market segment for Followers, likes & anxiety to target. Furthermore, there is the potential to engage consumers who want to improve their daily habits, learn about the toxicity of Social m e d i a a n d e n t e r c o m p e t i t i o n s . A d d i t i o n a l l y, t h e brand can also aim for consumers who want to listen to a well-being podcast and value their mental wellbeing.

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6.3

CO NS UMER PORT F OLIO

Considering demographic, psychographic and behavioural determinants, the adjacent is a visual d e p i c t i o n o f F o l l o w e r s , l i k e s & a n x i e t y ’s t a r g e t e d consumer base. This has been fabricated to showcase both primary and secondary consumer groups, and it is apparent that the brand is a solution to their needs. B2B: Brands that value the mental health of Gen Z and provide a well-being service or product that can enhance the end-users quality of life is considered a B 2 B c o n s u m e r f o r F o l l o w e r s , l i k e s & a n x i e t y. A brand such as Headspace is a classic example as they “...[teach] mindfulness to as many people as possible” (Headspace, n.d.). B2C: [next page].

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[ PR IMARY ]

DIGITAL native(s) : DOE S NOT KNOW A WORLD W ITH O UT SOCIAL MED IA.

[ P R E M I U M AC C OU N T ]

This playlist was made by a Digital native. They are between the ages of 18-24 years old and enjoy spending hours scrolling on Social media. Living in London, the digital native can spend more than 8 hours a day on Social media. Their diet, sleep and other things have been impacted. So, this creative, friendly and anxious individual has created this playlist so other Social media users can relate to them. The list has been carefully curated so it can make an impact on whoever comes across it.

[ S E C O N D ARY ]

SOCIAL native(s) : D O E S N O T KN O W A W O RLD W I TH O U T S O C I A LI S I N G [ U N TI L C O V I D - 19] .

[ P RE MI U M AC C O U N T ]

This playlist was made by a Social native but, they refer to themselves a Social native. They are aged 18-24 years and also enjoy scrolling o n S o c i a l m e d i a . H o w e v e r, i n B r i s t o l , t h e Social native has been impacted by COVID-19, and lifestyle changes mean they are spending excessive time on Social media. They know their anxiety is going up, and their mental health is not as it were pre-pandemic. So, this free-spirited , warm and apprehensive individual has created this playlist for Social natives to correlate with.

A L B U M B Y E D U C AT I O N : G r a d u a t e .

A L B U M B Y O C C U PAT I O N : S a l e s a s s i s t a n t .

A L B U M S B Y C O N TA C T :

A L B U M S B Y S K I L L S : C r e a t i v e , p i a n o , k e y b o a r d , h a i r, n a i l s .

ALBUMS BY SKILLS: Leadership, time management, creative, maths.

ALBUMS BY HOBBIES:

ALBUM BY ENEMY: Time management, spends too much time on socials.

ALBUM BY ENEMY: Factors beyond personal control, fear of missing out.

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PAINS

GAINS

6.4

VA LUE PR OPOSIT ION A value proposition has been created to help understand the pains and limitations consumers face and how Followers, likes & anxiety can be a resolution. From the examination, it is apparent that Followers, likes & anxiety has a good value proposition as a Podcast that provides relief for consumer pains.

Customer jobs

[ S E E AP P E N D I X 11 FO R FU LL VALU E P RO P O S I T I O N ]

Product/ services

Gain creators

Pain relievers

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6.5

BENEF IT LADDER

To f u r t h e r u n d e r s t a n d F o l l o w e r s , l i k e s & a n x i e t y ’s value proposition, the Benefit Ladder has been used to recognise the emotional and functional gains consumers will face when engaging with the brand. Overall, the analysis has made it clear Followers, likes & anxiety is a Podcast that offers its consumers benefits.

FU N C TIO N A L : * I get to listen to expert knowledge that will help me * This is convenient, I can listen at anytime * This brand cares about my mental health * The brand provides me with opportunities beyond listening * I can win experiences and products!

FEATU R ES : * Va l u a b l e i n d u s t r y k n o w l e d g e * Podcast for digital natives * Support system * Convenience (digital) * Lifestyle tips * Health tips (e.g. products/ services)

C O N S U ME R :

EMOT IONAL: * I feel knowledgeable * I need to make better decisions for my daily habits * I need to spend more time on me * I feel empowered to do better * I feel ready for the day * I t ’s t i m e t o t a k e c a r e o f m y m e n t a l h e a l t h * I never knew that but now I do I’m going to make changes

1. Digital native: 18-24 year olds who always spend hours on Social media. They are aware of the toxicity of Social media but they are not majorly knowledgeable on it. They enjoy the digital ‘world’ but it is starting to impact their sleep and diet. E n e m y : a n x i e t y, ‘ s c r o l l i n g ’ , t e m p t a t i o n 2. Social native: 18-24 year olds who enjoyed physical socialising pre-pandemic. The pandemic has caused them to use Social media excessively and are starting to realise their anxiety increasing. Changing habits and making better choices for their outgoing selves is vital. E n e m y : U n c o n t r o l l a b l e c i r c u m s t a n c e s , a n x i e t y, time wasting

C O N S U ME R IN S IGH T: Although both consumers are aware of the how Social media can impact them, seeking the knowledge and w a y s t o o v e r c o m e i t , i n a r e l a t a b l e w a y, i s n o t e a s i l y found.

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The mix

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F o r w a rd

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year 1 :

7.1 [MARKET ING ]

7.2

Objectives:

• To e f f e c t i v e l y e n t e r t h e being market in year one

Podcast

and

well-

• To i n c r e a s e b u s i n e s s t o c o n s u m e r s a l e s b y a t least 20% by the end of three years. • To s u c c e s s f u l l y o b t a i n a t l e a s t 2 % o f t h e 1 8 24 years old market in three years.

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For Followers, likes & anxiety to maximise its b u s i n e s s p o t e n t i a l w i t h t h e n e w m a r k e t o p p o r t u n i t y, o p e r a t i o n s w i l l b e g i n i n t h e f i r s t y e a r. C o n s e q u e n t l y, conventional marketing strategies will be utilised to ensure all necessities, such as branding and raising c a p i t a l , a r e c a r r i e d o u t o b j e c t i v e l y a n d e f f e c t i v e l y. F u r t h e r m o r e , t h e b r a n d ’s f o c u s i n t h e f i r s t y e a r is to increase brand awareness by implementing substantial pre-launch communications, which should r e s u l t i n b r a n d a n d S o c i a l m e d i a e n g a g e m e n t ( B a k e r, 2 0 2 1 ) . S i m u l t a n e o u s l y, a s t r o n g l a u n c h c a m p a i g n w i t h collaborative and sponsored efforts will ensure the t a r g e t e d c o n s u m e r s a r e r e a c h e d . S u b s e q u e n t l y, i n year one, Followers, likes & anxiety will launch a B2B campaign where well-being business’ can use their platforms (Facebook etc.) to reach wider audiences.

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GAP

BRIDGING T H

year 2 :

y ea r 3 : 120

I n t h e s e c o n d y e a r, F o l l o w e r s , l i k e s & anxiety will maintain fabricating brand awareness and reaching consumers via B2C business strategies. The main focus will be on establishing B2B relationships through more collaborative and sponsored efforts. M o r e o v e r, F o l l o w e r s , l i k e s & a n x i e t y p r i d e themselves on learning from mistakes. Therefore, the brand will revise all the peaks and troughs of the first years marketing approach to successfully execute strategies i n t h e s e c o n d y e a r. A d d i t i o n a l l y, r e t a i n i n g listeners is paramount to the Podcast, so there will be opportunities to win well-being products/ services based on segments of the s h o w. T h i s s h o u l d e n t i c e c o n s u m e r s t o l i s t e n attentively and consistently to win a prize (Agarwal, 2019), especially as Stage one revealed consumers enjoy competitions.

Anticipating that Followers, likes & anxiety meets profit targets by the third operational y e a r, t h e b r a n d w i l l i n c r e a s e c o m m u n i c a t i o n strategies to maximise reach before thinking o f p h y s i c a l s p a c e s i n y e a r f o u r. M a x i m i s i n g reach means more people will be educated on the toxic science of Social media which, put the brand in the position of accomplishing its m i s s i o n . M o r e o v e r, m a x i m i s i n g o u t p u t i n t h e third year is essential so Followers, likes & anxiety would have employed more staff by this point. Overall, this should increase the yield of business in day to day operations making, it more manageable to increase reach.

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7.3

7P S MAR KET ING MIX T h e 7 p ’s m a r k e t i n g m i x i s a m a r k e t i n g t o o l t h a t a i d s b r a n d development. Created by E. Jerome McCarthy (Hanlon, 2021), this tool has been employed to ensure all elements of Followers, l i k e s & a n x i e t y ’s m a r k e t i n g a r e v i a b l e .

p p

PR O DU C T

PROMOTION

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For a business to function well, there needs to be a product/ service being offered to a consumer (Patel, 2016). According to Patel (2016), the offering has to meet a need or be the solution to a n i s s u e . C o n s e q u e n t l y, F o l l o w e r s , l i k e s & a n x i e t y offers a Podcast that brings valuable knowledge to consumers as well as providing a platform where well-being experiences can be won. The Podcast hosts industry experts as well as experienced consumers to deliver valuable insights into the s h o w.

Followers, likes & anxiety will use promotional s t r a t e g i e s t o r e a c h c o n s u m e r s d i r e c t l y. F u r t h e r m o r e , B2B promotional will occur in the first year to curate an extra revenue stream. B2C: In year one, an amalgamation of purchased and organic media will be employed to form consumer e n g a g e m e n t a n d i n c r e a s e b r a n d a w a r e n e s s . To maximise communications, the promotion will begin before launch, alongside offline/physical communications. B2B: Post-launch, the brand will concentrate its marketing towards businesses (whilst targeting consumers simultaneously). Followers, likes & anxiety will utilise its digital social platforms to o f f e r p r o m o t i o n a l p a c k a g e s t o b u s i n e s s e s . H o w e v e r, amidst this, building solid B2B relationships/ p a r t n e r s h i p s a r e v i t a l t o t h i s s t r a t e g y. T h e r e f o r e , Followers, likes & anxiety will make sure its online communications are strong and impactful towards the targeted audience(s).

p p P EO P L E

P R IC E

T h e b r a n d w i l l e m p l o y a m e a g re y e t s t ro n g c o n s u m e rf a c i n g t e a m a t t h e b e g i n n i n g o f t h e y e a r. T h i s t e a m will consist of editors, accounts and much more. As t i m e g o e s o n a n d F o l l o w e r s , l i k e s & a n x i e t y p r o s p e r, a bigger team will be utilised to meet demands. Overall, the brand will always have an adequate team to meet the needs of all involved and further ensure guidelines and quality is maintained in all aspects of the business.

Followers, likes & anxiety have multiple revenue streams: merchandise, B2B promotion, events (year one), raffles and Spotify streams. B2B promotion: £300- 4 weeks of holistic promotion on platforms. Event tickets: £20 consumer testing.

RRP

per

ticket

based

Raffles: £2-£5 RRP per ticket (depending on entries) based on industry and consumer insights. Spotify streams: £0.005 per stream Merchandise: This is the mainstream of income for F o l l o w e r s , l i k e s & a n x i e t y . T- s h i r t s w i l l b e s o l d a t £30 and the mugs at £20. This is based on consumer insight and expert opinions.

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p p

Consumers will be reassured through branding, m a r k e t i n g a n d a s m o o t h c u s t o m e r j o u r n e y.

PH Y SIC A L EV ID E N CE

PROCESS

Followers, likes & anxiety plans to offer a smooth process to its digital natives, e v i d e n c e d b e l o w. T h i s i s v i t a l f o r t h e b r a n d because if consumers face any mishaps, then they can be lost. Employing integrated communication strategies makes a smooth process possible, reducing contingencies. 1. Consumer discovers Followers, likes & anxiety on a social platform. 2 . L i s t e n s o n S p o t i f y. 3. Follows on Spotify 4. Navigates back to Social media and purchases merchandise 5. Then purchases raffle.

The main touch-point of Followers, likes & anxiety w i l l b e d i g i t a l o n S p o t i f y. H o w e v e r, a s p a r t o f t h e l a u n c h s t r a t e g y, t h e b r a n d w i l l h a v e a p h y s i c a l launch in London.

PL AC E

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8.1

A ID A & D R IP The AIDA and DRIP model have been utilised to display the process of which consumers will go through during the purchasing (e.g. merchandise) stages o f F o l l o w e r s , l i k e s & a n x i e t y. [ AI D A MO D E L ]

AWA R EN E S S

Awareness amongst consumers will be built chiefly through s o c i a l m e d i a m a r k e t i n g o n Tw i t t e r , I n s t a g r a m a n d F a c e b o o k , with an active campaign before launching.

IN TE R E S T

With an effective and appealing tone of voice, Followers, likes & anxiety will develop the interest levels of consumers both online a n d o f f l i n e . S i m u l t a n e o u s l y, r u n n i n g r a f f l e competitions and posting consistent aesthetic content on Social media platforms along with brand key collaborations.

Volume up

D ES IR E

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The digital natives will be prompted to like and comment on posts to win self-care opportunities. This will fulfil the need of being part of a community that cares, further promoting consumers to reconsider their Social media habits.

A C TIO N

The aforementioned should encourage consumers to listen to Followers, likes & anxiety due to the engaging content.

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8.1.1 DIFFERENTIATE

[D RIP MOD EL ]

Followers, likes & anxiety differentiates itself from other Podcasts by being a purely educational Podcasts that assists consumers with selfcare opportunities.

REINFORCE

DIFFERENTIATE

REINFORCE

Digital communications via Social media will primarily buttress Followers, likes & anxiety USP and pinnacle brand message to its predetermined audience.

INFORM

PERSUADE

Gen Z care about their mental h e a l t h . H o w e v e r, t h e y f i n d i t hard to find help in overcoming the impact Social media has on them. Therefore, Followers, likes & anxiety will inform consumers on how and why Social media has adverse effects on them and the active ways they can overcome it.

PERSUADE Followers, likes & anxiety will persuade listeners to listen to their Podcast by utilising communication strategies that align with the targeted c o n s u m e r ’s l i f e s t y l e . I t w i l l communicate the benefits of ‘taking time out’ via connective audio. Concurrently relaying the many professional ways to improve mental health, with a warm tone of voice.

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Objectives:

8.2

CO M M UNI C AT IONS OB J ECT IVES

• To g a i n 1 2 , 0 0 0 f o l l o w e r s a c r o s s Tw i t t e r , Facebook (likes) and Instagram by the end of t h e f i r s t y e a r, i n c r e a s i n g 5 0 % y e a r o n y e a r.

• To a c q u i r e 1 5 0 0 + n e w s l e t t e r s i g n u p s f r o m t h e digital natives in the first year of operating.

• To r e c e i v e a n e n g a g e m e n t r a t e o f 3 % i n t h e first year on Instagram posts.

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8.3

CO M M UNI CAT IONS PLAYLIST

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For Followers, likes & anxiety to maximise success, attention has been given to the most effective online and offline channels to reach the targeted end-users. As a result, the following methods have been traversed via the communications mix.

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8.3.1

SOCIAL MEDIA: A c c o r d i n g t o P r a k a s h Ya d a v a n d R a j ( 2 0 2 0 ) , t h e d i g i t a l n a t i v e s are the biggest consumers of Social media, using it mainly for c o n n e c t i v i t y, i n f o r m a t i o n a n d s h o p p i n g . T h e r e f o r e , F o l l o w e r s , l i k e s & a n x i e t y w i l l m a x i m i s e t h i s p o s s i b i l i t y b y c r e a t i n g Tw i t t e r , Instagram and, Facebook accounts before launching. The brand will then consistently post alluring content across the platforms, encompassing the brand essence, to keep consumers engaged f r o m t h e f i r s t e n c o u n t e r. N o n e t h e l e s s , t o a t t a i n a n i n i t i a l foundation of followers, Followers, likes & anxiety will strive to develop relationships with account holders who embody a similar brand essence. For example, Mental Health Mates are a brand that has a significant following on Social media: amassing over 65k followers on Instagram (mentalhealthmates, 2021), 8K o n Tw i t t e r ( m e n t a l h e a l t h m t s , 2 0 2 1 ) a n d 1 . 1 l i k e s o n F a c e b o o k (Mental Health Mates, 2021). This is a brand that promotes wellbeing and ways one can do better for themselves. As a result, Social media is a cost-effective approach to generating brand a w a r e n e s s ( B a k e r, 2 0 2 1 ) w h i l s t a l l o w i n g B 2 B r e l a t i o n s h i p s t o b e built.

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Followers, likes & anxiety Podcast

#WELLMEWELLBEING. TUNE IN TONIGHT FOR MORE ANNOUNCEMENTS AND SOME MYSTERY GUESTS. DONT FORGET THE RAFFLES CLOSE IN 1 HOUR! SEE YOU TONIGHT

Welcome to the official home page of Followers, likes & anxiety.

#WELL ME WELL BEING

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# i choose me

OUR BIGGEST RAFFLE YET! #WELLBEWELLBEING #WELLMEWELLBEING fla.podcast fla.podcast

NEW COMPETITION TSHIRT DESIGNS TIME! RAFFLES OUT NOW! TIME! !

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8PM TONIGHT!

# i choose me

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Once a following is established, Followers, likes & anxiety will use Social media as a way to relate with consumers (e.g. the consumers’ values) by posting jovial content across the features of the social platforms (e.g. highlight, fleet or story). This will allow for soft selling methods to be adopted: consumers will experience low-pressure and subtle sales techniques at any p u r c h a s i n g s t a g e ( B u r s k , 2 0 2 1 ) . A d d i t i o n a l l y, c o h e r e n t a n d aesthetic visuals will be posted across the platforms to promote e v e n t s , c o m p e t i t i o n s a n d m o r e . M o r e o v e r, F o l l o w e r s , l i k e s & anxiety will launch fast burst campaigns throughout the year (see section 8.5) in time with appropriate seasonal factors. These campaigns will be sponsored/ promotional to build brand awareness and ensure the maximum reach of consumer segments.

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8.3.2 OUTDOOrsy With the digital natives always being on the move (Stillman, 2017), advertising on public transport will be a beneficial way for Followers, likes & anxiety to reach this audience. In alignment with Mental health awareness week (a cost-effective way to generate brand awareness), the brand will start the promotional activity on spaces such as buses and taxis. This will take place in cities s u c h a B r i s t o l , w h i c h h o s t s t h e h i g h e s t a m o u n t o f 1 8 - 2 4 - y e a rolds in the UK, Reading, the brands home town, and London, t h e n a t i o n ’s c a p i t a l . O v e r a l l , t h i s s h o u l d h e l p g e n e r a t e b r a n d awareness in local areas, furthermore, exhibiting the possibility of expanding physical promotional activity in the years to come.

#WELL ME WELL BEING

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8.3.3

collaboration

#WELL ME WELL BEING To m a x i m i s e e s t a b l i s h e d b r a n d r e l a t i o n s h i p s , F o l l o w e r s , l i k e s & anxiety will stay working with Mental Health Mates throughout the first operating year to accommodate collaborative events and grow a w a r e n e s s ( B a k e r, 2 0 2 1 ) . F o r i n s t a n c e , t o c e l e b r a t e m e n t a l h e a l t h a w a r e n e s s d a y, b o t h b r a n d s w i l l s t r i v e t o g e t h e r t o f a b r i c a t e t h e ‘ A well me, type of well-being’ campaign which will entail free wellbeing products and a chance to win self-care day for a ticketed price on Eventzilla. By collaborating, the Podcast will gain more awareness from ticket holders, associates of the collaborators, and t h e i r S o c i a l m e d i a p l a t f o r m s . F u r t h e r, t h e e v e n t w i l l b e a c c o m p a n i e d b y a c o m p e t i t i o n w h e r e i f a f o l l o w e r i n t e r a c t s a n d s h a r e s t h e b r a n d ’s page, they and their friends can win free tickets to the event. This should encourage more people to follow the business across social platforms (applies to both collaborating parties).

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Followers, likes & anxiety will seek sponsorship from Headspace as they are a brand that promotes taking out time for oneself (Headspace, n.d.). Headspace is also an established meditation application with over 65 million downloads worldwide (Headspace, n.d.). Followers, likes & anxiety can tap into a new market by hosting the brand on the Podcasts and having them sponsor events that will establish mutual benefits by bringing exposure t o o n e a n o t h e r. A d d i t i o n a l l y, F o l l o w e r s , l i k e s & a n x i e t y w i l l provide Headspace with an exclusive Podcast episode for new application subscribers: allowing Followers, likes & anxiety to reach new audiences.

To e n s u r e m a x i m u m r e a c h a n d u s a g e , F o l l o w e r s , l i k e s & a n x i e t y will accommodate collaborative features (e.g. hashtags) as “ Gen Zers prioritise collaborative content” (Wurst, 2020). A c c o r d i n g l y, t h i s p r e s e n t s a n o p p o r t u n i t y f o r F o l l o w e r s , l i k e s & anxiety to target B2B consumers as a part of its communication s t r a t e g y. F o l l o w e r s , l i k e s & a n x i e t y w i l l c r e a t e a c a m p a i g n t h a t encourages wellness brands to support one another in tackling the impact of Social media on mental health. It will focus on how Followers, likes & anxiety can help other brands reach t h e i r c o n s u m e r s w h i l s t b r i n g i n g a w a r e n e s s t o e a c h o t h e r. T h e campaign will take place mainly on Instagram and Facebook and, whichever brands respond can feature in the campaign. Overall, this will be beneficial for all parties involved because consumer needs will be met and presents another revenue stream.

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“

DID YOU KNOW?

Podcasts are a form Of streaming and is going to grow in market value. (Birch, 2020)

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8.3.4

eMAIL MARKETING

REACH US

MERCHANDISE

COMPETITIONS

SECERET EVENT: shhhh

ENTER ENTER NOW NOW

ENTER THE RAFFLE FOR YOUR CHANCE TO WIN FREE TICKETS !!!

8.3.5 RAFFLES

#FLA PODCAST RAFFLE

SWIPE UP FOR YOUR CHANCE TO WIN A FREE SPA DAY Gen Z is a consumer group that is susceptible t o b u r n o u t ( Tw e n g e , 2 0 1 7 ; A g a r w a l , 2 0 1 9 ) , and according to Campaign monitor (n.d.), 58% o f t h e m c h e c k t h e i r e m a i l s m u l t i p l e t i m e a d a y. C o n s e q u e n t l y, F o l l o w e r s , l i k e s & a n x i e t y w i l l e m p l o y email marketing as a core communication channel, primarily because it is a direct communication m e t h o d t h a t h a s m i n i m a l c o s t s ( B a k e r, 2 0 2 1 ) . U s e r s will be encouraged to sign up during episodes and influencer marketing. The monthly newsletters will entail upcoming events, competitions, promotions and any new announcements via HubSpot email marketing. This will allows Followers, likes & anxiety to engage their audience effectively with visuals and captivating headlines.

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Raffle competitions will also happen across Followers, likes & anxiety social platforms to create awareness about the brand and interact with consumers. The raffles will operate by allowing consumers to win free Spa days, free tickets to events, merchandise and much more. The raffles will happen randomly and run for short periods (1 h o u r- 1 w e e k ) t o c re a t e a b u z z a n d k e e p c o n s u m e r s enticed. Winners will be encouraged to post their wins and tag Followers, likes & anxiety on Social media.

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8.4

BRAND LAUNCH Complying with ‘Mental health awareness week’, Followers, likes & anxiety will begin operating in January 2021 and will be elevated with a launch campaign, press release and sponsored brunch event. The combination of these activities should stimulate engagement with consumers and promote attention from media companies, in turn increasing brand awareness. B e l o w i s a s u m m a r y t h a t o u t l i n e s F o l l o w e r s , l i k e s & a n x i e t y ’s launch event and the activities included.

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8.5

T IMELINE

8.6

A critical path has been constructed to explicate how a n d w h e n F o l l o w e r s , l i k e s & a n x i e t y ’s k e y c o m m u n i c a t i o n methods will be employed during the first year of operation. C o n s e q u e n t l y, p r e - l a u n c h c o m m u n i c a t i o n s w i l l b e g i n i n February 2022 and end in May 2022 to generate brand a w a r e n e s s a n d c o n v e r s a t i o n s a r o u n d t h e b r a n d . H e r e a f t e r, Followers, likes & anxiety will use a mixed approach of both online and offline constant communications to maintain the buzz, awareness and listeners.

Y E A R 2 & 3 O VERVIE W

The communications in year 2 and 3 depend on the financial and operating success of Followers, likes & anxiety in i t s f i r s t y e a r. N o t w i t h s t a n d i n g t h e b u s i n e s s s u c c e e d s , then a similar approach (from year one) will be utilised where the brand concentrates on strengthening existing relationships, whether B2B or B2C. Therefore, to retain consumers and establish solid relationships, appropriate marketing communications will be adopted, which should also advance brand awareness. This will be attained through physical events, sponsorships and stimulating campaigns.

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EPISODE 2 AGENDA: [ EXAMPLE ]

TOPIC: • ALGORITHMS.

Panel: • Rachel ama (vegan well-being advoate) • Digital science expert • 1 of Followers , likes & anxiety’s consumers

ACTIVITIES: • Instagram live input (crEate engagement and excitement for release) • Announce Spa give away • Reveal mystery guest for next week

Location: FORA, Reading, RG1 1LX (rental office space who pride them selves on taking care of there users’ well-being )

EXTRAS: • INTERVIEW WITH READING POST • RELEASE OF 15 SECOND RADIO SEGMENT

LENGTH: 30-40 MINUTES

AVAILABILITY:

HOST: Podcast owner (too add an extra touch of the brand)

[ THE END ]

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Objectives: • To b r e a k - e v e n w i t h i n t h e f i r s t t h r e e y e a r s o f operating following sales increase.

• To r e t a i n a h e a l t h y g r o s s p r o f i t i n t h e s e c o n d year of operating.

Financ£s

• To a c q u i r e s t a r t - u p f u n d i n g t h a t w i l l c o v e r t h e lowest point of break-even in the first three years of operating.

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9.1

I NI TIAL F UNDING An initial investment of £10,000 is required to fund the s t a r t - u p c o s t s o f F o l l o w e r s , l i k e s & a n x i e t y. T h e r e f o r e , the brand will secure an investment of £30,000 from ClearCo and a personal investment from the founder of £500. This sum of cash, £30,500, will cover extensive implementation costs, such as pre-launch activities and r e c o r d i n g e q u i p m e n t ( S e e a p p e n d i x 1 2 ) . M o r e o v e r, V i r g i n start-up loans offer up to £25,000 for new start-up business’ (Virgin start-up, 2021). Therefore, as operating costs are higher than revenue in the beginning stages, the brand will acquire £10,000 from Virgin for this and ‘rainy days’.

[ S TART- U P C O S TS ]

£10,000

Vi rgi n Sta rt U p Loa ns

£30,000 Clear Co

£500

PE RSON AL FU ND ING

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9.2

S A L ES F OR ECAST Well informed by conversion rates and population statistics, an annual three-year sales and revenue forecast for Followers, likes & anxiety (see appendix 12) has been f a b r i c a t e d . C o n s e q u e n t l y, c o n s i d e r i n g m a r k e t i n g a c t i v i t y and seasonal impacts, monthly sales forecast been created for all three years.

9.2.1 YEAR ONE

January- February: In this period, there will be no revenue generated. The focus will be on implementing the necessary elements as a start-up business. Purchasing recording equipment, setting up a Shopify store and reaching out to professionals will be done in these months.

9.2.2

Y EA R TW O & TH R E E In years two and three, Followers, likes & anxiety expects an overall sales increase of 50%. In year one, the brand aims to make 60,000 sales across the whole business then, 72,000 in year two and finally reaching 94,000. This means that the size of the prize, 94,000 sales, would have been achieved. It could be considered that 6 0 , 0 0 0 s a l e s f o r a s t a r t - u p b r a n d i s o p t i m i s t i c . H o w e v e r, as evidenced in this report, adequate attention and funding will be given to marketing and communications t o m a k e i t p o s s i b l e . M o r e o v e r, i n t h e s e c o n d a n d t h i r d o p e r a t i o n a l y e a r, F o l l o w e r s , l i k e s & a n x i e t y w i l l c a r r y o u t more campaigns, competitions and produce more digital content to increase engagement and conversion. As the brand will be more established (in the seasons dedicated to mental health, such as May and October), the brand can focus on capitalising.

[ 3 Y E ARS S ALE S FO RE C AS T ]

April- May: This is when pre-launch marketing activity b e i n g s b e f o r e l a u n c h i n g i n M a y. T h i s s h o u l d i n c r e a s e brand awareness and start to build a following for the brand. Aligning with mental health week, Followers, likes & anxiety will launch in May as the months before, there is no major focus on mental health. Furthermore, the brand embodies what the week is about. Therefore is an expected upsurge in the sales as evidenced in the forecast. July- September: During these months, sales will b e c o m e s t e a d y, s l i g h t l y d e c r e a s i n g d u e t o t h e l i f e s t y l e o f our consumers. This is the holiday season for our digital natives. Therefore, there is an expectation of less time spent listening to Podcasts meaning a lesser conversion for purchases. O c t o b e r- D e c e m b e r : O c t o b e r i s M e n t a l h e a l t h a w a re n e s s d a y, N o v e m b e r i s b l a c k F r i d a y m o n t h , a n d D e c e m b e r i s t h e m o n t h o f C h r i s t m a s . S u b s e q u e n t l y, i n t h i s q u a r t e r o f t h e y e a r, s a l e s s h o u l d i n c r e a s e d u e t o s e a s o n a l i t y a n d increased marketing and communications.

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9.3

P ROF IT & LOSS [ 3 Y E ARS P RO FI T & LO S S O V E RV I E W ]

Due to the low start-up costs of Podcasts, Followers, likes & anxiety will encounter a profit of £116,305.78 in year one, spending £1200+ on expenses and goods. A l t h o u g h t h e c o s t s d o f l u c t u a t e Y O Y, i f m a i n t a i n e d w e l l , t h e b r a n d s h o u l d e x p e r i e n c e i n c r e a s e d p r o f i t s Y O Y. Break-even should happen for Followers, likes & anxiety in year one, specifically in month four: launch month. C l e a r l y, F o l l o w e r s , l i k e s & a n x i e t y i s a f e a s i b l e b u s i n e s s with the potential of continual growth.

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9.4

M A RK ET ING B UDGET “Marketing informs your customers about the p r o d u c t s o r s e r v i c e s y o u ’ r e o f f e r i n g t h e m ” ( M a n s o o r, 2 0 1 9 ) . T h e r e f o r e F o l l o w e r, l i k e s & a n x i e t y w i l l spend large sums of money on their marketing to maximise business success. The budget for this i n c r e a s e s a s n e t p r o f i t r i s e s . H o w e v e r, i n t h e t h i r d y e a r, r e v e n u e i s h i g h e r t h a n c o s t , w h i c h b a l a n c e s it out. This is because costs such as premises a n d w a g e s w i l l a l t e r. T h e a d j a c e n t t a b l e s h o w s t h e l a t t e r, i n c l u d i n g B 2 B c o s t s .

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10.1

KEY P ER FO R MA N C E IN D IC ATO R S This table shows the Key performance indicators (KPI) Followers, likes & anxiety will use to rank its success in executing its SMART objectives. This will ensure the business validity over three years and outline future potential.

00:00

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10.2 RI S K ASSESSMENT

[ I nt e r na l ]

To r e c o g n i s e t h e r i s k s i n v o l v e d f o r F o l l o w e r s , l i k e s & a n x i e t y, a r i s k a s s e s s m e n t ( b e l o w ) p r o v i d e s an outline of the potential internal and external uncertainties. [ Ext er nal ]

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10.3 O BJE CT IVE R EVIEW

10.4 FU TU R E GR O W TH

To determine potential future directions of F o l l o w e r s , l i k e s & a n x i e t y , A n s o f f ’s m a t r i x h a s b e e n used to outline the possibilities (see appendix 1 3 ) . To m a x i m i s e g r o w t h , F o l l o w e r s , l i k e & a n x i e t y , should continue penetrating the market as that is w h e r e i t s e x p e r t i s e l i e s . H o w e v e r, t h e y c a n c o n s i d e r diversifying their operations and selling new products such as teas. Although this is the riskiest approach, trends suggest consumers are becoming increasingly conscious of their health, which p r e s e n t s a n o p p o r t u n i t y. M o r e o v e r, e x p a n d i n g i n t o new markets with new products can also be highly r e w a r d i n g , b u t d u e t o t h e r i s k f a c t o r, c o m p e t i t i o n and return on investment may be unfavourable.

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10.5 CONCLUSION

To c o n c l u d e , t h r o u g h f a b r i c a t i n g a n e x t e n s i v e business plan, which entails substantial analysis of external and internal determinants considering consumer behaviours, it is apparent that Followers, likes & anxiety is a feasible, solid and innovative business. By devising a clear strategic direction a n d m e a s u r i n g f i n a n c i a l f e a s i b i l i t y, F o l l o w e r s , l i k e s & anxiety can be a solution to the issue identified amongst digital natives by conventionally providing expert knowledge and advice.

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REFERENCES:

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BIBLIOGRAPHY:

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Instagram fla (2021) by Grace Boateng.

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Iphone (2021) by Grace Boateng.

Withchic, n.d. Tik Tok logo. [image] Available at: <http://withchic.com> [Accessed 7 February 2021]. 1 0 0 0 l o g o s , n . d . Z a r a m a n . [ i m a g e ] Av a i l a b l e a t : < h t t p s : / / w w w. pinterest.co.uk/pin/846887904920115862/> [Accessed 14 May 2021]. Netflix, n.d. Netflix logo. [image] Available at: <https://brand.netflix. com/en/assets/> [Accessed 14 May 2021]. Хахулин, С., n.d. Snapchat logo. [image] Available at: <https://www.pinterest.co.uk/ pin/768989705111383705/> [Accessed 7 February 2021].

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FIGURES: • Figure 1: Online survey result. Question ‘would you listen to a podcast which, aims to educate people on the science of Social media, and how it impacts mental health? (2021), Own image. • Figure 2: Online survey result. Question ‘have you ever been educated on the science of social media?’ (2021), Own image.

#wellmewellebing (2021) by Grace Boateng.

• Figure 3: Expert interview (2021), Own image. • Figure 4: Focus group. Question ‘would you listen to a podcast which, aims to educate people on the science of Social media, and how it impacts mental health?’ (2021), Own image.

Online event (2021) by Grace Boateng..

• Figure 5:Brand identity prism (2021), Own image. • Figure 6: Perceptual map (2021), Own image.

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