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Certificate
This is to certify that the project entitled Business Development for Mobile/Tablet Applications is a bonafide work done by Siddharth Balasubramanian Iyer & PRN 11030241080 of MBA ITBM 2011-13 in partial fulfilment of the requirements for the degree of Masters of Business Administration of this Institute.
Internal Evaluator
Name & Signature
External Evaluator
Name & Signature
Director
Acknowledgement
I would like to express my sincere gratitude towards my project guides and facilitators Mr. Ashwin Roy Choudary, CEO and Founder-Bombil Media and Mr.Utkarsh Shirvaikar, Manager Bombil Media for providing me with an opportunity to work on this project and for sharing their vast experience and knowledge with me. It was their continuous motivation and support that helped me complete my project successfully. It was their whole hearted acceptance that made my project at Bombil Media more enriching and fruitful. I would like to express my sincere thanks to Dr. R.Raman for giving me the opportunity to this industry exposure and allowing me to apply my skills that I have learnt during the past year at SCIT. I am also thankful to Mr. Shaji Joseph, Internal guide from SCIT, for co-operating and motivating me throughout this project. I would like to thank the faculty members at SCIT for their prolonged support.
I would also like to thank Mr. Chintan Sanghvi, co-intern for his equivalent contribution as a team member in the project.
Table of Content
Abstract .................................................................................................................................................. 6 Chapter 1: Introduction ....................................................................................................................... 8 1.1 Introduction to the company................................................................................................ 9 Bombil Media A Dynamic and Creative Company ....................................................... 9 Bombil Media Line of Business .................................................................................... 9 Digital Marketing- The way forward............................................................................... 10 Mobile Application Development ................................................................................... 12
1.2.1
1.2.2. Customer Portfolio .............................................................................................................. 13 1.3 1.4 1.5 Project Need ........................................................................................................................ 15 Project Scope ...................................................................................................................... 16 Project Objective ................................................................................................................. 16
Chapter 2: Analysis of Work Done ................................................................................................... 17 2.1 2.2 Project Milestones .............................................................................................................. 18 Phase wise analysis of work done .................................................................................... 19
2.2.1. Induction and Domain Training ........................................................................................... 19 2.2.2. Product Training .................................................................................................................. 21 2.2.3. Introduction to Sales Process ............................................................................................. 24 2.2.4. Selling Services of the Company ........................................................................................ 30 2.2.5. Digital Marketing (Facebook Branding) ............................................................................... 32 2.2.6. Selling M-God Application ................................................................................................... 35 2.2.7. Identifying new markets ...................................................................................................... 40 2.2.8. Selling Digital Hotel Menu Application ................................................................................ 42 2.2.9. Competitive Analysis and Pricing Strategies ...................................................................... 44 Chapter 3: Learning Experiences on Business/Technology ......................................................... 47 3.1 Learning Experiences ......................................................................................................... 48
Chapter 4: Conclusion ....................................................................................................................... 50 4.1 Findings ..................................................................................................................................... 51 4.2 Suggestions ............................................................................................................................... 52 4.3 Contribution ............................................................................................................................... 57 4.4 Future Scope ............................................................................................................................. 57 4.5 Inference .................................................................................................................................... 58 Appendix: ............................................................................................................................................. 59 References: .......................................................................................................................................... 61
List of Figures
Figure 1 Client distribution according to the various applications ......................................................... 14 Figure 2: Client distribution in different sectors ..................................................................................... 14 Figure 3: Screen shot of Agastya Application ....................................................................................... 21 Figure 4: Login screen for M-God Application ...................................................................................... 22 Figure 5: Screenshot of Bombil Media Application ............................................................................... 23 Figure 6: Sales Cycle employed at Bombil Media ................................................................................ 24 Figure 7: Sample of the Calling List Created before actually Calling Clients ....................................... 26 Figure 8: Sample Sales pitch ................................................................................................................ 30 Figure 9: Sales Conversion Cycle ......................................................................................................... 31 Figure 10: A sample of the Event calendar prepared during the project .............................................. 33 Figure 11: Facebook Pages of few clients ............................................................................................ 34 Figure 12: A screen shot of the M-God Application .............................................................................. 35 Figure 13: Fields added to solve problem faced by Flaxy India ............................................................ 38 Figure 14: Different Forms of Advertisement used by Real Estate Sector in Pune .............................. 41 Figure 15: No of Hotels that Bombil Media could target in Pune .......................................................... 41 Figure 16: Snapshot of Digital Hotel Menu Application ........................................................................ 42 Figure 17: Interaction between Company and Sales Staff in Sales Cycle ........................................... 53 Figure 18: Interaction between Customer and Sales Staff in Sales Cycle ........................................... 54
List of Tables
Table 1: Milestone Chart ....................................................................................................................... 18 Table 2: Sample of Qualifying the Prospect.......................................................................................... 28 Table 3: Analysis of different pricing model .......................................................................................... 56
Abstract
The project titled Business Development at Bombil Media is a project that is part of the long term initiative taken by Bombil Media to expand their presence in new markets. The Purpose of the project was to create awareness of the different product and services that Bombil Media offers and to help improve these services and products. The need of the project evolved with Bombil Media wanting to expand its market to different cities other than Mumbai to tier-2 cities. Having developed the mobile applications, Bombil Media needed a technically competent sales staff capable of showcasing their products to new clients and enter new emerging markets. The Team adopted a phase wise approach towards the project where the entire work was divided into different phases I. II. III. IV. V. VI. VII. Induction and Domain training Product training Introduction to Sales Process Selling the service of the company Digital Marketing (Facebook Branding) Selling M-God Application Selling Digital Hotel Menu Application
The initial three stages were the learning stage where the Team was given a brief about the different products and services of the company and was introduced to the concept of selling. Once we were familiar with the services and products we were asked to find clients who were most likely to use our services. We were asked to sell the Services initially as it was considered to be easily understood by the clients. During the next few weeks we prepared a complete database of clients and were able to set up meetings which we duly attended. Having grasped the idea of selling we moved into selling much difficult applications like M-god and Digital hotel menu application. During the course of selling these products and services, we faced some problems which were notified to the management. We were asked to work on these problems and come up with solutions how we would improve these processes. Also we were asked to target new emerging markets and find new cities where the company could target. During this period of three months, I targeted quite a few genuine leads who would probably become future clients of Bombil media.
Some the important contribution made during the internship are as listed 1) Contacted around 500 + prospective clients and prepared a database of these clients. This database can be used by the company for future reference. 2) Identified an untapped market and helped the company to expand its presence in this market. 3) Prepared a competitive analysis of the various competitors and studied their pricing strategies. The company implemented the suggested changes after detailed analysis. 4) Suggested new features that could be incorporated in the M-God application. These features have been submitted to the Management and are likely to be implemented in the future. This period of three months proved to be very helpful as I was able to understand the business aspect of selling IT applications. The work done in this project would prove to be useful in the future for my career growth.
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Chapter 1: Introduction
1.1 Introduction to the company
This section will give a brief introduction about the company and its services and products.
Bombil Media is a one stop vendor for digital marketing requirements and are experts of mass communication on the digital medium. Bombil Media works collaboratively with its clients to enable them establish a presence in the digital space. In the previous two and a half year of existence, Bombil Media have worked with around 160 clients and established them as a reliable Digital marketing partner. Bombil Media in the past year have expanded and are trying to establish themselves as a mobile application development company. Driven by the vision of their CEO Mr. Ashwin Roy Choudary they have made rapid progress in the mobile application industry having developed 3 to 4 interesting application in the last year. They have also been nominated for the prestigious mbillionth award for this year for the most innovative mobile application.
With the ever growing mobile market, today Bombil Media stands at a crossroad from where they can propel themselves to become a dynamic and creative company.
Bombil Media is a company which started as a Digital Marketing Company dealing with Bulk SMS, Bulk E-Mail and Facebook Branding. During the past two and a half years they have worked with around 160 clients providing them their varied services. During the last year Bombil Media has progressed into developing state of the art Mobile applications. Bombil Media currently are into the following line of business
1) Digital Marketing (Bulk SMS, Bulk E-Mail, Facebook Branding) 2) Mobile Application Development
1) Around 9 crore database of target audience. 2) Less expensive means of advertisement. 3) Reach to a wider audience. 4) Different categories of database ensure the advertisement reaches its intended audience.
II.
Bulk E-Mail: Study reveals that a person appends around 14 hours in front of laptops or desktop which brings us to yet another space for advertisement, the E-mail. People in India whether working or studying tend to check their mails more often than not. When people send e-mails in bulk, then these mails are caught by spam filters and the mail often lands in the Spam folder. This is where companies like Bombil Media help companies to advertise through e-mails by ensuring the mail lands in the inbox. They route their e-mails through different IPs ensuring that the e-mails do not end up in the spam folder and land in the inbox. Some the features of Bulk e-mail Service includes
1) 100% guarantee of mails landing in the inbox. 2) Use of images and hyperlinks to advertise more effectively. 3) Used as a useful tool for lead generation 4) Effective and inexpensive means of advertisement.
III.
Facebook Branding: Facebook is a social media tool used by people to interact with each other on a daily basis. People upload photos, share views, update news and keep updated with their close ones. Facebook in February 2012 had around 850 + million registered users. Out of these 850+ million users, 31% check in more than once a day. This gives companies a global audience to target and people also like to be updated of the happenings in the company. Usually people are not much aware of the happenings and developments in a company, Facebook helps overcome this. Some of the features of Facebook branding are
1) Facebook page creation and maintenance 2) Constant updates on the Facebook page. 3) Increasing the number of likes on the page by creating brand awareness. 4) Running contests and conducting activities to keep the users of the page engaged.
In the past year or so Bombil Media has expanded its portfolio by entering the Mobile Application market. Bombil Media wants to be known as a company which produces innovative and state of the art mobile applications. In the last year, Bombil Media have developed 3 or 4 world class applications which has helped them establish as a innovative mobile application development company. Some of these applications are
I.
Agastya: Agastya is a consumer based mobile application where a person will be able to access and retrieve information from his phone by remotely accessing it. This application is currently developed on the Android platform and has received more than 1000+ downloads. After installing the application on his android phone, a user can be able to retrieve information such as
1) IMEI Number 2) Call History 3) Last Message 4) Turing phone silent 5) Turning phone on ringer 6) Retrieve contact information
Going forward Agastya is seen as an application where mobiles can be remotely accessed and controlled to control a lot other functions.
II.
M-God: M-God is the flagship product of Bombil Media. M-God is a mobile reporting application where data can be remotely accessed, monitored and updated using mobile phones. M-God hopes to reduce the time taken by the sales staff and updating it in the system thereby enabling the management to take informed and quick strategic decisions. Some of the salient features of M-God include
1) Remote monitoring and updating sales information. 2) Enables companies to make quick and informed strategic decisions. 3) Provide remote training to sales staff.
M-God won the recently concluded M-billionth award held in Delhi for the most innovative and useful application in South Asia.
III.
Digital Hotel Menu: Digital Hotel Menu application is an application designed to give customers a rich dining experience. It is a substitute for the traditional paper menu. This application is currently designed for android tablets and is available on i-pads as well. With this application, restraints can look top cross sell different products kike banquet halls and conference rooms. This application can also be used for promoting different events happening in and around the hotels. Some of the salient features of this application include
1) Giving customer a rich dining experience. 2) Helps restaurant to promote and cross sell products. 3) Helps increase the per table order size. 4) Completely customizable application according to the need and theme of the restaurant. 5) Helps cut down on reprinting cost and also helps to monitor the consumption of food, thereby reducing the cost incurred from wastage of food.
1.2.1
Bombil Media is run under the guidance of Mr. Ashwin Roy Choudary. He is a MBA graduate and worked as Sales Head for a company before starting his own venture Bombil Media. It is his vision that has helped Bombil Media transform from a Digital Marketing Company to a Mobile Application Development company. In the past Bombil Media has assumed various roles while teaming and working with its clients. Bombil Media has worked as digital channel partner, as a digital marketing consultant and as technology partner. With the help of its trained and hardworking staff, Bombil Media has been able to grow from strength to strength to reach the heights where it is today.
Percentage of Clients
3% 3% 9% 11% Bulk SMS/Bulk E-Mail Facebook Branding M-God Digital hotel Menu 74% Others
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First
nd
1. 2. 3. 4.
Induction and Domain Training Product Training Introduction to Sales Process Selling the various services
April 2012 To
st
May 2012
Second
nd
5.
Digital Marketing
May 2012 To
6. 7. 8.
1 June 2012
st
Third
nd
9. 10. 11.
June 2012 To
1 July 2012
st
12.
2.2 Phase wise analysis of work done 2.2.1. Induction and Domain Training
During the first week we were introduced to the various Digital Marketing concepts. We were introduced to the online website of the company from where the Bulk SMS and Bulk E-Mail campaigns had to be run. We were given a dry run as to how the application works and what all precautions to be taken while executing the campaign. We were made aware about the technicalities involved while running a campaign for a client. We were introduced to the various services that the company provides like Bulk SMS, Bulk E-Mail and Facebook branding. Some of the strengths and weakness of these services are briefly explained below
I.
Bulk SMS Marketing is one of easiest and most penetrative form of Digital Marketing. With TRAI regulations setting in, where in individuals are not permitted to send more than 100 SMS per day, companies like Bombil Media help companies to advertise their products to the mobile based audience. Bombil Media has around 90 million of database which has been categorized into 17 different categories. According to the need of the client and kind of audience to be addressed Bombil Media helps companies reach their intended target audience. Strength: 1) Low price form of advertisement. 2) Easy availability of Mobile phones in the Market. 3) Penetrative medium of Advertisement. Weakness: 1) Lot of competitors in market providing similar sort of service. Hence margin of profit is low. 2) Some companies produce a forged report which has gradually led to a decline in SMS as a medium of advertisement.
II.
Bulk E-Mail Marketing: Bulk E-Mail Marketing is form of Digital marketing which is most sought after by the corporate sector in India. E-Mail marketing helps you to showcase your product much better than SMS marketing and is also a much cheaper medium of advertisement. When people send e-mails in bulk, then these mails are caught by spam filters and the mail often lands in the Spam folder. This is where companies like Bombil Media help companies to advertise through e-mails by ensuring the mail lands in the inbox. They route their e-mails through different IPs ensuring that the e-mails do not end up in the spam folder and land in the inbox. Strength:
1) Low price form of advertisement. 2) Lot of Corporate people spend time on Laptops/Computers/Smart Phones thus making it an effective medium of advertisement. 3) Use of images in E-Mail campaign helps to advertise more effectively. Weakness: 1) E-Mail Ids are much difficult to procure than mobile phone numbers. Thus the quantity of database is less.
III.
Facebook Branding: Facebook is a social media tool used by people to interact with each other on a daily basis. People upload photos, share views, update news and keep updated with their close ones. Facebook in February 2012 had around 850 + million registered users. Out of these 850+ million users, 31% check in more than once a day. This gives companies a global audience to target and people also like to be updated of the happenings in the company. Usually people are not much aware of the happenings and developments in a company, Facebook helps overcome this. Strength:
1) It gives you a huge platform for advertisement with number of users using Facebook. 2) Provides you a global platform for advertisement. 3) It also helps in viral marketing. Weakness: 1) The content being uploaded on Facebook should capture the imagination of the people on Facebook. Hence a content writer is needed who has experience in content writing. 2) The strategy and timings of the Posts are important and requires an expert.
1) Call History 2) Last Message 3) Turing phone silent 4) Turning phone on ringer 5) Retrieve contact information 6) IMEI Number
Going forward Agastya is seen as an application where mobiles can be remotely accessed and controlled to control a lot other functions. We were asked to do testing on the application to check if the application is executing correctly.
II.
M-God: M-God is the flagship application of the company. This application is a mobile based sales Reporting tool which is designed mainly for the pharmaceutical and the FMCG industry who deal with over the counter products. The application helps the sales staff to remotely capture Sales requirements and update it in the system instantly.
Strength: 1) Helps companies to reduce cost by monitoring sales staff and their conveyance expenses. 2) It is a unique application with not much competition in the market. 3) With the increasing use of Smart Phones, the application has a market for wide growth. Weakness: 1) The application requires a change in mindset from the organization. 2) The investment cost for the organization is on the higher side as it requires the organization to buy phones/tablets which support the platform on which the application runs.
III.
Digital Hotel Menu application is an application designed to give customers a rich dining experience. It is a substitute for the traditional paper menu. This application is currently designed for android tablets and is available on i-pads as well. With this application, restraints can look top cross sell different products kike banquet halls and conference rooms. This application can also be used for promoting different events happening in and around the hotels. Strength: 1) Gives the customers a rich dining experience. 2) Helps increases efficiency and reduce serving time. 3) A state of art application which is ahead of its time and has a huge potential for growth. Weakness: 1) It is an application which is ahead of its time, hence difficult to make people understand its importance. 2) The investment cost for the organization is on the higher side as it requires the organization to buy phones/tablets which support the platform on which the application runs.
After having understood the products well, we were made aware of the entire sales process. A Sales process usually consists of the following stages
Lead Generation
Close Sale
Set Appointment
Qualify Prospect
The 1 stage in the sales process is lead generation. Before lead generation, one has to have a thorough understanding of the products and services of the company. It is only after having a thorough understanding of the products will one be able to generate leads for the products. During lead generation it is essential to set goals before approaching leads. This will help streamline the process of lead generation. The following target was set for the whole sales team 30 calls per day 3 meetings per day 1 closure per month Sector Assigned- Real Estate(Individual)
At the end of the day we were supposed to submit a daily activity report (DAR). This would give the manager a detailed summary of the work done during the day. The following is a sample how the DAR looked like No. of Date 24th April 32 2 1 1 5 Company A calls No. of meetings generated No. of meetings attended Closures Expected Follow ups Companies important
Before making the actual calls we were asked to make a detailed list of the prospective clients that we would be contacting.
Figure 7: Sample of the Calling List Created before actually Calling Clients
Once the database has been created, it is essential to call these companies and take appointments. There are different ways in which one can set appointments. Cold calling is the most preferable way in which people look to set appointments. Cold Calling though can sometimes may not be the most ideal way to set appointment. People generally do not like to be disturbed and take an aversion to tele-callers. E-mails are a much better option as people check mails at their convenience. Linked In is another fantastic tool for connecting with people. The contents of the E-Mail were to be individually designed by us. A sample E-mail format which was sent to the clients is given below
Dear XXXX, It was pleasure talking to you. As per our conversation, please find attached Bombil Media & MGOD presentation for your perusal. Bombil Media services include 1) Mobile Advertising 2) Database (96 Million database profiled on the basis of PINCODE,AGE,GENDER) 3) Facebook Marketing ( Facebook Business Page Design , Content Management , Like Hits) 4) Enterprise Mobile Apps /Mobile Games (Apps on iphone, Android ,J2ME & Blackberry e.g Sales Force Automation, Store Locator) 5) Shortcode ( your Mobile identity to capture leads , sms <Company Name> to 56070 The source of our data is based on refined search for specific vendors dealing in different businesses PAN India. We have recently procured a database of on-line buyers and also know the buying personae. Please find attached a sample of on-line buyers.
Kindly acknowledge the mail on receipt. Feel free to call for further details. Looking forward to meet you. Thank you and Regards, Siddharth
This stage should be carried out in parallel to setting an appointment. One should be aware of the type of client one is going to approach. This also helps while making presentation as one can modify his presentation and contents according to the client one is going to visit. Prospect qualification is to be done on the basis of the sector the prospective lead is in and the new projects that is most likely to come up. Also the ability of the lead to make an investment is to be considered before qualifying the prospect.
Sector Real Estate Real Estate Real Estate Real Estate Real Estate
Advertising Mediums Used Newspapers, Papers Newspapers, Online Sites Newspapers, Hoardings Newspapers, Hoardings,Bulk SMS Newspapers, Papers
This is the most important stage in the Sales Cycle. The content included in the presentation should be crisp and up to the point. One should also be presentable as he/she is representing the company while making a sales pitch in front of a client.
While making a sales pitch, one would generally encounter concerns and objections from the client side. These concerns/objections need to be addressed and resolved. All the terms and conditions should be mentioned clearly and one should make sure it is well understood by the concerned person. One would also receive feedback from some clients. These should be noted and used to enhance and improve the process.
After having presented your application, it is essential to ask for sale. Though it may not possible to get a sale instantly, a probable time should be fixed when one would get back in touch with the client.
Once a sale is completed or during the course of the sales process it is essential to get to know more people who would be interested in the product/service. One can usually ask for a polite referral or acquaintance that would be interested in similar products.
After having understood the products, services and the entire sales process of the company we were asked to pitch for the various services of the company. This was done so that we get introduced to the concept of selling before moving to other products of the company. We were asked to make mock calls and prepare an effective sales pitch. A sample of the Sales pitch is given below
This is Siddharth calling on behalf of Bombil Media. We are a company who specialise in Digital Advertising. We provide services like bulk sms marketing, mass mailing, Facebook marketing and a few mobile applications. We have existing clients like __________________ in the real estate sector that has been using our services and we have got a positive feedback from them. We would like to extend the same support to you. I have few ideas that I would like to share it with you and would like to meet you in person. So tomorrow first half would be fine??
Nice talking to you Sir. Could I have your Mobile No and Email Address so that I can directly connect to you the next time/ I can share with you the details of this conversation?
Figure 9: Sales Conversion Cycle A sales conversion cycle makes prospects understand the impact of Bulk SMS advertising. These figures have been arrived after having collected data from some of the clients in the Real estate sector. After having made the call it is essential to send the company presentation to the leads. The company presentation should as concrete as possible and should describe the services of the company in few words. In sales the most important and often neglected step is follow-up which is to be done after giving the client sufficient time to go through the mail.
As a part of Digital Marketing, we also maintained Facebook Accounts for clients. As a part of the contract we were to design the Facebook Page, update the Facebook page and run contests and campaigns thereby increasing the brand awareness of the company.
The Process
Study similar Facebook pages to get an estimate of the number of likes that could be generated by posting contents.
Describe the events and updates that you are likely to post on the Facebook Page.
Estimate the number of likes that you are expecting to generate throughout a month.
Prepare an event calendar that would elaborate the above discussed events.
Prepare a presentation that would explain the details of the Ad campaign to the client.
I handled Facebook account for two clients. I had also prepared the event calendar that elaborated the number of likes that was likely to be generated through the various updates that were to be made on the Facebook page. For another client we were supposed to design an Ad campaign that increase the companys visibility on Facebook and create brand awareness.
Figure 10: A sample of the Event calendar prepared during the project
M-God is the flagship product of Bombil Media. M-God is a mobile reporting application where data can be remotely accessed, monitored and updated using mobile phones. M-God hopes to reduce the time taken by the sales staff and updating it in the system thereby enabling the management to take informed and quick strategic decisions. Some of the salient features of M-God include
1) Remote monitoring and updating sales information. 2) Enables companies to make quick and informed strategic decisions. 3) Provide remote training to sales staff.
M-God won the recently concluded M-billionth award held in Delhi for the most innovative and useful application in South Asia.
Pitching for M-God application was different when compared to the Services that we were pitching. 1) M-God was a product so there was something much concrete to show to the clients.
2) Implementing a application like M-God would require companies to adapt a new way of working.
3) This would require employees to make a considerable shift from their normal routine.
4) Hence companies are apprehensive about implementing a product unless they see significant value in it.
Flaxy India- A Case Study (Name of Company has been changed to protect identity)
Flaxy was founded in 1979 and is a fast growing organization that has made its presence felt worldwide. Started as a three man team, Flaxy is now a four hundred plus organization, consisting of dedicated professionals and R & D scientists. This team and infrastructure give Flaxy the competitive edge over others in gram/ kilogram synthesis and multi-ton manufacturing. Flaxy is an US FDA inspected Active Pharmaceutical Ingredient manufacturer with excellent custom synthesis capabilities. Corporate head quarter is located in the commercial hub of India Mumbai with its manufacturing facilities on the outskirts of Mumbai.
Problem:
Flaxy who is into API manufacturing has Medical representatives who act as sales staff and bring new clients to the company. Flaxy India was recently faced with a challenge where their medical representatives were not able to take immediate decisions where making bargains/discounts while closing sales. This resulted in lot of lost deals where the medical representatives were not able to take immediate actions and decisions. Falyx India needed an immediate solution which would empower their sales staff to take quick and effective decisions.
Solution: Bombil Medias M-God application came to their rescue where the existing application was modified to suit the needs of Flaxy India. Bombil Media proposed to create a field called Business Value. This field would help the Medical representatives understand the net worth of the Client. This would allow the medical representatives to take a decision whether the asked discount should be offered or not to the client. Also the application was modified so as to record the meeting conversation and note important sales details. Also fields were added to incorporate
Suggested features: 1) Additional field to be added that will indicate the Business Value of the client. 2) This field will be integrated with the existing ERP which would help enable the MR to view the Net worth of the client at a real time basis. 3) Also fields which would capture competitor pricing were included to give the medical representative capture important sales information.
Many customers wanted a tool that would be used as a complete sales tool providing them features like graphs and other analytical tools.
Since many of the leads that we approached were already using ERP and other web reporting tools it was difficult to convince them to use the tool.
The current M-God application had limited features of Mobile reporting which made it an application which could be used for limited purpose.
These limitations made it difficult to sell the application as it was. So a constructive feedback was given to the management to find alternative sector where the application can be used. Also additional features need to be added to the application to make the application more comprehensive. So a suggestion document was made which was presented to the management suggesting features that could be added to the application. The details are provided in the contribution section of the report.
Bombil Media is a company based out of Mumbai and provide services majorly in the city with a few clients in other cities. As a part of its expansion plan Bombil Media was looking to enter new markets. They were targeting new cities where they would be able to use their products and services. As a part of the project we were to identify new cities where Bombil Media could expand their products and Services. Bombil Media had previously worked in Mumbai with a few Real estate clients. I identified that Bombil Media could as well target Pune for similar services in the Real Estate. The following factors were considered before considering Pune as prospective emerging market. 1) Around 70% of advertising hoardings in Pune are of the Real Estate sector. This implies the fact that there are many real estate projects coming in the vicinity of Pune and there is a market which can be targeted
2) Real Estate players in Pune use traditional form of advertising. This conclusion was arrived after discussing our services with one or two prospective leads.
3) Pune market was new to the concept of Digital marketing as hardly any Real Estate player had used such services.
4) There were not many competitors in pune who offered such services hence the company would enjoy early entry benefits.
Also we identified that Pune would prove to be an excellent market for pitching for our Digital Hotel menu application as Pune had a lot of fine dining restaurants that we could target. Also the audience in Pune were more techno savvy as Pune is considered to be one of the IT hubs in India. So I prepared a complete database of the prospective leads that our company could approach. By cold calling, e-mails and Linked In we were able to generate lot of meetings which was attended by me and my CEO. We were able to raise a Purchase Order in Pune for Bulk SMS and E-Mail services which would materialize probably in the next quarter.
26% 2%
15% Newspapers Hoardings 57% Bulk SMS/ Bulk E-Mail Online Sites
Figure 14: Different Forms of Advertisement used by Real Estate Sector in Pune
No of Hotels in Pune
35 30 25 20 15 10 5 0 5-Star/4-Star Fine Dining Theme Restaurants No of Hotels in Pune
Digital Hotel Menu application is an application designed to give customers a rich dining experience. It is a substitute for the traditional paper menu. This application is currently designed for android tablets and is available on i-pads as well. With this application, restraints can look top cross sell different products kike banquet halls and conference rooms. This application can also be used for promoting different events happening in and around the hotels. Some of the salient features of this application include
1) Giving customer a rich dining experience. 2) Helps restaurant to promote and cross sell products. 3) Helps increase the per table order size. 4) Completely customizable application according to the need and theme of the restaurant. 5) Helps cut down on reprinting cost and also helps to monitor the consumption of food, thereby reducing the cost incurred from wastage of food.
Problems Faced while selling Digital Hotel Menu Application A lot of problems were faced while selling Digital Hotel Menu application The market for M-God was very competitive. Hence it was difficult to sell the application.
The investment cost to be made from the client side was very high, so companies would refrain from buying the product.
Many of the 5-star hotels have their head office abroad in foreign countries hence it was difficult to get in contact with the correct person.
All these points were considered by the management to be a road block in the progress of the companys vision of establishing the application as a state of art application for hotels. Hence a competitive analysis was to be done by studying the pricing strategies of various competitors and reducing the cost of the application so that Bombil Media could penetrate in the competitive market. This is explained in the next section and pricing strategies thus developed is explained in the contribution section.
2.2.9. Competitive Analysis and Pricing Strategies (Names of the Companies have been replaced to protect identity)
I.
Competitive Analysis In the Digital Hotel Menu Application, the company faced heavy competition from other competitors namely Company A and Company B. So a competitive analysis was done to understand the functioning of these companies. This would help Bombil Media gain a competitive advantage over its competitors. Company A: Company A is a US based company which has pioneered in the Menu on I-pad application. It already has a number of implementation across US. The company has started its operation in India. Being an MNC company it has huge advantage, having already implemented many such implementations abroad. Company A tries to provide its customers a unique dining experience. So their implementations are on I-Pad which provides the dinners a rich dining experience. Strengths:
1) Being a pioneer in I-Pad menu application, Company A has a distinctive advantage as a company which has experience in handling such implementation. 2) Company A works on the principle of providing their customers with a rich dining experience, hence emphasis is given on quality product. 3) It follows a rent based model, where initial investment made by the client is not that high as they are not investing in purchase of these tablets. Weakness: 1) The total cost including the rent for the tablets becomes too high, making clients think twice before investing. 2) Since Company A follows a rent based model, the investment made for procuring the tablets is high. Conclusion: Though Company A has a distinctive advantage of having implemented similar applications abroad, the per month cost for a Company A application is high. Hence if Bombil Media tends to keep its per month cost low than it stands to gain an advantage over Company A.
Company B: Company B is a Delhi based Event Management Company which is into event management and hospitality sector. Within the hospitality sector the company is into digital and electronic media marketing. Value Maker too is into digital hotel menu application and poses the greatest threat to Bombil Media as a competitor. Unlike Company A, Company B has adopted a mass selling strategy. In this strategy they try to keep their cost as low as possible, often compromising on the end quality product. Strength: 1) Investment cost for the client is kept as low as possible; this acts as the differentiating factor, often working in the advantage of Company B. 2) Company B work on Affiliate Marketing Model. This involves using the tablet menu as a space for advertisement. The company has to tie up with different brands which would use the advertising space. 3) Keeping the cost low helps Company B to gain easy access in the highly competitive market. 4) All the parties i.e. Company B, Hotel and the Advertising company are in a win-win situation. Weakness: 1) Affiliate Marketing Model requires money to be generated through advertisement. This requires constantly approaching brands to advertise on the tablet menu. 2) Not all hotels would like other brands to advertise on their property, so this model may well work against Company B. 3) The quality of the tablets provided by the company is not of premium quality, which would eventually lead to not so rich dining experience. Conclusion: Though Company B Affiliate Marketing model may seem to be very attractive, it is not a sustaining model in the long run. Supplying tablets in bulk quantity at a fixed price would not be feasible if ordered quantity is large. Also Affiliate Marketing requires constantly approaching brands for advertisement. Advertisement is a very unpredictable field and often a company does not wish to use the same medium of advertisement often.
Bombil Media (Existing Pricing Model) Bombil Medias existing pricing model included charging the client with a small development cost which is inclusive of the setting up and installation cost. By paying this development cost, companies can completely customize the application according to the theme of the restaurant. Then according to the requirement of the restaurant and based on the integration the client is charged on Software as a model per tablet. Strengths: 1) Since the choice of tablet is left with hotel, Bombil Media do not have to invest to procure the tablet. 2) The quality of the tablet is also not the responsibility for Bombil Media as the choice of tablet is with the company. 3) The application is completely customizable giving the hotels flexibility to showcase their product. 4) No affiliated Ads are incorporated, so it gives an opportunity for the hotels/restaurants to cross sell their products. Weakness: 1) The investment cost that the hotels/restaurants have to incur is very expensive as they have to invest in procuring the tablets. 2) Since it is a start up the tablet procurement cannot be done by Bombil Media as it would require huge investment on part of Bombil Media.
Conclusion: Though Bombil Media are trying to provide the clients with a top quality product, the clients might not be able to invest such a lot of money in procuring the tablet. This requires Bombil Media to cut down on the other costs to make the proposition a win-win for both the interested parties.
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Working in a Start up proved to be a wonderful experience. As the company was only a Start Up I was able to learn lot of new things that would not have been possible in a MNC. Even though the company was a start up, most of the processes in company were organised. The team at Bombil Media was very competent and helpful, which made the tenure of the project very pleasant. Being a start up the company did not have many tools to carry out the administration, but relied on Google Docs, Google calendar and Excel to carry out most of their functions.
II.
Technological learning
Prior to this sting with Bombil Media, I was not much aware of the Digital Marketing Industry or Mobile Applications. This project helped gain an in depth knowledge of how a Digital marketing firm works. I was introduced to as to how Bulk SMS and Bulk E-Mail campaigns are carried out. The project also helped to gain understanding how IP addresses are used to divert mails thus avoiding being spammed. Also I learnt how to host a application on Google play. Technicalities relating to the Mobile reporting application also made to understanding of the application much better.
III.
Business Learning
More importantly, this project gave me an exposure to Business aspect of the functioning of an organization. In my previous company I was associated with the technical aspect of a product development. This project helped me look into the business aspect of the product. I was introduced to the concept of Business Development and also got an opportunity to work through the entire sales cycle. I got to learn about the TRAI regulations that govern the functioning of the mobile SMS industry. Recently TRAI has imposed a surcharge of 5paise per sms on any promotional sent. These regulation has greatly affected the functioning of all Digital Marketing firms dealing with bulk SMS and bulk E-Mail.
The project also introduced me to the fact how revenue can be earned through advertisement on mobile applications. The project helped me understand how pricing strategies are important and ultimately decide the sales of an application. I was introduced to terms like Affiliate Marketing and Short Code which was a part of the Digital Advertising jargons. More importantly, this project helped to put into practical use the learning that I have learnt at the college during the academic period. It also helped me to overcome my fear of talking to Executive level people. This stint also helped me enhance my presentation skills and helped me to make much better and professional presentation. In the sales process, I learnt that follow up is the most important part of a sales process. Also convincing a client for an appointment is most difficult bu the most important part of the Sales activity. Over all these three months were very helpful as it introduced me to the world mobile application which is where the entire IT world is currently focused on and is one of the most emerging markets in the IT world.
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Chapter 4: Conclusion
4.1 Findings
During the project, we found out and faced various problems that ultimately were pushing the company behind. Some of the findings that were also conveyed to the management in the company were a) The pricing of the Bulk SMS/Bulk E-Mail were on the higher side as compared to the competitors The pricing of most of the products and services were on the higher side as compared to the competitors so the sales staff found it difficult convincing the leads as to why the pricing was this high. The company attributed the high pricing to the fact that a surcharge had to be paid to the operator for every SMS sent. The company tried to position itself in a way that it had a very active and genuine database. Still the sales staff found it difficult to convince the clients as the pricing of the competitors was nearly half of Bombil Media.
b) The website of the company was not updated with the latest happenings. The website of the company was not updated with the latest happenings and was outdated. This was a particular hindrance during the Selling process as most of the Leads that we approached asked for website of the company to know more about the company. The company in the last three months worked on the website and launched a new Website.
c) The Company lacked proper content writers for Facebook Branding because of which they lost a lot of clients. The Company lacked proper content writers and experienced people who had previously managed Facebook pages for companies. This resulted in most of the work being done by the interns. As they too lacked proper content writing experience the kind of updates made on these pages were repetitive and more or less on the similar lines. This cost us a contract where the client was not happy with the kind of data being uploaded on the Facebook page.
d) A lot of development work is outsourced thereby increasing the final price of the end product. The company did not have a proper development team; hence a lot of work was being outsourced. This resulted in work getting delayed and also increased the cost of the final product.
4.2 Suggestions
Being a start up company our comments and suggestion were always welcomed. There were minor observations that we had made while taking feedback or as requirements from the clients. These suggestions were taken into consideration. Some of these suggestions were implemented while some were reviewed and will be incorporated at a later stage.
Suggestion made for M-God application Due to problems faced while selling M-God applications to customers, it was decided by the management to analyze the problems and to rectify it. M-God was seen as only a mobile reporting application with limited features. This was to be addressed immediately by the company to position M-God as a complete sales solution application. We had to prepare a document that would enlist all the features that could be added to the M-God application keeping the limitation of the Mobile technology in mind.
Existing Features of M-god: 1) A basic User Interface which would capture sales data and update it on the database when Sales staff clicks on submit button. 2) The fields and the Report were completely customizable; hence the application was flexible from the point of usability. 3) As a sales head one could view these reports any time and on the go. 4) The application had a web as well as a mobile interface. Various Interactions during the Sales Cycle Before suggesting new features to the application, I studied the complete interaction that takes place between the various stakeholders in a sales cycle. The stakeholders identified were 1) Sales Staff 2) Company 3) Customer/Client
Figure 17: Interaction between Company and Sales Staff in Sales Cycle
Figure 18: Interaction between Customer and Sales Staff in Sales Cycle
New Features to be included to the M-God application: Feedback form: 1) The feedback form can be submitted upon completion of the sales cycle. It will be a triggered mail to the customer with company authority in CC. 2) Also a separate text box can be incorporated for the taking feedback during the Sales Cycle. Route Info: 1) Sales staff needs to enter To and From information. 2) The details may be displayed in tabular format with route info, Cost(Approx), Time estimated. Product Pricing: 1) Pricing of products to ba calculated at real time can be taken from the web based on current market price. 2) Static pricing can be displayed from the details entered in the product master list. Physical Inventory Check: 1) A text box where the sales personnel enters Product Name and Quantity. 2) The Application would help to validate if the Quantity entered is available for that product. Damage Product Details: 1) 2) 3) 4) Sales Personnel needs to select the product. Enter Reason for damage. Damage Description. He should also be able to apply JPEG file for proof/ reference. Discount Info/Sales Target: 1) Can be displayed on Ticker. Customer Value: 1) A link where when a sales staff hovers over the link, the value would be displayed. Invoice/Proposal: 1) A screen where the Sales staff has to Quantity, Price Date. 2) The rest of the mail will be automatically dent to the customer.
Suggestion made for Digital Hotel Menu application Due to intense competition faced by competitors, Bombil Media had to reconsider its pricing strategies to penetrate the market. As discussed in the Chapter 2, the competitors were using different pricing models which were proving a challenge to Bombil Media. Also investment cost for the Hotels/Restaurants were high, because of which lot of them were refraining from investing. Thus the management decided to consider revising the pricing for the application. Our team prepared a thorough analysis of the different pricing conditions the company could consider. Pricing Options Bombil Media is faced with the following options as a part of implementing a pricing strategy that would help them to penetrate this ever competitive market. The different pricing strategies faced are 1) Rent Based Model 2) Affiliate Marketing Model 3) Zero development Cost Model Detailed analysis of the different pricing models Pricing Model Investment Cost for company Rent Based Model Affiliate Market Model Zero Development Cost Model Low High None Yes High High Low Highest None Low High High High Quality of Product Attributes Liability of Product Ability of hotels to cross sell None Medium Flexibility of Product
Table 3: Analysis of different pricing model After evaluating the various pricing options, it was concluded that Bombil Media would do away with the development cost. This would reduce the amount of investment to be done on the part of the Hotel/ Restaurant. Also the company would tie up with an insurance company that would insure the damage cost to the tablets. This would encourage hotels/restaurants to invest without worrying about the damage loss.
4.3 Contribution
I. Preparing consolidated database for Real Estate/Pharmaceutical Companies
I learnt a lot about client qualification and collection of genuine leads by doing this activity. The database compiled during the internship period would prove useful for the company for the future as it can be used by the company for targeting different products.
II.
During the project, I also helped the company reach an untapped market. We were able to attend several meetings in Pune which would help the companies bring more business in the future. My knowledge about the city and the local language were very useful and contributed to the success of this activity.
III.
Competitive Analysis
This was one of the most important contributions that I made to the project. Due to response from hotels/restaurants we concluded that there needed to be a competitive analysis that needed to be done in order to understand the pricing of different competitors.
4.5 Inference
We can infer that Bombil Media today stands at a stage where it can make rapid progress in the mobile application industry which is a booming market. With more innovative and useful applications in the pipeline, Bombil Media can see great success in this market.
Appendix:
Appendix 1- TRAI Regulation Document for surcharge of 5 paisa
THE TELECOM COMMERCIAL COMMUNICATIONS CUSTOMER PREFERENCE (SEVENTH AMENDMENT) REGULATIONS, 2011 (6 OF 2011) Explanatory Memorandum
1) The Telecom Regulatory Authority of India made the Telecom Commercial Communications Customer Preference Regulation, 2010 (6 of 2010) (hereinafter referred to as the principal r e g u l a t i o n s ) dated the 1st December, 2010 to provide an effective mechanism for curbing unsolicited commercial communications. 2) The principal regulations provide a framework for sending of transactional messages, wherein an entity can only send a Transactional message through a telemarketer r e g i s t e r e d with T R A I .TRAI received several representations from customers and other organizations stating that Transactional messages are generally informative in nature and therefore, the provisions of the principal regulations permitting the sending of Transactional messages only through registered telemarketers may be amended so as to allow such entities to send the Transactional messages directly without registering as a telemarketer. The Authority has considered these representations and has amended the principal regulations accordingly, by inserting regulation 16A in the principal regulations. However, to ensure that sending of Transactional messages by such entities is effectively regulated, the Authority has decided to amend sub-regulation (4) of regulation 17 of the principal regulations making it mandatory for theTransactional message sending entity to enter into an agreement with the Access Provider, as specified in Schedule V of the principal regulations, for obtaining the telecom resources for the said purpose. 3) The Authority has also made amendments in clause (k) of sub-regulation (2) of regulation 20 of the principal regulations by inserting the words, or an entity sending transactional message, thus permitting the Access Provider to provide to such entity any SMS package or tariff plan permitting sending more than 100 SMS per day per SIM. 4) Clause (ka) of sub-regulation (2) of regulation 20 of the principal regulations provides that no Access Provider shall permit sending of more than one hundred SMS per day per SIM. As the requirement of telemarketer and the entity sending the Transactional message is more than the limit of one hundred SMS per day per SIM provided under said clause (ka), the Authority has decided to add a proviso to the said clause thereby exempting the telemarketer and the entity sending the Transactional message from the said limit. 5) Representations were also providers requesting the Authority to permit to their employees through their own network added to sub-regulation (4) of regulation 17 received from some service them to send Transactional messages directly and resources. Accordingly, a proviso has been of the principal regulations.
6) The principal regulation had prescribed a format for lodging a c o m p l a i n t o f U n s o l i c i t e d Commercial Communications (UCC) bysending a\ SMS.ThisformatofSMSshould contain telephone number from which the UCC was received, date of the call or SMS and time of call or SMS. However, it has come to the notice of the Authority that to ascertain that the complaint is regarding a UCC, the Access Provider needs to know the content of the message. To resolve the issueandto streamline the lodging a n d redressal of the complaint, the Authority has decided to add a brief description of UCC into the SMS format specified in schedule VI. 7) During the consultation process, relating to the principal regulations, several stakeholders expressed a view that imposition of a termination charge on commercial SMSs would be an effective deterrent to the sending of promotional SMSs. The Authority, at the time of issuing the principal regulations, felt that imposition of a termination charge was in the realm of Interconnect Usage charge (IUC). During the consultation process on IUC, while there was wide support for imposing a charge to deal with the menace of unsolicited commercial communications, particularly SMSs, an alternative view was that imposition of termination charge has to be cost based. The Authority found that promotional SMSs are being sent largely by the telemarketers. In order to deter private persons from sending the promotional SMS, the Authority has already imposed the limit of 100 SMS per SIM p e r d a y . But in case of telemarketers, there is a tendency to dump the promotional SMSs, resulting in inconvenience to consumers as well as networks. 8. After careful consideration ofthe above factors, the Authority felt the need to impose a promotional SMS charge. Accordingly a provision has been made for promotional SMS charge of Re 0.05 sent by registered telemarketer.
References:
[1] Bombil Media http://partners.bombil.com/ [2] Bulk SMS- Bombil Media http://sms.bombil.com/ [3] Login- M-God http://www.mgod.in/Account/Login.aspx
[4] S.Priya, " Bombil Media platform helps create your own mobile applications," http://www.thehindubusinessline.com/industry-and-economy/marketing/article2970983.ece [5] TRAI imposes 5 paise termination charge on commercial SMSes http://www.thehindubusinessline.com/industry-and-economy/infotech/article2570779.ece?ref=wl_economy