Potential Target through paid services
Google ads
Small businesses spend about $ 9,000-10,000 per month on Google Ads. This means that the average cost-per-click for the Google Search Network is $ 1-2 and the average cost-per-click for the Google Display Network is less than $ 1 (Maake, 2022). According to the latest forecasts by industry analysts, Google's advertising revenue in 2022 was $ 60.7 billion, but is expected to exceed $ 60 billion (Oberlo, 2022). This growth in the company can tell most businesses are adopting it to see growth in their companies.
It is not assessed about how much grow we are expecting but with the initial investment of $5,000 using pay-per click targeting within Dubai, we want a growth in clicks and ultimately visits on the website by 7,000 users by the end of the campaign. The aim is to not only attract new audience to visit the website but also reduce the bounce rate which can be achieved through effectiveness and visible information at one sight.
Google Analytics and Domain
A brand-new domain with a “.com” extension normally costs $10 to $20 per year to purchase (Site Builder Report, 2022). And domain for our company “letsafterparty.com” would cost us $12 for a year, however, this investment would not be helpful as it website is just a proposed concept and not an actual business. In order to connect google analytics which is a very powerful tool that helps in recording and analyzing website user information like Bounce rate, page views, hotspots of the websites, new users, conversion rates and many more. This would come into play while operating a business but since the business actually does not exists. This analysis will not be helpful. Also, we can view these same reports through Wix Analytics which is free and will help us determine the effectiveness of the website.
Facebook Ads
With over 1.4 billion daily users, Facebook is a popular platform for business advertising. The typical monthly advertising budget ranges from $200 to $1500. The daily minimum spend for impressions is $1, $5 for clicks, likes, or views, and $40 for conversions. The aim in a actual business would be to only gain engagement and followers on social media but also redirect the crowd to the website.
In the long run, the business is planning to set up a shop in the Facebook marketplace to make the products more visible for the audience.
Instagram Ads
The minimum daily budget for impressions, clicks, likes, or views, and conversions is set at $200 to $1500 per month for Instagram and shares the same average monthly ad spend as Facebook. However, a boost post on Instagram links with the post on Facebook which helps in increment for the same goals on different platforms. Along with Facebook marketplace, Instagram shop is also to be setup after the launch in September 2022 has it been a real business. Although Instagram shop is more reliable than Facebook in terms for real accounts, Instagram shop cannot be set up without Facebook shop. An initial investment of $300 per month and increasing the budget gradually over the months would be the aim for social media.
With over 8.14 million users on Facebook and 7.73 million users on Instagram, we aim to target at least 20% of the people to interact on our social media accounts and with only 8% of the users that is 7.9K of social media users to be our customer base by the end of the year 2024 (GMI, 2022).
YouTube Ads
YouTube advertising costs are affected by a variety of factors, including campaign objectives, targeting, and viewing time. However, YouTube ads often cost $ 0.19 to $ 0.30 per viewing or action, with a budget of $ 10 per day. Every time someone reads or interacts with the ad, by clicking on a call-to-action and we must pay between $0.10 and $ 0.30. In the long run, during the first marketing campaign after the launch, the use of YouTube Ads is targeted to be used for wider audience and for the new business to thrive in the UAE market. With about 8.65 million active users of YouTube in the UAE, we aim to penetrate the market with storytelling marketing strategies of the brand which can only be done within 1 year of operation (GMI, 2022).
Influencer
For the launch, we aim to collaborate with Gloryhind, who is an Emirate social media influencer and blogger, we aim to target her 203k followers especially Arab demographic to notice our brand during the launch and explore our services later. Her engagement rate is 0.6%, however, with 1.2k audience is good enough to discover our brand at the time of the launch in September 2022 (Starngage, 2022).
Website theme and design
Through the development of the website, a combination of warm, cool neutral colors was used to create the tone for oncoming visitors. Warm colors which would include the yellowish tone generally represent passion and enthusiasm (Mikellides, 2012). The green variants found are considered cool colors which create a calming or relaxed tone. And the black and grey are neutral colors that represent sophistication and power (canva.com, 2022). Colors used in the case of website development are meant to attract customers and make them feel or relate to the product or service that is being provided. The entirety of the website background is black, and this represents the power, sophistication, and boldness (Mikellides, 2012). It creates value and allows for the content to stand out in the minds of consumers, hence why it is the background. The logo is black as well to create the same feeling as the website does in regards to the emotions and relationships developed with the potential audience. The yellow portions of the website represent energy which is a direct representation of our product and brand (canva.com, 2022). Yellow is meant to stand out, which catches the attention of the audience which creates awareness and directs the audience to key areas of information. Green being the next color portrayed through the website represents the environment and but can also mean wealth and prestige (canva.com, 2022). What can be seen is that a theme and a brand is being developed through the representation of colors. The audience will be directed to feel and connect with the brand in a certain way to create a relationship or connection to the product or service provided. In doing so, the brand developed represents power, prestige, joy, and freedom in terms of spirituality.
Products and Services
A survey was done for Let’s AfterParty to better understand the market segment of events industry and its demands for services along with that, the survey helped analyze the need of sustainability and expectations that people have while looking for an events company. Opinion on the logo of the brand as well as rental shop was taken and lastly, suggestions for the new business was asked which the respondents gave actively.
About 45 responses were recorded of this survey out of which 40 valid responses were considered to propose and develop products and services that are to be sold by Let’s AfterParty.
All the responses selected were from Dubai as the company has to operate majorly in this region. Most of the survey takers word in the age group of 18 to 24 years old while 20% of the people belonged to 25 to 35 years old and a minority of 15% and 5% were from age groups of 35 to 55 years, and 55 years and above respectively. This demographic helped us recognize the services required by different generations.
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It was asked to the respondents how important sustainability is when it comes to events and parties about 37% on the respondent chose 4/5 and 32.5% to respond 5/5. The last 30% of respondents low 3 and lower than that.
When asked preference on hiring events companies to plan their events, only 5% of the people prefer events companies to host all their events, while 15% opted to never hire any events company. 25% of the people wanted to try the services of an event company and 55% of the people choose to hire events company for only big events. This showed people would consider services of an events company only in big events like weddings, concerts, global conference and more, along with the potential of 25% who want to hire event companies in the future.
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The question of expectation of services from events company was asked and 20 people we chose to go with PR management of Brands, 25 of people chose wedding planning. Only 12 people wanted the proposals but majorly 29 people went for business events and 31 that is the highest went for parties and showers like baby showers and bridal showers. It also showed that only 8 people were interested in rental services by an events company.
An average cost of an all-inclusive wedding planning package was asked that the customers would pay for and the highest choice of 40% was ranging from AED 20,000 to 40,000 about 25% of people went for the lowest budget towers AED 10,000 and less. 20% of the people choose the mid-range of AED 10,000 to AED 20,000 and 15% of people wanted to go to the highest budget of eight 40,000 and above. This can be interpreted as a lot of people are interested in budget and small weddings, however, there are customers who expect the budget to be higher than AED 20,000 and can be counted in luxury weddings.
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It was asked if the customers would be willing to be interested in rental and shopping opportunities for events and 50% of the survey takers responded ‘maybe’ 37.5% responded ‘yes’ and 12% responded ‘no’. Additionally, it was also asked what all would they like to see in the shop and 36 people opted for decorations, 29 people wanted electronic equipment, 28 people were in for flowers, about 60% of people went for party props and themed apparel. This response gives an insight on the product that needs to be in a rental and purchase shop for events.
All the feedback was kept in note and overall understanding of the expectations and demands of services and products along the price range was determined within the region of Dubai. It also showed the preference of people that would hire an events company. Critical feedback was given on the logo for which one of the respondents answered as “Logo cannot be incorporated in smaller forms like social media display pictures as the tagline wouldn't be visible” which was well considered and later changed on social media.
References
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