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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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The SmartCine is going to revolutionize the smartphone video-making industry. With its wireless microphone, and superb camera, you can make film-studio quality audio and video. We believe that if Best Buy was to sell the SmartCine in its stores, both companies would be better off as this product will be a huge hit. We want to market this product to young, creative, and artistic people that think of themselves as innovators. They want to get ahead of the next advancement in technology that will give them the edge on others when they're making their videos. We believe that most of these people would be the type of people to buy iPhones. So we'd primarily market the SmartCine to people that are buying iPhones.

This could be marketed at the retail store by having a promotion where if a customer buys an iPhone, they get a SmartCine for half price or 20% off. If cutting the price of the SmartCine is out of the question, then just having it by the iPhones will encourage people to purchase it with their new phone. That said, the SmartCine is compatible with almost every new smartphone, including Androids. According to Android pub, in 2016, Androids made up 86.2% of the market so we are also trying to market to them, but we feel that iPhone users are more likely to want to make videos with their iPhones than Android users would be.

According to Todd Hixon of Forbes “iPhone people are more affluent: they overweight +11% for >$75,000(3), +30% for >$100,000(3) and +48% for >$125,000(3). Android people are much less affluent but still have above average means: they overweight for income categories above $50,000 but to a much smaller degree: +4% to +14%.” Hixon acquired this data from CivicScience which is a service that runs surveys across hundreds of web sites. On these surveys they ask people questions about products they use, their preferences, and their backgrounds. This data means that iPhone users statistically have more money than Android users. This could mean that they are more willing to buy products such as the SmartCine that will improve their phone's camera. Also according to this same study, both iPhone and Android people follow technology news “but Android people do a bit more: they overweight +35% versus +22% for Apple AAPL -1.66% people.”  This means that both types of users follow technology news while Android users do more which means that it could be beneficial to advertise the SmartCine on websites such as the Wall Street Journal, CNET News, and BBC News. The way this could be done is with normal advertisement showing off the product on the side of the website, or we could give the Wall Street Journal for example, a free SmartCine to encourage them to use it and to write a review on it. We believe that if there were some positive reviews in these news journals about our product, then that would lead to some more buzz in the community of innovative users that are looking for the new up and coming technology. This would be a form of market segmentation as we are separating potential consumers into groups: iPhone users and Android users. Separating these consumers will be beneficial because we advertise to the Android users needs of getting the new technology that will make their pictures look better, and we'll advertise to the iPhone users needs to spend more money on phone accessories to make better videos.

Another promotion idea we have that could be beneficial in the sale of the SmartCine is for Best Buy to sponsor a film creator in making a movie that was strictly filmed on an iPhone with a SmartCine. The best way this would work is if Best Buy was to finance some of this creator's expensives and advertise their film. Then this creator could put there film into a film festival to show off how you can make great movies with this new technology. According to Max Covill of Film School Rejects, “the iPhone Film Festival had a little over 100 submissions in 2010. As of 2017, they are averaging over 2,000 submissions. The power is out there for anyone to become a director.” This means that there is a market out there for making films on your phone, and there are people out there that are willing to consume these films. So if Best Buy was to sponsor a creator that would compete in this film festival and won, then there would be a lot more publicity around this technology as possibly becoming a new standard in this industry. This would happen as aspiring filmmakers would look at this kind of movie, and think that they can also do produce a work of that quality with the SmartCine.

Best Buy would also be able to take parts of this movie to show off how great the SmartCine is. They can show off the quality of the video or the audio through this film. Or they could sign this creator (or another creator) to create a commercial that shows off the difference between filming with just an iPhone compared to an iPhone with the SmartCine. An idea we have for this commercial would be for it to have a long form commercial of 60 to 90 seconds and a short form for 30 seconds. The 60-90 second commercial could really highlight the difference in quality of filming with or without the SmartCine by maybe recording a band play music in a busy city as cars and people go by. This would show off the wireless microphone that can cut out all external noise except for the subject. It could also show off the greater quality images the SmartCine could make compared to just your iPhone's camera. This could be done by showing video side by side of the two different technology as someone films the mountains and rivers of a place like Montana. Or the commercial could have an athlete such of a snowbordered being filmed as they go down the mountain to emphasize the video quality as the colors of the scenery pops as the snowboarder shreds down. The 30 second video on the other hand would show off the user experience of having a SmartCine. It will emphasize how much fun and rewarding it is to have one of these as you really have to capability to make great art. This commercial could show a group of friends having fun taking pictures and making their own films to inspire others to do the same.

If such commercials were developed then there would be a few places where they could be used. First would be in the retail store itself. In the store, Best Buy could set up these commercials on a TV by the phones and SmartCine so people can see the difference in quality as they are looking at the product. This would be a form or product differentiation to show off the differences in film quality of the SmartCine compared to a normal iPhone. This is also a form of product positioning because this product is made to be used in combination with a phone so putting phones and SmartCine near each other to be sold intandem would be beneficial to get each sold more. Along these lines, Best Buy could also have a experience or experiment day were people could come into the store to try the SmartCine on their phone. They would thus see with their own phones that the SmartCine really does improve the consumer's videos and pictures. This could be very influential on the consumer as they will be able to experience the end product of the SmartCine, and picture themselves using it before they actually buy.

We should also focus on online advertising. According to Nicholas Summers of Revlocal  “one survey found that 72 percent of consumers prefer to engage with a business through an integrated marketing approach.” This means that consumers are more interested and willing to purchase a product if that business uses an integrated marketing approach. An integrated marketing approach would be of unifying all the aspects of the marketing of a product through direct marketing, social media, sales promotion, public relations, and other forms of marketing. The way Best Buy could do this is through using the commercials that they would have made and strategically placing them online for users to see. One such way would be through retargeting ads, which are ads that consumers see on other websites after they originally visited your website. This is useful because the consumer would continuously see the SmartCine while they are online which will engrave the brand name in their minds. Which will cause them to associate SmartCine with superior video and audio quality over your usual camera.

Social Media will also be extremely important in the advertisement of this product. Facebook for example according to Summers, “users spend more time on Facebook than any other app, spending (on average) 19 percent of their time in the Facebook app.” This means that Facebook is an extremely attractive site to advertise on as retargeting ads can be used there to get people to go back to Best Buy's website. Twitter can also be used in a similar way as Best Buy can buy ads that will come up in people's feeds as a promotion. From personal experience, these ads are extremely effective as I frequently find myself not realising it's an ad until I see at the bottom of the tweet that it says “promotion”. These are the best kind of ads because once someone knows that they are being sold to they tune out the advertisement, but if they don't realize that it's an ad, they are much more likely to be seduced by the product.

Another important place to advertise is on YouTube. YouTube is a site all about users creating original content and sharing it with the world. Due to this, Best Buy would be wise to also advertise on this site. One way in which they could do this is by paying creators to give a plug to the SmartCine in their video. This would probably include the creator saying how great the product it is, and how they personally use the SmartCine to film their videos. They would also give a little promotion like 20% off your first purchase with a promo code (whatever is relevant to the viewers of that show). This would be a good idea because YouTube is increasingly being filled with more and more advertisement. This would be an example of creators advertising on their channel to make some more money, but YouTube itself also advertises before videos. They have a system where they will put 60 second to 2 minute commercials on videos that after 30 seconds users can skip or they put advertisement on a video that is 30 seconds long that you can't skip. Advertising here would also be a good idea as these ads pop up frequently and they may be able to hit a wider audience as they would be before more videos. However, if Best Buy was looking to target a smaller audience that is more likely to purchase the SmartCine then it may be smarter to advertise on specific channels. This is because people are more likely to trust a creator that they constantly watch than a random ad that isn't connected to the content that they consume.

We have come up with many different promotion ideas that we feel will be very efficient for selling the SmartCine. Not all of these ideas need to implement as they would each take a lot of effort and creativity to make them successful. However, we feel that if a few of these strategies were implemented, the SmarCine would sell off the shelves of Best Buy, and people will start looking at the SmartCine as an industry shifting technology.

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