Introducing: The HoloWatch

Presented By: Abubakr Elsayed 11380031 Benjamin Che 14207582 Nehal Sethi 14207573 Mohd Shazwi Mohd Shafie 11107995

Word Count: 5355

  2  

Table of Contents EXECUTIVE  SUMMARY   3  

SITUATIONAL  ANALYSIS   4  THE  PRODUCT:  HOLOWATCH   4  HOLOWATCH  AT  A  GLANCE   4  THE  MARKET   6  SWOT  ANALYSIS   6  PORTER’S  FIVE  FORCES   7  

OBJECTIVES   8  LAUNCHING  THROUGH  CROWDFUNDING   9  THE  5S  FRAMEWORK  OF  DIGITAL  MARKETING   9  

STRATEGY   12  MARKET  SEGMENTATION   12  TARGETING   12  POSITIONING   12  ONLINE  VALUE  PROPOSITION   13  R.A.C.E.  FRAMEWORK   13  SOCIAL  MEDIA  MARKETING  STRATEGY   16  

TACTICS  &  ACTION  PLAN   16  THE  E-­‐MARKETING  MIX   16  SCHEDULE  OF  ACTIVITIES   19  ELECTRONIC  CUSTOMER  RELATIONSHIP  MANAGEMENT  (E-­‐CRM)   19  

CONTROL  -­‐  MEASURING  HOLOWATCH’S  SUCCESS   20  TIMEFRAME   20  PRE-­‐CROWDFUNDING  LAUNCH   21  POST-­‐CROWDFUNDING  LAUNCH   21  POST-­‐CROWDFUNDING   21  REPORTING   22  

APPENDICES   23  EXHIBIT  A  –  MARKET  SHARE  OF  SMARTWATCHES   23  EXHIBIT  B  –  AGE  OF  SMARTWATCH  CONSUMERS   23  EXHIBIT  C  –  PORTER’S  FIVE  FORCES   24  EXHIBIT  D  –  HOLOTECH  WEBSITE  HOMEPAGE   24  EXHIBIT  E  –  PERSONAS   25  EXHIBIT  F  –  SOCIAL  MEDIA  USAGE   26  EXHIBIT  G  –  PERCEPTUAL  MAP   27  EXHIBIT  H  –  R.A.C.E  FRAMEWORK   28  

REFERENCES   30  

  3  

 

Executive Summary

Our company HoloTech has developed a smartwatch that is intuitively smarter than the

products currently in the market. The product is called HoloWatch, a creatively designed

smartwatch that allows its user to project their smartphone interface onto a surface to be

used similar to how a smartphone is used. The projected interface can be placed on the

users forearm or even a flat surface such as a table.

Through the use of creative digital marketing, HoloTech plans to launch HoloWatch

exclusively in the US market through a crowdfunding campaign that will last one month.

The goal of the campaign is to raise $1,000,000 through offering the HoloWatch at $300

each. This results in a minimum 3334 of backers. The key target market for the

HoloWatch are Gen-Y Yuppies that fall in the 25-35 age range and are looking for the

newest technologies to make their daily workflow more efficient. With limited resources,

the HoloTech team plans to use purely digital marketing for the campaign and focus

towards sharing meaningful content through various digital channels, sparking

conversations on social media, and using the element of suspense to reveal HoloWatch to

the world. The marketing campaign will be executed in three stages: pre-crowdfunding

launch, post-crowdfunding launch, and post crowdfunding. Each stage will have its own

key measurements of success and tactics that help bring out the optimal results. The total

timeframe for this strategy from start to finish will be two months, excluding fulfillment

of crowdfunding orders.

The launch of HoloWatch is meant to be simple, precise, and effective for a boutique

company. This approach allows the brand to increase interaction with potential customers

to build brand awareness and equity, which is key to the success of the HoloWatch and

future HoloTech products.

  4  

Situational Analysis

The Product: HoloWatch

Our product is called the HoloWatch, a smartwatch that is an extension to smartphones.

HoloWatch projects an interactive screen on the user’s arm, and enables its user to have

the same experience that they would on their smartphone through the projected display. It

is built to be self-sustainable as it can generate its own energy through electromagnetic

charging that stores kinetic energy. This eliminates the need for users to constantly

recharge the Holowatch; just strap it on, perform everyday tasks and the smartwatch will

keep on running for days on end. We believe the product will revolutionize and

modernize the wearable technology market.

HoloWatch at a Glance

Below is a visual example of the HoloWatch, with each element of it’s exterior

explained:

I - The shell of the HoloWatch will be made with a single piece aluminum. This gives it

the strongest protection for long periods of wear and a luxury feel.

  5  

II - The connectors on the ends of the HoloWatch are what the interchangeable straps

will be latched onto.

III - A simplistic aluminum roof will be placed on top of the projection lens of the

HoloWatch to prevent disruptions and damage to the laser projection.

IV - This is the lens for the projection of the smartphone interface. The lens is

strategically positioned to project an optimal image to any surface it detects once

activated. Similar to a virtual laser keyboard, the smartwatch will project the image along

with an infrared light (from an infrared laser diode). The CMOS (complementary metal-

oxide semiconductor) measures the finger’s position within the interface area and a

sensor chip (Virtual Interface Processing Core) analyzes the movements and the

information/command gets sent to the device. From there, the command becomes

recognized and is performed.

V - A small screen that separates the lens and the projection surface, this allows the

image to be focused and allows for zoom if necessary. In addition, it helps protect the

lens from dust and unwanted particles.

VI - The original strap for the HoloWatch is simplistic in design and is made to conform

to any wrist with the highest level of comfort.

VII - The screen of the HoloWatch is made with high-quality gorilla glass that will

prevent scratches and protect the core of the smartwatch during impact.

Moreover, the HoloWatch and smartphone will be connected via the cloud in order to

sync all data between devices. From today’s technology, this is a feasible task and allows

all information to be displayed in real-time. The smartphone and smartwatch can be used

simultaneously as well. This allows the user to avoid disruption when performing actions

such as media consumption or if they’re occupied by an in-app experience. With that

  6  

though, the user will not be able to access the same app or functions simultaneously on

both devices.

The Market

The global smartwatch industry has multiplied tenfold within a year from 2012 to 2013

with recorded sales of 0.3 million to a staggering leap of 3 million (Smartwatch Group,

2014). According to Koenig (2014), the Smartwatch market has reached a volume of

$700 million as of 2013 since 2012, of which 82% of the market share is made up of the

top ten companies within the industry – Samsung, Nike, Garmin, FitBit, Sony, Pebble,

Shanda, Mio Alpha, Yingqu and Casio (Exhibit A). It is anticipated that the growth will

climb at a 3-digit rate in the upcoming years. Although the smartwatch market is still

small, current empirical data dictates promising growth within the market.

In addition, according to Smartwatch Group’s 2014 report. The two highest categories in

terms of age group belong to the male and female of the 25 to 34 year old age bracket

(Exhibit B). This insight will guide us in determining a particular market segment in

which to target for the HoloWatch.

SWOT Analysis

Strengths

HoloTech boasts internal strengths that assist in battling the goliaths in the consumer

electronics market. First, the HoloWatch is a creatively designed device that helps

differentiate the company from competitors. Secondly, the team is passionate and lean

with a horizontal organization structure that fuels collaboration. Lastly, the team

understands how to make the most out of limited resources, which is valuable for early-

stage companies such as HoloTech.

Weaknesses

HoloTech lacks brand equity compared to its competitors. Moreover, the lack of both

human and monetary capital leaves HoloTech with limited options for immediate growth.

  7  

Traditional marketing efforts will be limited due to this. Beyond that, HoloTech is also

lacking the distribution channels to expand the HoloWatch globally.

Opportunities

The smartwatch industry is growing at a rapid speed, which is a great opportunity for

HoloWatch to be introduced. Current smartwatches in the market are primarily focused

on health and integrated apps, whereas HoloWatch focuses on empowering users to more

dynamic approaches to stay connected.

Threats

Immediate threats are the goliaths within the consumer electronics industry such as

Samsung, Google, and Apple. They too, are competing for large shares in the smartwatch

market. Beyond competition, HoloTech faces possible backlash from the market if the

HoloWatch is indeed too different from what they expect from a smartwatch. Lastly, the

company would be in trouble if HoloWatch does not take off as expected due to limited

capital to keep the company going.

Porter’s Five Forces

Porter’s Five Forces is very important in drawing insight on the potential for profitability

within an industry. Supplier Power denotes the influence of prices of ones input. Buyer

Powers relates to consumers’ ability to drive down prices. Competitive Rivalry

demonstrates competitors’ strength within the industry. The Threat of Substitution shows

the extent to which consumers can swap ones product with another. The Threat of New

Entry illustrates how easy it is for new competitors to enter the market. Analyzing each

component of Porter’s Five Forces will allow us to see whether or not HoloWatch will

thrive in the current smartwatch market (Exhibit C).

Threat of New Entry: Low

Newcomers will find it difficult to penetrate and participate in the smartwatch market, as

the market requires a high level of technological expertise, experience and financial

  8  

backing; to date, the market is mostly explored by established companies. Furthermore,

acquiring patents and securing proprietary knowledge is time consuming.

Competitive Rivalry: Moderate

We believe that the competitive rivalry within the smartwatch industry is moderate. This

is because smartwatches are still in its early stages of integrating itself into society,

resulting in a battle between large tech companies. Beyond that, HoloWatch differentiates

itself amongst the competition through its interface projection, simplicity, and ability to

recharge through kinetic energy. Also, it is easy for users to switch to HoloWatch

because the device supports all operating systems and connect easily with any

smartphone. However, we must note that HoloTech is fairly new compared to the

competition, thus giving us a disadvantage in regards to brand equity.

Buyer Power: High

The consumers in the smartwatch market are tech savvy, intelligent, and particular about

wearable tech. Majority of the market will do their research prior to making a purchase,

thus having enough product knowledge to gauge whether a product is right for them. This

gives the consumers power to choose. In addition, due to competition, consumers are

given opportunities to test products and return them if it doesn’t suit their needs.

Threat of Substitution: Low/Moderate

Currently, there is no direct substitution for the smartwatch as a wearable technology.

However, there may be new technological advancements to smartphones or wearables

that can substitute the convenience of smartwatches.

Supplier Power: Moderate

Currently, there are a very limited number of suppliers for dedicated smartwatch

processors; Texas Instruments, STMicroelectronics, NXP semiconductors (Morgan

Stanley, 2014). In March 2014, Google announced Android Wear (open source OS)

specifically for wearable devices. This serve as an incentive to push the smartwatch

industry further by helping manufacturers to cut cost and not be dependent on OS

suppliers (Shah, 2014). Eventually, we believe that as supply for smartwatches rise, the

  9  

number of suppliers in the smartwatch manufacturing industry will also rise to meet

demand.  

Objectives

Launching Through Crowdfunding

Our objective with HoloWatch is to launch it via crowdfunding within the US market.

The US market is perfect for this launch as crowdfunding is a popular concept there and

also smartwatches are more widely accepted. The reason for crowdfunding is that it helps

HoloTech test to see if the market is truly ready for this technology. In addition,

crowdfunding is a great way to create early brand equity without large investments. Our

minimum goal for the crowdfunding campaign will be to raise $1,000,000. This equates

to about 3300 backers when each HoloWatch is offered at a fair market price of $300

each. Due to the nature of crowdfunding campaigns, our digital campaign will be

primarily focused on the pre-crowdfunding launch and post-crowdfunding launch stages.

The 5S Framework of Digital Marketing

To plan and set our digital marketing objectives, we are applying Chaffey and Smith’s

(2008) effective and simple 5S framework of digital marketing in addition to applying the

SMART framework for goal setting.

 

Sell  

To create initial sales and awareness pre-production, we will launch a crowdfunding

campaign. Crowdfunding is the optimal option for our product launch, as it will help us

test the market demand before we dive into investing in production of the HoloWatch.

Our campaign will be launched through Kickstarter, as they are the market leaders of

crowdfunding platforms. Furthermore Kickstarter is focused on the US and UK market

and enjoy the highest site traffic, which allows for greater visibility of our project

(Taylor, 2013). We will offer several pledge packages that range from simple supportive

packages to pre-order pledges, the reward that a backer will receive is dependent on the

  10  

pledge level that they commit to. Once the crowdfunding meets its goal, we will then

begin production and fulfilling our orders. In addition, the HoloWatch will be available

on the HoloTech website once all orders are fulfilled. We will provide our customers

with a simple step-by-step process to finalize sales, reassuring them along the way of

security, flexibility and convenience to boost trust (Chaffey, 2010).

Speak  

We will generate opportunities for potential customers to interact with our team over

various digital channels to build trust and credibility. The main hub for obtaining

information on HoloTech and HoloWatch is through the website, which includes a

‘Contact Us’ section. In addition, Facebook and Twitter will be utilized to interact with

stakeholders and potential customers. Through these social media platforms, we can also

track statistics such as the number of interactions, shares, likes, and views on posts. This

will be realized by using social CRM tools such as HootSuite. The goal is to create

meaningful content that our customers can take interest in and engage with. The website

itself will be responsive to both desktop and mobile viewing. To assess the performance

of HoloWatch and our brand, we will perform a simple email satisfaction survey one

month after all HoloWatch orders are fulfilled. This will help us improve how we

approach both future products and our customer support strategy.

 Serve  

We aim to provide our customers with a user-friendly interface through our website

(Exhibit D). This will consist of a well-integrated navigation bar atop our homepage; an

FAQ page, and an easily accessible page for visitors to contact the HoloTech team. Our

goal is to utilize the HoloTech website as much as possible to deliver information,

receive inquiries, and actively engage with the visitor through striking images and simple

and effective content.

Save  

A key benefit of e-marketing is cost saving. We will work towards building a loyal fan

base by involving them in certain processes of creating future products through

continuous conversations. By achieving this we can avail of the full potential of the

  11  

electronic word of mouth (eWOM), both reducing marketing costs and increasing

customer loyalty and satisfaction.

HoloTech products will initially be sold directly from the HoloTech website. This gives

us exclusivity and control over the quality of the service that we provide. By removing

steps in the distribution process, we also reduce distribution costs that can pass as cost

savings for customers. Also, it allows us to price the HoloWatch competitively against

competitors in the market. After fulfilling crowdfunding orders, we will explore the

option of opening pop-up shops to further showcase our product and build brand equity.

 

Sizzle  

We believe that communicating the experience and benefits of the HoloWatch is much

more important than solely highlighting the technical specifications of the product. While

specifications are important to our customers considering that Yuppies are tech savvy,

ultimately it is the perceived functional, aesthetics (psychological) and social benefits that

bring pure satisfaction. To highlight the experience of using a HoloWatch, visual content

on our website will be centered on simplistic images and the copywriting used will be

focused on benefits that the HoloWatch will bring the to-be customer.

In addition, we plan to invite prolific tech savvy online celebrities and tech reviewers to

test our product and create independent online content and reviews to be viewed and

shared on social media platforms. This is a risky tactic as some reviewers may give it a

poor review, but we strongly stand behind our product and believe that it will hold up

against tough criticism. The reason for applying the above-mentioned techniques is due

to social customers tendency to listen to their peers as opposed to companies and happy

customers spread the word (Baldacci, 2013).

  12  

Strategy

Market Segmentation

Considering our product is a technologically advanced wearable, this requires our target

audience to have several shared characteristics such as being tech savvy, active web users

and adopters of new technology. Our initial strategy for launching the HoloWatch is to

focus on the US market, specifically targeting the Gen-Y group. This includes people

within the 25-35 age range, earn an income between $45,000 to $100,000, and live in

urbanized cities. In other words, we are aiming to target Yuppies. According to the

Oxford dictionary, a Yuppie is an informal way of calling a fashionable young middle-

class person with a well-paid job. From our observation, we believe that this group of

people has the interest and the ability to use HoloWatch to its optimum level.

Targeting

Under the Gen-Y Yuppies, we want to target three specific markets that will make up

majority of our sales; business professionals, techies and trendsetters. All of them have

different demographics and psychographics (Exhibit E), but share the passion for

acquiring the newest tech products. Gen-Y comes with an intuitive understanding of

technology and are plugged in 24/7 with smartphones, laptops and other gadgets

(Munroe, 2014). We will target our selected markets with a blend of online

advertisements on social media, especially Facebook (51%) and Twitter (26%), which

according to the global web index enjoy the highest usage rate among millennials

(Exhibit F) (Bennett, 2014). About 90% of the Gen-Y use their smartphones to check

their social media accounts before stepping out of bed in the morning (Gibson, 2013).

This makes social media an effective platform for us to reach our target customers.

Positioning

HoloWatch is a superior product compared to the competition in the market in terms of

technology. Though the usage of our product and the competitors’ are more or less

similar, there are some differentiating factors, which make HoloWatch stand out;

  13  

Functionality convenience and battery life. From the perceptual map (Exhibit G), we can

compare HoloWatch with competitors against these two factors. People are constantly

connected online and one thing that really annoys them is the “Battery Low” notification.

Keeping that in mind, our solution is embedding a kinetic recharging component that will

help charge the device using kinetic energy during usage. Many people want things to be

instant and easy so that no time is wasted on learning and adapting. This makes our

product suitable since we have ensured that the functionality of HoloWatch is as

convenient as it can get.

The HoloWatch will be launched and branded as a luxury item for Yuppies simply

because we want to set the foundation for future products. Our primary selling point is

creative use of advanced technology, which also translates to a premium price tag for

new and innovative solutions. By staying one step ahead of the technology curve,

HoloTech will be able to bring constant value to its customers. Therefore, positioning the

brand above most mass-market brands is the optimal solution for a boutique company

such as HoloTech.

Online Value Proposition

Our webpage will align with our branding, with simplicity being the focal point. The

interface is user-friendly, navigation is clear, and contains links to various sections within

the site to further educate potential customers (Exhibit D). We aim to create a website

that acts as a central space for people to learn more about HoloTech and the exciting

things that the company will bring into people’s lives.

R.A.C.E. Framework

We used the R.A.C.E. Framework to plan out our strategies for the pre-crowdfunding

launch and post-crowdfunding launch stages of the HoloWatch. The key difference

between the two is that the pre-launch focuses on building awareness and hype, whereas

after the official launch, the focus shifts to selling and engaging customers. The following

will highlight some aspects of the R.A.C.E Framework, where more details can be found

in the exhibits (Exhibit H).

  14  

Reach  

During the pre-crowdfunding stage, our aim is to boost awareness for our product by

bringing traffic to our website as it serves as a hub for information. We will use SEO as

well as Facebook and Twitter to drive traffic to the website. The website will display a

countdown to the launch of the crowdfunding for HoloWatch. Our plan is to strategically

and incrementally release information on the HoloWatch to the public, influential online

tech bloggers & online celebrities. This strategy will help build hype and suspense for the

crowdfunding launch, directing all interested parties to our website.

Once we launch our crowdfunding campaign, we will use all the anticipation built pre-

crowdfunding to direct traffic from our website and social media platforms to the

crowdfunding page. Essentially, the crowdfunding page becomes the main landing page

as that is also where we can convert visitors into customers.

 

Act  

During the pre-crowdfunding stage, we will interact with our customers primarily

through our website and social media. Interactions with potential customers will come in

the form of releasing images, product specifications and videos of the HoloWatch. This

will create speculation and hype that will be echoed to social networks. During this time,

we are looking to convert visitors into potential customers through our opt-in newsfeed

where they can receive more information on the upcoming HoloWatch.

Once our Kickstarter campaign is launched, we will share galleries and specifications of

the HoloWatch available on our social media platform to further engage people.

Throughout the campaign, we will monitor the results carefully and optimize our strategy

according to the channels that provide the most effective results. Our team will also

answer any inquiries people have about our Kickstarter page and pledges in a timely

manner. Acknowledgement of pledges will be continuously communicated and updated

to show HoloTech’s appreciation for the support that people give.

  15  

Convert  

Once we generate enough awareness to gain the market’s attention, it’s time to convert

the leads and curious potential customers into sales. Once we launch the crowdfunding

campaign, our aim immediately shifts to converting potential customers, subscribers to

our newsfeed, and unique visitors into ‘backers’ of the HoloWatch.

Kickstarter is a great platform for our HoloWatch campaign because it’s easy to use and

simplistic in nature (Perreau, 2015). We will be able to monitor all activities on the

crowdfunding page via a mixture of Google Analytics and our social media platforms.

From the number of visitors and bounce rate, to converted ‘backers’ and time spent on

the page, this will all be valuable statistics to optimize the crowdfunding page as the

campaign continues.

 

Engage

Prior to the crowdfunding campaign, our goal is to keep conversations going about the

launch of the HoloWatch. To ensure that HoloWatch is consistently on the minds of

potential customers, we will strategically create conversations on social media through

tech discussions and reinforcing the countdown for the crowdfunding campaign. We will

also leverage email marketing to notify subscribed members of the launch so that we

receive the most awareness at the beginning of the campaign.

After the launch, we will monitor people’s reaction to HoloWatch and the crowdfunding

campaign, followed by bursts of new content relating back to the HoloWatch in various

social networks. Also, independent content creators such as online celebrities and tech

reviewers who have received HoloWatch would have had time to review the product.

This engagement will provide us with valuable feedback to help us better understand

customers and how to best serve them in the future. Giving voice to our dedicated

customers will also increase their level on the ladder of engagement and eventually

converting numerous customers to becoming brand advocates and ambassadors (Smith &

Zook, 2011). To summarize, engagement results in loyalty and loyalty dramatically

  16  

increases the chances of repeat purchases and advocacy of the product and overall

HoloTech brand.  

Social Media Marketing Strategy

As our strategy with launching HoloWatch is predominantly focused around word of

mouth and sharing the product through blogs, community websites, and social networks,

our social media strategy must compliment that. Based on our target audience and our

needs, Facebook and Twitter will be the main platforms we will use. We will leverage

Facebook’s page function to share and engage with people about HoloWatch. Twitter on

the other hand, will be used to initiate and join in on conversations regarding wearable

tech. Essentially, we want to post more permanent and newsworthy information on

Facebook and use Twitter as a real-time conversation starter to build brand awareness

and equity. The usage split for the two would be about 70/30, with Facebook taking the

larger share of our resources.

Tactics & Action Plan

The E-Marketing Mix

Product  

HoloWatch is the beginning of many technological products that HoloTech will release to

the world. Beyond the fact that the smartwatch brings users a new experience to what

they currently perceive smartwatches can do, the HoloWatch acts as a promise that

HoloTech is a brand worth investing in. Customers are buying more than the HoloWatch

itself. They are receiving the opportunity to jump ahead of the technology curve, astonish

their peers with the simplistic design of the HoloWatch, and legendary customer support

from the team at HoloTech. The experience starts from the moment a person is aware of

HoloTech till they receive and integrate our product into their life and beyond. Users of

the HoloWatch will also receive software updates to the device as necessary in order to

keep up-to-date with software advancements.

 

  17  

Price  

Based on SpecOut’s comparison of smartwatch price lists, resulting in 106 individual

devices, the price for a smartwatch ranges from as low as $42 (Vtech Kidizoom

Smartwatch) to a staggering high of $10,000 (Apple Watch Edition) that offers a slew of

functionalities for different age groups and demographics.

The HoloWatch will be strategically priced at $300, this allows it to fall below the Apple

Watch and above or on par with other competitors. The reasoning behind this is that

HoloTech is still in its early stages and will need to build its brand equity through

delivering high-quality products at competitive prices. This pricing strategy will also put

HoloWatch in a sacred space, as it becomes a luxury product that differentiates users

from the rest of the crowd. Once we gain a foothold in the industry, we can then begin to

adjust pricing based on brand equity in addition to the costs of producing the products.

Overall, we believe that HoloTech will be a premium brand, delivering innovative

technologies that will bring efficiency and effectiveness to their everyday lives.

Place  

HoloWatch will follow the disintermediation distribution model, where customers will

deal directly with HoloTech to purchase the product through the website. This is

advantageous for us because it’ll help solidify the website as a hub for information and

purchasing point, thus, giving us more opportunities to interact with potential customers

along the way. During the crowdfunding stage though, people will be directed to the

crowdfunding page to ‘back’ the HoloWatch.

 

Promotion  

The HoloWatch will be promoted purely online to increase reach in a cost-saving

manner. In addition, we plan on creating meaningful content that is exciting, suspenseful,

and easy to share. Using a mixture of incrementally revealing visual images, product

specifications, and highlighting the benefits of the HoloWatch, we will narrowcast this

content to community websites, popular technology bloggers, forums, and popular social

  18  

networks. Essentially, we will promote in digital spaces where our target market

frequently visits.

There will be an opportunity for potential customers to opt-in on a newsfeed list where

we update them on HoloTech. This mailing list will also be used as a promotional

channel, allowing us to send members incentives to purchase the HoloWatch and also

convert them from a customer to a champion of the HoloTech brand through referral

marketing. The referral marketing aspect can ome in the form of unique gifts from

HoloTech or monetary credit for future purchases once the customer successfully refers

someone to purchase a HoloWatch. The referral marketing initiative will utilize a unique

link that will be sent out where people can share with others to encourage them to ‘back’

the HoloWatch. Once the transaction is complete, the original owner of the unique link

will receive the reward.

  19  

Schedule of Activities

The entire digital campaign for launching HoloWatch follows a strategic chronological

order of activities. Each activity adds value to the overall product and helps set the stage

for the following activities to come.

Electronic Customer Relationship Management (E-CRM)

For people who have committed to the HoloWatch through the crowdfunding campaign,

we will compile a mailing list to update them on the status of the HoloWatch along the

way. From the end of the crowdfunding to production and delivery, our goal is to make

sure that the customer is well-informed and understand that HoloTech values

transparency and trust.

  20  

In addition, inquiries regarding the HoloWatch and future products will be answered in a

timely manner. Beyond that, our team will participate in social media discussions

regarding technology and what is trending in the market in order to constantly build

brand awareness and engagement. It is important that any insights that we can gather

through the crowdfunding experience and social media platforms are noted and used for

future projects and digital campaigns. Moreover, the partnerships created through the

digital campaign will be recorded, as they are valuable assets moving forward.

Control - Measuring HoloWatch’s Success

Timeframe

The crowdfunding time frame that we have set out is one month. The digital marketing

efforts leading up to the launch will also follow a one-month timeframe. This leads to a

two-month digital marketing strategy that will be extended upon the success of the

crowdfunding campaign.

The one-month marketing hype leading up to the crowdfunding launch is critical in

giving us enough time to reach out to selected social media partners, bloggers, and

technology reviewers. In addition, it allows us to strategically reveal information on the

HoloWatch to create suspense and anticipation. If the timeframe was shortened, it may

rush our strategy, and if it were prolonged, it would lose the hype effect we want.

The one-month crowdfunding campaign for the HoloWatch is also an optimal time frame

because it gives time for potential customers to review and discuss about the product via

social networks. We understand that this purchase decision is one that requires ample

research, so we want to make sure that HoloTech can provide that sense of trust during

that timeframe. If the campaign was shortened, we may not reach our goal. On the other

hand, if the campaign was prolonged, the decision process would take much too long,

losing any sense of urgency that may be there.

  21  

Using crowdfunding as a digital marketing strategy to launch a product also means that

there are multiple stages where success can be measured. With that, we will elaborate on

how we will monitor and measure the activities through three stages: Pre-Crowdfunding

Launch, Post-Crowdfunding Launch, and Post-Crowdfunding. More information on the

KPIs can be found in the exhibits (Exhibit H).

Pre-Crowdfunding Launch

This stage is primarily centered around building hype and awareness for the HoloWatch

and the HoloTech brand. The main KPIs for this stage are unique visitors for the website,

time spent on website, subscriptions for the newsfeed, shares of our content on Facebook,

and the amount of conversations we generate on Twitter. Succeeding in these KPIs will

help propel the reach of our crowdfunding campaign. These KPIs will be measured

through a mix of Google Analytics, Facebook Insights, and HootSuite.

Post-Crowdfunding Launch

From the launch of the crowdfunding campaign till the end, all our marketing efforts will

be used to direct traffic to the crowdfunding page and also convert leads into sales or

‘backers’ of the campaign. We will measure success in this stage through the reach we

receive from all digital channels and most importantly, the number of ‘backers’ we

receive as they are considered to be a sale. In addition, we will also measure how

effective our referral marketing strategy is during the campaign. The measurements for

this is through the crowdfunding campaign, Google Analytics, and tallying the number of

views our content receives in all the channels we publish with.

Post-Crowdfunding

Once the campaign ends and we can move onto the fulfillment stage, we will measure our

success based on the continued demand of the HoloWatch via inquiries, the time it takes

us to satisfy an inquiry, and the time it takes us to fulfill the orders. Moreover, the

engagement level between HoloTech and customers are key to our continued success

during this period.

  22  

Reporting

During the campaign, we plan on releasing crowdfunding results to the public every week

in order to thank existing ‘backers’ and generate hype for potential customers. In terms of

internal reporting, we would like to create reach and engagement reports on a weekly

basis during the digital campaign. Once the crowdfunding is complete, the reporting will

move to a twice a month or monthly schedule. As opposed to larger companies,

HoloTech is lean and nimble enough to generate quick reports on the go for our

stakeholders.

                         

  23  

Appendices

Exhibit A – Market Share of Smartwatches

 

Exhibit B – Age of Smartwatch Consumers

 

  24  

Exhibit C – Porter’s Five Forces

Exhibit D – HoloTech Website Homepage

 

  25  

Exhibit E – Personas

  26  

Exhibit F – Social Media Usage

  27  

Exhibit G – Perceptual Map

  28  

Exhibit H – R.A.C.E Framework

   

  29  

                     

  30  

References Adams, A. (2014) The Size Of The Smartwatch Market & Its Key Players. Available at:

http://www.forbes.com/sites/arieladams/2014/03/07/the-size-of-the-smartwatch-market-

its-key-players/ [Accessed 28 March 2015]

 

Allain, R. (2014) Could You Charge A Smartwatch by Shaking It? Available at:

http://www.wired.com/2014/08/could-you-charge-a-smartwatch-by-shaking-it/ [Accessed

28 March 2015]

 

Aziz, R. (2014) Porter’s Five Forces Model in Analyzing the Smartwatch industry.

Available at: https://www.powtoon.com/show/bkycTlpG0Y5/porters-five-forces-model-

in-the-analysis-of-smartwatch-market-by-radd/ [Accessed 28 March 2015]

 

Baldacci, K. (2013) 5 Reasons Why the Social Customer is Today’s Undeniable

Authority. Available at: https://www.salesforce.com/blog/2013/07/the-social-

customer.html [Accessed 3 April 2015]

 

Bennett, S. (2014) How Many Millennials, Gen Xers And Baby Boomers Use Facebook,

Twitter And Instagram? [STUDY]. Available at:

http://www.adweek.com/socialtimes/millennials-gen-x-baby-boomers-social-

media/499110 [Accessed 7 April 2015]

 

Bouhnick, G. (2015) Wearables: The Comprehensive List of Smartwatches Operating

Systems. Available at: http://www.slideshare.net/MobileSpoon/wearables-the-

comprehensive-list-of-smartwatch-operating-systems [Accessed 7 April 2015]

 

Chaffey, D. and Smith, P. R. (2008) Emarketing Excellence : Planning and Optimizing

your Digital Marketing, 3rd edition, Butterworth-heinemann, Oxford.

 

  31  

Chaffey, D. (2010) Setting goals for your digital marketing. Available at:

http://www.smartinsights.com/goal-setting-evaluation/goals-kpis/goals-for-your-digital-

marketing/ [Accessed 8 April 2015]

 

Gibson, R. (2013) Generation Y. Available at: http://www.generationy.com/generation-y-

social-media/ [Accessed 26 March 2015].

 

Morgan Stanley (2014) Wearable Devices The ‘Internet of Things’ Becomes Personal.

Available at: http://byinnovation.eu/wp-content/uploads/2014/11/MORGAN-STANLEY-

BLUE-PAPER_Internet-of-Things.pdf [accessed 28 March 2015]

 

Munroe, A. (2014) BusinessZone. Available at:

http://www.businesszone.co.uk/topic/young-ambitious-and-tech-savvy-generation-y-

here-and-coming-your-business/56590 [Accessed 26 March 2015].

 

Perreau, F. (2015) The 5 stages of Consumer Buying Decision Process. Available at:

http://theconsumerfactor.com/en/5-stages-consumer-buying-decision-process/ [Accessed

26 March 2015]

 

Shah, A. (2014) Google launches Android Wear for wearable devices. Available at:

.http://www.computerworld.com/article/2488728/personal-technology/google-launches-

android-wear-for-wearable-devices.html [accessed 28 March 2015]

 

Smartwatch Group (2015) Overview of the Smarthwatch Industry. Available at:

http://www.smartwatchgroup.com/overview-smartwatch-industry/ [Accessed 28 March

2015]

 

Smartwatch Group (2015) Top 10 Smartwatch Companies (Sales). Available at:

http://www.smartwatchgroup.com/blog/2014/02/19/top-10-smartwatch-companies-sales/

[Accessed 28 March 2015]

 

  32  

Smith, P. and Zook, Z. (2011) Marketing Communications: Integrating Offline and

Online with Social Media, 5th ed, Kogan page, London.

 

Taylor, K. (2013) 6 Top Crowdfunding Websites: Which One Is Right For Your Project?.

Available at: http://www.forbes.com/sites/katetaylor/2013/08/06/6-top-crowdfunding-

websites-which-one-is-right-for-your-project/ [Accessed 7 April 2015]