Jen Marks | 05/11/2014 I work to merge social media with creativity in order to reach many people and keep them interested in new

innovations that can change their lives.

Rubicoin: Connecting with Millennials

Background__________________________________________________________________________________________________________ Rubicoin’s largest problem is getting young people of today (Generation Y) to embrace investing and fully understand how investments now will benefit them later. Part of the problem for Rubicoin is also ridding Generation Y’s minds of the standard investment stereotypes: like the fact that only old people invest, or that it takes a lot of money up front. Many members of Generation Y are not thinking about their future, but rather, they are worried about being unemployed, due to the 7.3% unemployment rate in the United States (CIA World Factbook 2014). Some of Generation Y may even be worried about their overall living conditions, because 14.9% of people fall below the poverty line (US Census 2014). An opportunity that Rubicoin has in this market is due to the fact that people in the US are highly individualistic, meaning they are very focused on themselves and thus could be a great audience for an app that focuses on their personal savings (The Hofstede Centre 2014). Yet another opportunity for Rubicoin lies in the fact that individuals in the US have an equally split work-life balance, so they could potentially be worried about their job and their family – two things that Rubicoin can help to stabilize in the future (OECD 2014). There are challenges that Rubicoin will face as well. One of the largest challenges will be competing against other products in the market. New mobile applications similar to Rubicoin, like Acorns and Robinhood, make Rubicoin's job that much harder. These new applications offer advantages similar to Rubicoin (low up front investments, minimum fees, etc.) over other competitive mobile investment apps like Scottrade, Fidelity, and E*Trade which are known and trusted brands. A threat to Rubicoin is the fact that individuals in the United States are very impulsive and indulgent, which could mean they aren’t thinking about the long-term or wanting to save money (The Hofstede Centre 2014). One of the largest challenges for Rubicoin will be getting the market to recognize their brand and what the app has to offer. I believe that with several recommendations and hard work, Rubicoin will be able to cater to the target market and build a large client base.

Recommendations_________________________________________________ ①  WHO: The target market for Rubicoin in the United States is males and females ages 18-30, preferably with a background in multiple cultures. These individuals work

either part- or full-time, and may attend college or trade school. They have a small disposable income and, in turn, worry about income and job security, but retirement is not quite on their radar. This market highly values their family and friends, and enjoys leisure activities like shopping, watching movies, social media, and concerts. These individuals are extremely technology savvy especially when it comes to television, the Internet, and mobile devices. Many people in this segment write blogs or have a social impact on the web due to a large number of connections on multiple platforms, allowing them to spread the word about new products quickly. For these reasons, they’re best reached on the Internet.

②  WHAT: The contagiously sticky message that should be used to provoke and engage the target market is, “Investing that fits you, so your dreams come true. Rubicoin.” ③  HOW:

a.  As a brand, Rubicoin will try to mirror the lives of the target audience. Rubicoin is very unique in it’s brand identity because of some special qualities that are unlike any other company. Rubicoin is innovative, yet it is also transparent and fun. Rubicoin is driven by goals and goal-setting and values personal success, education, honesty, and stability in life. As a brand, Rubicoin works to provide the best customer service out there, aided by their 24/7 chat feature. They care about many social causes, especially issues relevant in millennials lives like equality, poverty, pollution, and cancer research.

b.  By showcasing the ability to connect with family and friends, the small minimum investment, and the easy to understand jargon, Rubicoin will definitely be seen as a unique and attractive investment mobile application that is fun to use and prepares everyone for a better future. A Facebook link adds convenience, music compatibility adds serenity, and testimonials add reassurance to Rubicoin’s new investment app. Rubicoin’s mobile application should be offered for download on Apple iOS, Android, and Windows platforms and be free to download.

c.  Rubicoin’s mobile app could be launched at a big event on NKU’s campus called A Mobile Affair. This event would take place on NKU’s campus and would be advertised all over NKU and the surrounding area. This event would be centered around mobile technology: texting competition, mobile game competitions, decorate your own phone case, ringtone generator, etc. The proceeds would benefit cancer research, and Rubicoin would be able to launch to a large amount of people who are interested in new technology.

Rationale__________________________________________________________________________ Rubicoin should use the previously stated recommendations for many reasons that data supports. According to Nielsen (2013), there is a large segment group in the US called young influentials who are under 35 years old, do not have kids, have a midscale income, are very ethnically diverse, and shop at Best Buy. That is our target market. According to US Census (2010), the percent of people in this recommended target age group is increasing. This means that the target market is getting larger, so more potential customers for Rubicoin. HDI (2013) states that the life expectancy in the US is 78.7 years. This shows that if Rubicoin can get business from Generation Y, and do a good job with keeping updated, they should be able to keep their business for a while. More people every year are moving to self-employment because they do not have enough saved for retirement, thus keeping many from working toward their dreams while they are stuck working for themselves to earn money. This is in line with Bloomberg Businessweek in regard to women when it states, “But older women were more likely to have become self-employed out of necessity, since they were less likely to have a spouse, a pension, or a previous high-paying job.” Baranowski (2014) realized that companies and consumers have to work together, when he said, “Inspired, we crafted a new brand narrative that emphasized collaboration and achieving shared goals together…” With this, Nielsen (2014) concluded that, regarding Millenials, “they value authenticity – they want to feel like they have a personal, direct interaction with the brand–and in return, they’ll advocate and endorse that brand.” This will help Rubicoin grow as a brand by word of mouth and flourish in the mobile application market. Nielsen (2014) found that, “…despite Millennials in different countries emphasizing different priorities for their savings and investment intentions, guiding them in achieving their financial goals is paramount for the financial sector.” Barton, Koslow, and Beauchamp (2014) found that “Millenials, as heavy users of portable devices, are also connected to brands wherever they go: 67 percent of Millenials reported that they use smartphones to access the Internet.” Rubicoin could really profit from beta testing with bloggers/social influencers because according to New York Times (2010), “23 million women read, write, or comment on blogs weekly.” Even though this figure only represents women in blogging, we have to understand that the number is even larger when men are factored in as well. US Census (2013) shows that just about 50% of the whole US population uses a smartphone, and the number is constantly rising. Mobile applications are becoming one of the most important parts of a company, as seen in the Wall Street Journal (2012) when it states, “CIOs are focusing the bulk of their growth in their IT spending on cloud computing and mobile technologies.” There are many reasons why the target market will be profitable, as seen here supported by many secondary sources.

While  unemployment  rates  rise,  Genera3on  Y  becomes  concerned  with  their  job  security  while  also  worrying  about  

money.    Rubicoin  can  help  them  prepare  for  re3rement  easily!  

According  to  CIA  World  Factbook  (2014),  there  are  310  million  mobile  cellular  users  in  the  United  States.  

OECD  (2014)  states  that  “In  terms  of  employment,  67%  of  people  aged  15  to  64  in  the  United  States  have  a  paid  job.”  

Rubicoineer________________________________________________ Ruby Coin is a 21 year old full time college student who works part time as a receptionist in an medical office. She is single, lives in her apartment with a roommate, and doesn’t have much free time. She is a fun-loving, motivated student who is nothing but authentic with everyone she meets. Although she spends most of her free time studying, she enjoys going to the movies, shopping, and spending time with friends also. Ruby highly values her family, her education, and her future. She is addicted to all social media, spends over 3 hours a day on the Internet, and writes weekly blog posts seen by her 300+ followers. Ruby Coin worries about student loans, and the debt she will be in after college, along with finding a job after graduation. She has been affected by poverty and cancer in her life, and is concerned with the pollution rates of the city she lives in. She also is the head of a student equality group on campus. Ruby drives to school and work everyday, and takes the time to read billboards she sees daily. She also cannot go anywhere without her iPhone.

Contagiously Sticky Message_____________ Investing that fits you, so your dreams come true.

Rubicoin.

Brand Identity_______________________________________ Rubicoin cares about anyone who has interest in investing but also any person who has dreams they want to pursue, and Rubicoin believes that investments can make those dreams a reality. The company is innovative, goal-oriented, transparent, and fun – while valuing success, education, stability, and honesty. Rubicoin believes that every person has the ability to prepare a great life for themselves no matter what their current income or knowledge on investments. They are passionate about equality for all, poverty, pollution, and cancer research. What really sets Rubicoin apart from the competition is the fact that they connect with their customers on a very personal level by providing 24/7 support for the application. Rubicoin also provides guidance for customers by the ability to receive professional investment recommendations. As a goal-oriented business, Rubicoin believes in the power of setting goals (both short- and long-term) and thus has a goal feature where users can set goals, work to achieve them, and see their achieved goals.

Rubicoin App Concept________________________________________

Ability to invest as little as $10

Inability to invest as little as $10

No fees associated with app

Fees associated with app

Rubicoin

E*Trade

Robinhood

Fidelity Scottrade

Acorns

Product Features: •  Facebook link & login •  Testimonials •  Connections section to follow others •  Simplified jargon (terms that a middle school student can understand) •  Notification options for alerts •  One-click invest button for quick investing •  Ability to listen to background music •  New-user tutorials •  Ability to set investment calendar (after every pay day, the first of every month, etc.)

Promotion: •  App is free to download •  After first $10 investment, one complimentary $10 investment •  After referring 5 people who sign up, one complimentary $10 investment

Design Features: •  Colorful, fun navigation •  Photos of Millennials using technology •  Music controls on home screen

Innovation Loyalty

Honesty

The Event Concept ___________________________________________

Interesting and Motivating the audience: Hanging the poster (pictured below) all over campus will be one of the main ways of spreading the word all over campus to students, staff, faculty, etc. Reserving a table in the Student Union would also be a great way to get the word out about the event, and also Rubicoin branded items (sunglasses, bracelets, pens, etc.) could be handed out. To motivate people into coming, advertise and talk up the fact that there will be cash prizes for performing tasks that many people do hundreds of times a day – like texting, taking photos, and playing games on one’s phone. Both Rubicoin and A Mobile Affair should have accounts on social media sites, and post updates regularly. Everything should be promoted with the hashtags #amobileaffair & #Rubicoin – and can be monitored at the event and projected for everyone to see real-time updates.

A Mobile Affair: This event will be a wonderful way to kick off Rubicoin’s new mobile app and showcase it to the NKU community, while also getting members of the NKU community together for a fun event! Basically, A Mobile Affair is a technology/mobile expo that promotes Rubicoin while also having the attendees interact and win prizes and money. The theme of the event is black tie, but that does not apply to the

guests. While this is a casual event, the staff running the event will be in black tie attire. The attendees will be treated as distinguished guests with the utmost respect. There will be a texting competition and a mobile game competition (angry birds, flappy bird, etc.). A selfie contest and mobile photography contest will also be happening – all of which will have cash prizes and/or Rubicoin credit prizes. There will be many activities also, such as a station to decorate your own phone case and a station to create your own ringtone. Rubicoin will have a large area where one-on-one walk-throughs of the app can happen, and also another booth for any mobile customer

service. The event will take place around Loch Norse and be held in the evening. A Mobile Affair will benefit cancer research because of how prevalent cancer is in many

people’s lives, especially millennials.

Reference List_______________________________________________________________________________ A Century of Population Change in the Age and Sex Composition of the Nation. (2013, September 12). US Census Bureau. Retrieved March 27, 2014, from

https://www.census.gov/dataviz/visualizations/055/ Baranowski, M. (2014, March 17). 5 Tips On Branding For Good From Successful Social Entrepreneurs. Co.Exist. Retrieved March 30, 2014, from http:/

/www.fastcoexist.com/3027605/5-tips-on-branding-for-good-from-successful-social-entrepreneurs Barton, C., Koslow, L., & Beauchamp, C. (2014, January 15). The Reciprocity Principle: How Millennials Are Changing the Face of Marketing Forever.

bcg.perspectives. Retrieved March 30, 2014, from https://www.bcgperspectives.com/content/articles/ marketing_center_consumer_customer_insight_how_millennials_changing_marketing_forever/

Boulton, C. (2012, July 9). CIOs Cite Cloud, Mobile as Focus of IT Spending. The Wall Street Journal. Retrieved March 31, 2014, from http://blogs.wsj.com/cio /2012/07/09/cios-cite-cloud-mobile-as-focus-of-it-spending/?mod=ST1

Census Bureau Report Details Rising Internet Use and Shows Impact of Smartphones on Digital Divide. (2013, June 10). US Census Bureau. Retrieved March 28, 2014, from http://www.census.gov/newsroom/releases/archives/communication_industries/cb13-111.html

Klein, K. (2014, March 6). Probing Why Men and Women Become Self-Employed Later in Life. Bloomberg Business Week. Retrieved March 31, 2014, from http://www.businessweek.com/articles/2014-03-06/probing-why-men-and-women-go-into-business-later-in-life

Mendelsohn, J. (2010, March 12). Honey, Don’t Bother Mommy. I’m Too Busy Building My Brand.. The New York Times. Retrieved March 29, 2014, from http:// www.nytimes.com/2010/03/14/fashion/14moms.html?pagewanted=all&action=click&module=Search®ion=searchResults %230&version=&url=http%3A%2F%2Fquery.nytimes.com%2Fsearch%2Fsitesearch%2F%3Faction%3Dclick%26region%3DMasthead %26pgtype%3DHomepage%26module%3DSearchSubmit%26contentCollection%3DHomepage%26t%3Dqry237%23%2Fwho%2Bblogs%2F

Reports: Millennials: Breaking the Myths. (2014, February 18). Nielsen. Retrieved March 29, 2014, from http://www.nielsen.com/us/en/reports/2014/ millennials-breaking-the-myths.html

Segment Explorer. (n.d.). <i>Nielsen: My Best Segments</i>. Retrieved March 27, 2014, from http://www.claritas.com/MyBestSegments/Default.jsp? ID=30&menuOption=segmentexplorer&pageName=Segment%2BExplorer

United States. (n.d.). OECD Better Life Index. Retrieved March 28, 2014, from http://www.oecdbetterlifeindex.org/countries/united-states/ United States: CIA World Factbook. (2014, March 11). Central Intelligence Agency. Retrieved March 28, 2014, from https://www.cia.gov/library/publications/

the-world-factbook/geos/us.html United States: Human Development Reports. (n.d.). United Nations Development Programme. Retrieved March 29, 2014, from http://hdr.undp.org/en/

countries/profiles/USA United States. (n.d.). THE HOFSTEDE CENTRE. Retrieved May 4, 2014, from http://geert-hofstede.com/united-states.html Upscale Tech-Savvy Millennials: Saving and Investment Strategies Around the World. (2014, April 15). Nielsen. Retrieved May 4, 2014, from http://

www.nielsen.com/us/en/reports/2014/upscale-tech-savvy-millennials-saving-and-investment-strategies-around-the-world.html

Methodology________________________________________________________________________________________________________ While working through my project, I used many sources that we learned about in class. I started my research by finding information on each site that was relevant to the way I was thinking. From my thoughts and the secondary data I found, I was able to come up with recommendations and suggestions for Rubicoin. I used 14 unique sources, which are as follows: CIA World Factbook, US Census, The Hofstede Centre, OECD, OECD Better Life Index, Nielsen, HDI, Bloomberg Businessweek, New York Times, Wall Street Journal, and assigned readings: The Reciprocity Principle by Barton, Koslow, & Beauchamp, Millennials – Breaking the Myths by Nielsen, 5 Tips On Branding For Good From Successful Social Entrepreneurs by Baranowski, and Upscale Tech-Savvy Millennials by Nielsen. I worked to complete the project with the help of every single one of these sources, and they all added something unique and different to my project. While all the sources were very important to back up everything, the most important sources that I used were US Census and Nielsen. US Census and Nielsen were able to provide multiple examples and pieces of data to back up my ideas, whereas some sources only provided me a single piece of relevant data. All the sources that we learned about in class gave me great starting points and allowed me to feed off them to fuel my thinking and creativity in this project.