Every company, regardless of size, requires multiple tools to understand the performance of its website, happiness of its customers and gain key context from competitors.
When considering the different web analytics tools that your business requires, the plethora of available options can be overwhelming for businesses that may not understand how to use them. And that’s where hiring someone to really dig into all of the reports can be vital.
So keeping in purview all the significance the data of analytics, has we are coming up with a salient featured product called “One Shot” which is an integrated web and social analytics product which help the end customers in snap shot of all their sites at one go.
“One shot” has a simplified theme of dash board interface where the data visualization is simplified and de-clustered. In a broader outlook in a single frame a user can understand the gamut of the digital media tools which they are using and the outcome of the same. USP of our product is the simplified approach and cluster free outlook to the data.
Digital marketing analytics tools has a huge market share as today every business relies more on digital medium and the industry growth is expected to be around 15-20% every year in the near future. There is plethora of opportunities prevailing in the market and can be capitalized if nurtured properly
This project report covers a detailed insight to the project viability, scope, development plans, investments economics and other essentials of the business plan.
Table of Contents
Social media has been envisaging rapid development and many organizations globally are depending on the digital marketing organizations to ensure that they have right kind of digital marketing like SEO, SMO and many other such digital marketing tools that could help them penetrate in to the digital environment and grab attention from the customers. In the current scenario, the digital marketing business is emerging in to billions of dollars industry, and it is very essential that the organizations make use of such trends.
The crux of problem is that there are various kinds of digital marketing tools that are used, and in the current trend, when the customers need to analyze the analytics of their digital content like websites, face book or twitter pages etc. they have to depend on many individual tools and hardly there is any quality tool that can work as an single window system for all the analytics of the digital marketing for an organization. By developing such model it helps the customers, service providers quickly generate reports on real time basis and have inputs for reviews. In the absence of any such, single tool system, the proposed business model is a strategic solution to the existing problem.
The purpose of this project report on “Merchant Analytics” is to facilitate the readers of this document a complete insight in to the objective of developing this application as potential product in our product portfolio, and the scope for such a product in the market, the aspects of development like cost of development, technical skills required, infrastructural requirement and the other direct and indirect costs which are required for the company to launch the project successfully. Also the project viabilities like the scope; competitive analysis etc. has been discussed in detail in this report.
The intent of this project report is also to give an overview to the prospective investors who shall be interested in making some long-term investments in to the project and the exit strategies that is aimed for the project.
In the current trends, there are many companies who offer many data analytics tools which provide plethora of information. When a customer signs-up with a digital marketing agency to render their services in pushing the product/site/brand in to the market, majority of the companies might do hard attempts to ensure that their client sites are well attended and gets the requisite reputation and traction online.
However, due to some technical issues or could be due to the changes in the algorithm of the search engines or due to any other intentional or unintentional errors, there is always the need for the scope that customer might not be able to get the final output. Despite of the fact, that customers keep receiving many reports on a periodical basis from the digital marketing companies pertaining to site traffic, page ranking, social media traction like number of members added, followers in twitter etc., the collation of all this data and interpretation is the essential part of the analysis. The job of a digital marketing agency ends with the fact that they provide you with the report, but the collation and interpretation of such data is where often the failure step progress.
Often in cases of reports, the clients don’t get to have a snapshot or overview of all the platforms of digital marketing such as website traffic, blog traffic, networking site analysis like comments, likes, additions etc. and online reputation management economics. When they get the independent reports for each of it, there is a significant chance that reports might not be reviewed by the customers in an appropriate manner due to lack of time, or the cluster or could be for what so ever reason. In such circumstances the customers might lose significant insight which might help those taking strategic decisions.
Many of the customers prefer to analyze the data related to their website traffic or social media works, and also effectively to cater to those needs there are numerous sites who offer both free and paid sites where the analytics can be observed. However the crux lies is there is absence of such a site where an Individual can attempt to view all the SEO and SMO analytics in one frame. The tool what we are working towards is to enable such a site, where the customer turns to have a one-site glance of all the analytics which he wanted to witness.
“One Shot” is the proposed solution where we provide the services of analytics tools to the customers. Customers or the service providers can subscribe to this tool, register their website URL’s, face book page links, twitter and other blog links in to their account, and can have real time analytics of the performance of their sites at any given time. “One Shot” will provide them a detailed outlook and overview in a dashboard interface which can provide them snap shot of the performance of various pages etc.
“One Shot” is an instrument to understand the preferences and attitudes of consumers dispersed across a number of online sources. Presently, businesses are taking the help of analytics tools to gain insight into the psyche of their customers on social networking platforms. Companies are finding a lot of information through these analytics, which help them to develop effective strategies for improving their businesses.
Understanding these analytics provides businesses with an edge over their competitors. Companies get advanced knowledge about how their services and products are being perceived by their target audience and their potential clients by exploring the analytics. With this, businesses can take control of a wide range of user data, allowing them to take smarter decisions regarding attitude, customer needs, latest trends, opinions, and other factors. Moreover, with the help of “One Shot” that measure behaviors, activities and associations on social media platforms, companies convert the big amounts of derived data into successful business plans and thus get great results.
It is very important for you to understand what social media analytics is and the advantages it offers to businesses. Clients can’t miss the huge opportunity that the analytics tools now provide for understanding their business better. By using them, you will see you will be a gainer in the long run.
“One Shot” is a tool which has conglomerate function of both digital media and social media analytics in one portal. The customer whom we believe can have optimum use of this product is tabulated below in a format which will help us gain much detailed insight.
|1||Individuals||More users are keen on knowing how good they are networking and their online presence is||One Login where they can activate all their network pages and keep tracking the presence.|
|2||Enterprises & Organizations||They invest so much on digital marketing and rely on the reports of the SEO companies who service them. But no personal measurable metrics||With one login, you can add numerous sites to the analytics frame and give you the credible information which can help you in a better decision making process.|
|3||Digital Marketing Agencies||It is a herculean task for the companies to prepare reports from varied analytics sites and compiling it for the purpose of the periodical report to client.||One Major advantage is taking a premium account and provides your customers free-login which will enable them to provide anytime hassle free reports. This saves significant value of time.|
There are many analytics tools which are existing in the market. Hundreds of sites offer some sort of analytic form, however there are some analytics tools that are in business effectively and we are coming with a product which has an integrated feature of many of the existing analytic tools. The following information is pertaining to the competitor profile which we believe is to whose products we are competing.
|1||Adobe Social||Social Analytics, Web analytics.
Special feature they offer is the predictive analytics
|Very few people know that adobe offer it|
|2||Social Motus||Social analytics alone is the strength, not so effective with web analytics||15$ per month||Relatively new product but gaining edge in the market.|
|3||Cyfe||One shot executive dashboard outlook||19$ per month, annual packages around 15$ per month||You can share the external links of your site thru URL’s.|
|4||Dash This||Qubec based application. Useful more to a digital agencies and seo companies||Features like direct updates are limited in this product|
|5||Page Rival||More focused on face book pages analysis.||15$ Per month||Strong face book activity|
|6||Simply Measured||Exclusive on analytics||500$ per month||They offer only at an enterprise edition category|
|7||Moz Analytics||This a powerful tool which gives analysis of all the back end operations of SEO process reports too.||Close to 75$ per month|
|8||Hoot Site||A powerful tool with more than 5 million users||100$ as start prices.||A very big role player in the analytics segment|
- “ ONE SHOT” will be provided a complete digital marketing presence
- Tie-up with online sales sites will be affiliated for sales on revenue sharing model
- Release of all the three versions in one time, 3 versions like Prime, Premier and Enterprise versions catering to Individuals, Companies and Digital Marketing agencies.
- Participate in exhibitions and summits all over India and abroad, covering domain
- Sales for the project “One Shot” analytics is a crucial action plan and execution of this project plan relates very much to the market dynamics and also imbibes the phased manner of marketing.
- The USP of our sales action is the competitive pricing and Add-On features at a meager cost addition.
- When we consider the existing markets and the analytics which are available in the existing market, there is plethora of opportunities which are available
- In the first phase of sales, we shall target only on network marketing, where we focus on the prevailing network of customers, vendors and the others who are part of the existing business services.
The below figures represent the target market analysis for the product launch and the promotion.
|S.No||Phase of action||Sales Target||Target Market||Remarks|
|1||Phase-I||300 User License||Existing Network of vendors, clients and other social media network|
|2||Phase-2||300 User License||Thru vendor market and re-seller agreements in Indian market and Overseas|
|3||Phase-3||400 Units in a month||The aggressive market pushes after the launch period of 6 months and will have to be handled very effectively.||If proper execution achieves sales targets, then the breakeven for the investments are assured.|
|4||Phase-4||Cross Promotion and Indirect sales channels will be aggressively considered||Overseas Franchisees and affiliate network development|
The basic model of the product is provided to the customers at the cost of $40 per annum whereas the cost of the intermediary product shall cost $75 per annum and the enterprise product shall cost around $90 with user license limitation which can be extended with additional payments.
When compared to the competitive pricing models, it can be stated our product is given at very economical and affordable pricing methods rather than any of the existing solutions and also the features we provide is much higher.
The USP of the product is its user friendly approach where one can have an easy access to the product features of integrating as many sites and other links they have for their online presence.
As the pricing is also categorized as per the user license and per site links, it is a very hassle free product for the users.
In the existing products, they have to pay for every site independently and use the products accordingly. However in this product it is a “One Shot” outlook
The System analysis and the Product development plan are in place and are very critical for the product to be developed. This plan for development has been designed based on the capabilities of the internal team and needs no external services support.
- Project will be head by the “ Product Lead” who has sound knowledge on Digital Marketing and is well appraised about the objective of this product development
- Around 750 hours of development time is engaged in the product development
- Will be Beta Tested for one month with our existing clientele who have expressed their interest to support in this product development
- Product will be deployed in to the market for services, only after due testing of the product
- A team shall always be monitoring the features usage and the internal analysis of the product traffic and keep adding new features which shall enable a better usage for the end-users.
The entire product development & the whole rights on the product shall be owned by the organization and they shall remain the authority over the product portfolio. There could arise any occasions such as where there could be some investors who would be backing the product portfolio and might be having agreements in place accordingly.
It is evident and clear, till the time of this document development that there shall be no authority which can be exhibited by the third parties over this product, its marketing or any kind of activity pertaining to this product management.
|S.No||Particulars||Amount ( $)||Investment Phase||Remarks|
|1||CAPEX ( Capital Expenditure)||300000||Seed Level Investment||Before the start of the project|
|2||OEPX (Operational Expenditure)||223360||Second Level of Investment||Needed by the time we launch the product in to the market|
|3||Annual Budget Estimations||350040||Third round of requirement||Partially received from the market and the balance has to be invested.|
|4||Break Even Point||16 the Month from the Period of Launch of the product||If the additional revenues portrayed like franchisee deposits and ad revenues are also increased then the Break even is in 12th Month|
|5||Profitability Scenario||20% Returns overall, and can be expected from the period of 15th Month from the launch.||20% is the minimal returns whereas the mileage could be up to 25% returns effectively depending on the market conditions.|
Investors has right kind of opportunity and it can be the suitable prospect as the potential business opportunities are very high and there is significant development that is expected from the business in near future.
As mentioned in the above tabular column of financial information, precisely there is a need of investments catering to value seed funding requirement in the first phase and the part of the investments in the second phase.
There are hundreds of projects which are very economical and viable with innovation and advancements, however the implementation of such projects holds the key to success. In this project, the product is very well optimized for the market requirement and has the requisite potential to create a wave in the market.
An formidable understanding about the product, it’s features and the dynamics involved, risks pertaining to the investment, abilities of the management and many more aspects if has clear understanding then the implementation has no risks involved and can create a smooth product flow in to the market which can creates success on all terms (Product Success, Return on Investments, Equity growth etc.).
The market potential for the project is very sound and if executed effectively could provide potential solutions for the project. Keeping in view of the strategic methods that are available, the exit strategies that are in purview are about exist from the projects, with fixed returns for a given period of tenure. Or the other option that is available is that the project is acquired by third party at some cost and the respective stakeholders of the project get their investments with good returns.
The following summarized points are the conclusive factors for this project report and the success of this product if executed in all terms effectively
One Shot is a merchant analytics web tool which helps the users link their entire social /web analysis in one place and review. One Shot is a market centric product which has features which are not imbibed in any of the existing web analytics products in place.
There is plethora of opportunity for success rate of such a product and it needs 3 months of time for developing the product and needs 12 months of market launch to reed a better return on Investments made to this product.
One Shot product development & deployment in to market needs an aggregate investment and can generate 20-25% of returns over investment depending on the market dynamics. Project has extremely viable market scenario and if the execution takes place in an effective manner there shall be good yield out of the whole exercise.
Statement of CAPEX and OPEX
Statement of Profitability
Defining “Web analytics” has become a moving target, as channels converge and marketing language evolves. Terms such as “digital analytics,” “customer analytics,” and “marketing analytics” are increasingly being used to describe the multichannel integration and analytical capabilities that enterprises seek from web analytics tools.
The report defines Web analytics as software that manages website data collection, analysis and optimization; and provides a sophisticated level of attribution, testing and reporting. These same capabilities may be provided for additional digital marketing channels as well.
Consolidation Slows As Market Matures
The enterprise Web analytics tools market is a mature industry, marked by two years of rapid consolidation through acquisition. The pace of consolidation slowed in 2013, as vendors instead sought financing to organically grow their businesses or reposition their products to better reflect integration of their previous acquisitions.
For example, Adobe rebranded its Digital Marketing Suite, which included the tools from earlier acquisitions of Efficient Frontier, Omniture and Demdex, as the Adobe Marketing Cloud in October 2012. The solution now offers five modules that integrate these tools as well as existing Adobe tools such Test & Target.
IBM acquired Coremetrics in June 2010, and rebranded the product as IBM Coremetrics Web Analytics, which became part of the IBM Digital Marketing Optimization Suite. In 2012, IBM dropped the Coremetrics brand name and now markets the solution as IBM Digital Marketing Optimization, to better reflect a cross-channel set of capabilities that include the web, mobile, and social media.
Several significant trends are driving growth in the enterprise web analytics market:
- The emergence of “Omni-channel” marketing to describe Big Data analysis, optimization, and marketing action.
Enterprise marketers are increasingly demanding a single interface to track measure and optimize a growing number of digital and offline channels such as email, organic and/or paid search, display advertising, video, social networks, affiliates, e-commerce, mobile, direct mail and broadcast. This type of Omni channel marketing allows the enterprise to view data more holistically, and provides a 360-degree view of customer behavior, life cycles and lifetime value.
Marketers are also demanding – and getting – more flexible, tracking, attribution and reporting tools that cater to the unique needs of their businesses. The majority of the enterprise vendors profiled in the report offer a modular suite of tools that enables marketers to purchase each tool separately according to the scale and scope of their digital marketing activities.
Vendor solutions must be able to scale with their customers’ efforts – which have been facilitated by cloud-based data storage. More vendors are investing resources in their Representational State Transfer (REST) APIs to allow more extensive third-party data integration.
- Tag management is becoming a more vital piece of the Web analytics puzzle.
The field of tag management has emerged to address this problem and adoption of tag management solutions is growing rapidly.
Tag management works by placing a few lines of code on Web pages that replaces the individually deployed tags, which can add up to 100 on a website and up to 20 on a single page. These tags are controlled in a web interface that empowers marketers themselves to deploy and manage tags within hours or days instead of weeks or months. Some tag management tools also enhance privacy compliance by supporting country-specific privacy laws and do-not-track browser features.
Enterprises that have deployed tag management solutions report numerous benefits, including improved staff productivity, faster page load times and less dependence on IT development and release cycles. Users say their ability to implement new or revised tags quickly (within days) jumped from 18% to 80% after deploying a tag management system, according to Forrester Research.
Tag management pricing ranges from about $20,000 annually at the very low end to hundreds of thousands of dollars as complexity increases. Overall, first-year pricing for a tag management solution will equal about 20% of total Web analytics costs and about 10% annually after the first year.
- Mobile usage, metrics and measurement are reaching critical mass.
After years of being touted as the next best thing, mobile finally arrived in 2013. According to comScore’s Mobile Future in Focus Report, smartphones surpassed 125 million U.S. consumers in 2012 and tablets are owned by more than 50 million.
In the U.S., the time spent on mobile apps increased 120% percent in 2012, with 129.4 billion minutes dedicated to apps and 28.1 billion spent on the mobile Web, according to Nielsen’s2012 State of the Media: Social Media Report.
Tablet owners are proving to be even more prolific in driving Web traffic. Internet users view 70% more pages per visit when browsing on a tablet vs. a smartphone, according to The State of Mobile Benchmark published by Adobe Digital Index in April 2013.
With mobile data proliferating, the Web analytics vendors profiled in this report have invested significant resources to provide mobile measurement capabilities that help customers track and optimize their mobile investments. Vendors are also seeking to compete with app-specific measurement tools by providing software developer kits (SDKs) for Android, Windows Phone, Blackberry and iOS.
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