Business Idea: “Social media marketing”

Social Media 2.0 is a holistic approach to Social Media Marketing that helps you channelize
all your digital efforts and allows you to make the most out of your Social Media investment.

Social Media Marketing is a form of internet marketing that involves creating and sharing
content on social media networks in order to achieve a company’s marketing and branding
goals. Hence, the idea is to potentially offer our services to various businesses by managing
their social media accounts. Because, great marketing on social media can bring remarkable
success to businesses, creating devoted brand advocates and even driving leads and sales.

Social Media 2.0 focuses on providing wide-ranging Social Media Marketing services for
major platforms including Face-book, Instagram, Pinterest, and LinkedIn on your behalf. We
use relevant social media marketing services to help business grow and meet their goals.
Our primary services are as follows:
 Marketplace Research
 Content Creating
 Strategy Development
 Social Media Accounts Setup & Management
 Advertising Management
 Tracking and Measuring Results

Feasibility Analysis
A feasibility analysis is a process that checks whether an idea is viable to be transformed
into reality. The idea’s feasibility analysis is conducted on 4 criteria, which are:

1. Product/Market feasibility

a. Concept statement test

The concept statement that was used to gather informed and candid
feedback was, “To offer Social Media Marketing Service to Industrial
customer, because it is one of the perfect additions to ones PR strategy in
this era of globalization. By adopting the right social media marketing
strategy, the social platforms can help organizations to connect with their
customers, boost their leads & sales, increase brand awareness, and
overcome the competition.”

The following is the information summarized obtained from the concept

statement into three broad categories:

 Strengths of service idea

The respondents basically liked how the presence of business on
social media can give businesses insight onto the industry trends, such
as hash-tags and the ability to spy onto your competitor.
The idea was also liked for quick and to the point social customer
service, without having to make phone calls or writing length emails.
 And, the ability to shop, read reviews and get an insight of
recommended product and services.

 Suggestion for strengthening the idea

The suggestions provided by the respondents were to host photo,
caption or hash-tag contest to capture more market and to make it
sharable on social media. And, create short and engaging videos for
interactivity.

 Overall feasibility of the service concept

The respondent believed that the idea is feasible enough to
implement.

b. Buying intention survey

The number of people who participated in the survey was 18. Where, 45% of
the respondent answered that they would probably buy and 40% of the
respondent answered that they might buy it. While, the 15% answered that
they would probably not buy it.

However, the desirability of the service is high, as most of the business owners aren’t
sure of which social media tool to use to engage customers. And the demand for this
service is moderate, because customers are more likely to become consumers of
brands with an established social media presence.

2. Industry/Market feasibility

a. Industry attractiveness
The social media marketing industry is in its growth phase, and the growth
rate of the industry is strong because of which the importance of industry
services has become a “must have”.
The business and environmental trend are highly moving towards the favor of
the industry, because of which the numbers of competitors are moderate
and the average net income is medium.

b. Target market attractiveness

The growth rate of the firms in the target market is moderate, however, the
degree to which customer feel satisfied by the current offering is merely
moderate. Thus, excitement surrounding low cost guerilla and/or buzz
marketing technique to promote customer product or service is high.

c. Market timeliness
As the business and environment trends are highly moving in favor of the
target market, the market is rapidly gaining momentum and customers are in
an aggressive buying mood.
 Due to advent of globalization, the threat from new entrants is high, as well as,
competitive rivalry. Because of target customer’s aggressive buying mood, the
industry would be compatible with the strategy of determining the right social media
channel to accomplish customer goals, for e.g.: “LinkedIn”, social media channel
would be used if the customer want to make professional connections, share
industry or company news, and post a job.

3. Organizational feasibility

a. Management Prowess
With no entrepreneurial experience and possessing merely moderate
experience to the relevant industry, as well as, being a graduate, the
expertise in cash flow management and creativity is moderate.

b. Resource sufficiency
The key equipment needed to operate the business are available while the
office space and key support personnel are likely to be needed in the future
and would be easily accessible. However, the proximity to customer is strong

The idea can be carried forward by renting out a small office space and working
through personal computers. The recruitment process is simple as the people of 20 th
century are familiar with computers and hence can pick up on desired skills quickly
with the help of training.

4. Financial feasibility

a. Total startup cash needed

The capital investment would be basically required for renting a property,
furniture & fixtures which would cost up to 15k and 25k respectively. While,
other operating expenses would include advertising and promotion and
license & permit that would merely cost up to 5k and 15k respectively.

However the total startup cash needed would be approximately 60k.

b. Financial performance of similar business

Businesses in the region of Sialkot who offer social media marketing service
also offer other services like domain registration, web hosting, web
development, web designing, e-commerce online store and so on. Hence,
their startup capital is more than the approximation made above.

However, the minimum package charged for social media marketing service
offered by businesses is around 15k to 20k and have ranged up to 50k and
above. Thus, the proposed venture annual sales for year 1 are estimated to
be average and net income below average, with respect to startup capital
being covered up and pricing strategies adopted at earlier stages.
 c. Overall financial attractiveness of the proposed venture
There is a high potential of recurring income ones a client is won as this will
cause the client to direct customer in need for the related service. As a result,
steady and rapid growth in sales over the years would be experienced, and
with little startup capital required and good pricing system ensured, it is
highly likely that internally generated funds will be available to finance
growth.

Moreover, with the ability to forecast income and expenses with a

reasonable degree of certainty, the availability of exist opportunity is likely to
be available.

The idea is easy to implement as the idea require no big investment to be made at
initial stage.

Overall Idea Feasibility

IDEA
Product / Market Feasibility o Not Feasible
o Unsure
 Feasible

Industry / Market Feasibility o Not Feasible

 Unsure
o Feasible

Organizational Feasibility o Not Feasible

o Unsure
 Feasible

Financial Feasibility o Not Feasible

o Unsure
 Feasible

Overall Assessment o Not Feasible

o Unsure
 Feasible

To conclude, the idea, “Social media Marketing” seems a feasible idea in all aspect to
implement as it is easy to implement because the required skill are learnt & no start-up
capital as such is needed. Since, it is highly demanded irrespective of the competition within
the market, the plan is to provide proven and effective marketing services to ensure companies
remain competitive now and in the future.