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PARKTxT - An exciting new business venture based in Queens University Belfast. …

PARKTxT - An exciting new business venture based in Queens University Belfast.




©PARKTxT 2010

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  • We gave carried out extensive research into what methods of advertising reach people in Northern Ireland.And with this in mind we then made choices as to what methods we be most effective with the marketing budget we have available.
  • Businesses
  • aidy
  • The Princes Trust Loan is repayable at a cumulative interest rate of 3% and is 75% guaranteed by the European Investment Fund, a body of the European Union:The Enterprise Guarantee Scheme allows new businesses to borrow with the government providing 75% security on the loan amount. As Bank of Ireland participate in this, we expect to raise in excess of £80,000 via this scheme.We have met with QUBIS and they are prepared to discuss an investment pending demonstration of a successful prototype.We are in discussions with Sam Marshall of the Princes Trust in Northern Ireland regarding a small business start-up loan of £4,000. The indications are that our application will be successful. We have met with, and have positive early vibes from Alan Watts, director of the Halo scheme. We hope to be selected to present our business idea to a group of business angels within the next eight weeks.
  • O HanlonWe gave carried out extensive research into what methods of advertising reach people in Northern Ireland.And with this in mind we then made choices as to what methods we be most effective with the marketing budget we have available.
  • We gave carried out extensive research into what methods of advertising reach people in Northern Ireland.And with this in mind we then made choices as to what methods we be most effective with the marketing budget we have available.
  • We gave carried out extensive research into what methods of advertising reach people in Northern Ireland.And with this in mind we then made choices as to what methods we be most effective with the marketing budget we have available.
  • We aim to launch the product in April 2010, with this in mind we want to:Allocate 15% as we see marketing and sales as a massive component of our product. We need to get our name out their.
  • Transcript

    • 1.
    • 2. Director Team
      Aidan Clarke
      Seán O’ Hanlon
      Seán Trainor
      Jamie Miller
      Patrick Larkin
      Darren Trainor
    • 3. Who are we?
      • 6 members
      • 4. Queen’s University Belfast
      • 5. BSc Business Information Technology
      • 6. Y.O.P.E. - Sandwich Course
    • What is Parktxt?
    • 7. Description
      PARKTxT provides a text service that will allow car park customers to check:
      How much they have currently spent.
      How long they have currently spent in the car park.
      How long until their next tariff kicks in.
      Retailers in the locality will also be able to provide up-to-date, targeted marketing to PARKTxT customers while taking advantage of valuable data mining.
      Mission Statement
      “Our mission at PARKTxT is as unique as it is simple; we want to provide a text service to customers to ensure they are aware of excessive car parking charges, whilst giving them the opportunity to save some money. We will not turn into a premium text service, attempting to take advantage of our customers; instead we will provide clear information at a sensible price, always remaining within the control of our customers.”
    • 8. The Problem
      Park in a car park
      +
      Go shopping
      +
      Eating
      +
      Cinema
      =
      How Long in minutes??..
      & Car Park Fees?? ..
    • 9. How does the service work?
    • 10. Step 1
      Customer collects ticket from machine
    • 11. Step 2
      Customer Texts PARKTxT
      87275 = 8PARK
    • 12. Step 3
      PARKTxT Confirmation Text
    • 13. Step 4
      Hourly update message sent to customer
    • 14. Marketing Strategy
      We intend to allocate 25% of our predicted year one revenue to marketing and sales which is a distinct increase on the industry average of 5%
      We have decided to advertise through the following methods based on our research :
      48 Sheets (Billboards)
      Local Press – Belfast Telegraph, Irish News, Industry magazines etc.
      Local Radio – Citybeat, Cool FM, U105
      Adshels
      Bus Externals
      You may have seen some of our advertising already in:
      The Gown Magazine
      SU Magazine
      Ulster Business
      South Belfast News
    • 15. Benefits - Customer
      You will be alerted 15 minutes before every milestone, hence allowing you to return to your car and exit the car park before being caught unnecessarily by the next tariff.
      Stay for 59 minutes = £2.70
      Stay for 1 Hour 1minutes = £5.30
      Figures from NCP – Montgomery Street Belfast
    • 16. Benefits - Customer
      You will know exactly how much you pay at the pay point machine
      i.e. you will have enough change
    • 17. Benefits - Customer
      You will receive special offers from local businesses tailored to your interests
    • 18. Register Online
      Return customers can register online and choose what shops interest you.
      From this information we can then break down demographics of our users and then send them specific advertising messages.
      Q) What type of outlets do you wish to receive updates on?
      Cafes / Restaurants
      Children’s Wear
      Electrical, Music & Mobile Phones
      Fashion - General
      Food Stores
      Footwear
      Gifts, Cards, Stationery & Books
      Health & Beauty
      Jewellery
      Sport
    • 19. Benefits – Car Park
      Increased turnover over of spaces. Most money is made in the earlier tariffs.
      Advertising via text message may result in customer staying longer within the car park as they may wish to avail of a sale or discount within a local store.
    • 20. Benefits – Car Park
      Customer goodwill initiative – increased business due to offering customers access to new innovative technology
      “Anything new or innovative in the car-park industry attracts extra custom.”
      Jim Neeson CEO, CITYPARK
      Data Mining
      Car Park providers will be able to build a profile on their customers. At present car park owners don’t know who there customers are or why they choose to use certain car-parks in preference of others.
    • 21. Technical Details
      What is needed to build the system?
      Visual Programming language
      Back end database server
      GSM Modem for sending and receiving text messages
      Database server
      Microsoft SQL server
      My SQL
      Microsoft Access
      Visual Programming
      Microsoft Visual Studio 2005
      Java
      GSM Modem
      Mobile phone handset that supports AT commands
      Multi-Tech Multi Modem
    • 22. Competitor 1
      “Rusty Brick” iPhone Parking Meter
      iPhone App that displays how long the user has to top up their parking meter, alerted via sms or e-mail.
      Essentially a “glorified” countdown timer.
      iPhone exclusive
      96.8 Billion text messages sent in the UK last year - Huge market potential
    • 23. Competitor 2
      “Easy Trip” Tag
      Customer sets up an account with Easytrip
      Easytrip “tag” is installed on the windscreen
      Integrates all parking, toll and security charges into one account, deducted automatically via electronic means.
      Credit or debit card required to set up an account.
      Minimum charge of €36 to make use of the service.
    • 24. Competitor 3
      NCP “Gateway” Service
      Allows customers to text and find the nearest car-parks and generate reports on car-park expenditure
      Aimed at most companies, local authorities and government bodies
      Integrates services rather than saving money – Turnover of Spaces
      Does not support traditional methods of payment
      Currently only available in 90 NCP Car-Parks
    • 25. Competitive Matrix
    • 26. Legal – Formation & IP
      Company Formation
      PARKTxT will be formed as a Ltd Company
      Legal entity separate from the owners
      Limited Liability
      Copyright
      Automatic right protecting all original work
      Database Structure
      Software Code
      Trademarks
      Distinguishable name and logo
      PARKTxT is currently available via Trademark Search UK
      Domain Names secured.
    • 27. Legal - Legislation
      Data Protection Act 1998
      Health and Safety
      Insurance
      Open Source Code
      Text Fraud / Implications
    • 28. External Finance
      There are a number of investment opportunities for new businesses in Northern Ireland. We intend to fund the start-up of PARKTxT by:
      Personal investment of £2,000 from each of the six directors.
      A further £1,300 from each director’s assorted friends and families, therefore presenting approximately £20,000 of initial monies.
      Overdraft and loan borrowing up to £30,000 for new businesses
      Fee free Visa business credit card for one year
      We chose Bank of Ireland as they offer associations with organisations such as
      Peninsula
      Big Red Book
      Agnew Corporate
      Chooboo
      BT
    • 29. Funding Partners
    • 30. Finance
      PARKTxT operates by generating revenue in a relatively unique way.
      As such, no suitable companies to compare with.
      Sales forecast therefore based on a series of conservative estimates taken from our market research.
    • 31. Calculating Sales
      PARKTxT will launch at two sites, with 596, and 472 spaces – a total of around 1000 spaces.
      From our preliminary research:
      These spaces are used on average 45 times a Week, with the average customer staying for 3 chargeable hours.
      This gives a total of 45000 space uses per week.
      One usage equates to 3 Texts, or 45p revenue for PARKTxT.
      Car Park Operators, taking into consideration peak periods, and users paying a set lease per month, estimate a 40% occupancy percentage on average.
      Based on survey results, PARKTxT conservatively predicts a 20% service usage during Year One.
    • 32. Predicted Growth (3 Year Forecast)
    • 33. The Future
    • 34. Future Products
      i-PARKTxT
      Park in your pocket
      Malcolm Barclay – London Underground ‘Tube Deluxe’
      Number of Car Parks per city
      Closest / Cheapest Car Park
      Number of spaces available
      Congestion charges
      ParkSafe
      Link with PSNI to alert for stolen car registration
      Link to PSNI to alert for a fake registration plate
    • 35. The Future ?
    • 36. The Future ?
    • 37. Product Launch
      Product Launch - Belfast May 2010
      Our main customers are NCP, Q Park, Castle Court (Westfield) and City Parks who will employ our system.
      We have had talks with all these companies and they are extremely keen to use our product.
    • 38. Route to Market
      Partnership
      APS - Advanced Parking Solution
      Intertraffic 3-Day Conference in Holland
      23rd - 26th March 2010
      Meeting with the Head of Skidata Europe
      Direct Investment
      Mr Denis Murphy
      Chairman & CEO at Anaeko
      Sold Apion (Openwave) in 1999 for $250 million
      Interested in launching our product across Anaeko’s multi-operator service in Canada
    • 39. Follow Us
      Website:
      E-mail:
      info@parktxt.co.uk
      www.parktxt.co.uk
      www.parktxt.com
      Social Networking:
      Direct:
      07913239433
    • 40. Thank you