6. This report was commissioned to examine how Nicocam can
establish a customer base and distinguish Nico360 as the best choice
for 360-degree camera enthusiasts in the emerging market of
consumer grade 360-degree cameras.
Nico360 does not have a presence or recognition within the
consumer grade 360-degree camera market. It needs to make a
strong debut and form a customer base in a market that is
becoming increasingly saturated. An additional challenge is that
Nicocam’s funding for promotions is limited.
Currently the consumer grade category has no market leader at
Nico360’s price that includes all of its advantageous features.
785 Solutions conducted secondary research that led to conclusions
such as Nicocam should be targeting and how this group of users can
be reached.
Millennials are the group most likely to be early adopters of
360-degree technology and have growing buying power. Previously
adopted technologies, such as smartphones, have become ubiquitous
for Millennials. The ability to share and receive information instantly
has led to a generation of well-informed consumers. Social media and
consumer reviews cannot be overlooked when building a relationship
with this group.
7. The following strategies will help establish Nico360’s identity,
increase the brand awareness and begin to form a loyal customer
base.
When trying to solve the issues Nicocam is facing, 785 Solutions
formed strategies that focus on establishing the credibility of Nico360
as the best option when considering consumer grade 360-degree
camera.
785 Solutions suggests heavy use of word-of-mouth marketing in
order to organically create a customer base while maximizing funds
invested into product promotion. Social media has proven to be an
effective medium for widespread and personal interaction. To
support the launch of Nico360’s social media accounts and initiate
interest, 785 Solutions suggests creating a promotional team to make
appearances at relevant events in Seattle.
-6-
11. Create a branding campaign
for Nico360 to position it as
the best available solution for
360-degree video enthusiasts.
12. Nico360 is a 46mm x 44mm x 28mm 32 megapixel 360 degree camera.
It provides 1440p HD video, 32GB internal storage and 5g Wifi
compatibility. Additionally, it provides live streaming, built-in
stitching, VR and web playback abilities, and mobile apps that are
coming soon for Ios and Android. In addition to these things, Nico360
has 1 microphone, 2 lenses and cameras, waterproof, and
stabilization. When the Nico360 goes on the market it will be sold for
$199 (“The World’s Smallest 360 Camera - Nico360,” 2016, July).
Nicocam is based in Hong Kong (“The World’s Smallest 360 Camera -
Nico360,” 2016, July). The population of Hong Kong is estimated to be
7,356,429 as of September 1, 2016 (“Hong Kong Population (LIVE)” n.d.).
This booming city, according to Forbes, recently received a HK$2
billion ($256.7M USD) Innovation and Technology Venture Funda.
According to Forbes’ statement from InventHK, the authority of
economic development in Hong Kong, “reported in August, 2015 that
there were 1,558 startups in Hong Kong, up 46% from 2014.”
Additionally, Forbes quotes the Global Startup Ecosystem Ranking
2015 study that “Hong Kong is the 5th fastest growing startup
ecosystem and the 25th largest overall” (“Steimle, J.”, 2016, January
29). This means Nicocam is part of growing industry in China which
means that it is in an environment that supports startups. The Hong
Kong environment full of people, innovation and technology is sure to
reflect in the detail oriented work of Nicocam.
13. Currently, the Nico360 is in the preparing mass production to be
ready phase of its timeline. The timeline started in 2015 with design
prototyping and is predicted to end with retail distribution in
November of 2016. According to the timeline, the only remaining step
between now and distribution to retailers is distribution to backers.
Customers can purchase the Nico360 when it is released in December
of 2016 (“The World’s Smallest 360 Camera - Nico360,” July, 2016)
Nicocam’s mission is to “Enable rich experiences of capturing and
sharing the great moments of life.” In order to achieve this it must
raise awareness and funds for Nico360.
Nicocam is based in Hong Kong. It will be shipping its product from
both the United States and China. This may be a communication
challenge, but it can also be an advantage. Shipping is a factor that
affects all customers. Prices will vary depending on how close
customers are to distributors. Additionally, it is to be noted that
importation agreements/taxes and upcoming elections in the United
States have the potential to affect the the shipment process. It is to be
noted that creating awareness that the camera is conveniently
available for purchase in local stores could become a possible
communication goal (“The World’s Smallest 360 Camera - Nico360,”
July, 2016).
-12-
14. All eight of Nicocam’s employees work at the Hong Kong
headquarters. The team consists of two executives, four engineers
and two designers. The team comes from a variety of distinguished
backgrounds. The members are Jim Huang, CEO and Co-Founder of
NicoCam, Serneg He CTO and Co-Founder, Min Xu, Principal
Engineer, Shijin Yang, Director of Engineering, Rong Mao, Industrial
Designer, Gracia Gao, Graphics Designer, Shaoqin Hu, Software
Engineer, and Yu Zhao, Principal Software Engineer (“The World’s
Smallest 360 Camera - Nico360,” July, 2016).
In addition to being the CEO and Co-Founder of Nicocam, Jim Huang
worked for big name companies such as Honeywell and Microsoft
and earned recognition in 2008 and 2009 as the MVP of Microsoft.
He also has accumulated 10 years worth of experience in the areas
of human-computer interaction and embedded systems. Serneg He
currently heads the Research and Development group to be on the
cutting edge of “System-on-Chip solutions for computer vision and
virtual reality scenarios.” His 15 years of experience working with
multimedia, microchip design included time creating “codec for
military vision and radar systems” (“The World’s Smallest 360 Camera
- Nico360,” July, 2016).
Min Xu is currently attending Carnegie Mellon University and
working towards a PhD in Electronic Engineering. He specializes
specifically in IoT devices. Ron Mao is in charge of Nicocam’s
product’s industrial design. Ron’s creativity and innovation are clearly
15. seen through his acceptance of the Red Dot award. Last, but not least,
Gracia Gao is responsible for the team’s UI design as well as its VI
system. Her previous experience includes contracted work with Nike
and graphic solutions for Sequoia Capital (“The World’s Smallest 360
Camera - Nico360,” July, 2016).
According to their website, they do not have anyone dedicated to
developing their advertising or marketing campaign. This could
potentially cause problems in the future as the company begins to sell
and brand the Nico360. It is to be mentioned that there is no
information available about their office or working environment.
(“The World’s Smallest 360 Camera - Nico360,” July, 2016).
Nicocam is partnered with Xilinx (an American technology company
that is primarily a supplier of programmable logic devices), Microsoft
and Texas Instruments. According to its website, Xilinx has
established a positive reputation since its founding in 1984. The
company employees 3,500 people and serves 20,000 customers and
holds more than 3,500 patents. In the fiscal year of 2015 Xilinx earned
$2.38 billion in revenues and claim around a 50 percent share of the
market segment. It also claims to be a leading innovator and pioneer
in the industry “enabling smarter, connected, and differentiated
systems and networks.¨
-14-
16. Microsoft Partner Network is a branch of Microsoft that works to
“strengthen [clients’] capabilities, better serve customers, and build
connections to maximize [client’s business potential.” It provides
three different ways for clients to work with Microsoft Partner Net-
work. The options include a Network membership, a competency
partner or as an Action Pack subscription. They provide “opportuni-
ties to build [client’s] skills, grow [client’s] business, and connect with
partners in ways that meet [client’s] unique needs.
Texas Instrument (TI) began in 1930 as small gas and oil company and
has grown today to be a “global Fortune 500 technology company with
more than 40,000 patents to [its] name.” Its mission is “we’re chang-
ing the world, one chip at a time. Our analog and embedded pro-
cessing products power electronics across every industry and help to
make the world smarter, safer, greener, healthier and more fun.” TI’s
strategy is to “drive toward flawless execution to get [customers] the
differentiated products, software and support they need, when they
need them” (“About TI - Who we are - TI.com.” n.d.). Association and
collaboration with these large name brands will hopefully boost name
recognition and brand credibility for Nicocam.
17. Nicocam’s Indiegogo campaign has been extremely successful. The
campaign launched in July of 2016 and began with a goal of raising
$50,000. As of August 24, 2016, they have raised $299,626 which is 583
percent of their original goal. The company has promised goals for
reaching the $100k, $200k and $300k funding levels, including a
diving case and 4k video support (“The World’s Smallest 360 Camera -
Nico360,” July, 2016).
-16-
22. A 360-degree camera captures video and images from every direction
without having to manually rotate the camera. Nico360 will be the
smallest 360-degree camera on the market when it is released,
weighing only 96 grams. The Nico360 also is the only 360-degree
camera to include broadcasting in real-time.
Features:
The 360-degree camera features include; waterproof body, glass
lens, mic, 32MP image sensor, 2560 x 1440 @30FPS video resolution,
live streaming without PC, WiFi 5G/ac with a WiFi range of 30 ft, 32G
internal storage, Bluetooth, Adobe RAW/DNG, Rotation and G-Force
data recording, compatible devices to iOS/Android/Windows, 1400Ah
battery, 46mm x 46mm x 28mm dimensions, and a retail MSRP
(manufacturer’s recommended retail price) of $199. The camera
chooses to “Keep it simple” and has just one button that navigates the
power of the device, switches between photo and video, and captures
the photo and video. The product also offers a one-year warranty to
buyers.
Technology:
The Nico360 uses electronic image stabilization technology which is
an image enhancement technique that uses electronic processing.
The image stabilizing feature minimizes blurring and compensates
for shaking and stabilizing rotating movements. Nico360 is
compatible Android, Windows mobile, and iOS devices. With the
iOS and Android apps, the Nico360 offers live preview. The camera
23. is able to capture live data including motion: acceleration, rotation
and G-force. In the early development stages, the company built OTA
capabilities into the camera, allowing the product to update as
software is further developed.
With the time lapse feature, one can capture objects with 2-60 second
intervals. The sound quality of this camera records stereo AAC audio
at 48KHz, 128KHbit/s. The field of view is 195-degrees for each lens
and for the entire FOV it is 360-degrees by 360-degrees.
Accessories:
The Nico360 has several separately sold accessories and attachments
available for purchase. These include: a VR (Virtual Reality) headset
($29), a dive housing, waterproof to 60m, which allows for the
camera to endure deep sea diving and other extreme activities ($39),
and an option to purchase a full accessory pack ($89).
-22-
26. Geographic:
The United States is a diverse country with strong infrastructure and
a thriving economy, which makes it a hub for commerce. The United
States is third on the list of countries leading technology consumption
and integration (Country Detail, 2015).
Focusing on cities that are hotspots for tech based firms we look at
San Jose, Seattle, Austin and Boston metro areas. They all have public
transportation and international airports, successful business
districts, high volumes of tourism, nightlife and well established
residential areas. These places have populations that are on average
more environmentally conscious than other cities in America, and
have natural attractions near by.
Specifically for Seattle, the population grew by 2.3 percent in 2015, the
third greatest growth in the US. Millennials make up a little over one
fifth of Seattle’s population and has seen significant growth in the
number of STEM graduates moving to the area. Public transportation
includes: Link Light Rail (popular with UW students) King County
Metro Transit, Seattle Streetcars, Seattle Center Monorail and Ferry
Services. The housing market in Seattle is expanding rapidly due to
the spending power of the STEM and other highly skilled graduates
moving to the area. This is due to the city’s lower costs in comparison
to silicon valley’s housing options. Natural attractions such as Mount
Rainier, Puget Sound and the business district attract millions of
visitors including tourists, business people and researchers annually.
27. Online retail environment: Sponsorships and promotion. High
confidence in purchases made online, nearly 70 percent of Americans
shop online regularly (Mintel, 2015).
Cultural and Social:
Nearly 30 million Americans speak Spanish or Chinese either
exclusively or in addition to English. Many Americans care about the
social responsibility of the companies they purchase products from.
Nielsen global research shows that some consumers are willing to
spend money on a product they know also benefits a good cause or
from a company with strong social responsibility. The following is a
list of the top nine American values as calculated by the University of
Oregon in 2016: Control, Positive Change, Time, Equality,
Individuality, Self-help, Competition, Futuristic, Do-ing (Being a
“doer”), Informality, Directness, Efficiency and Materialism.
The importance of technology in the daily lives of American
millennials should be considered. According to Pew Internet
Research, smartphone ownership is especially high among younger
Americans as well as those with relatively high income and
education levels. As a result of the high volume of smartphones
technology plays an integral role in social interaction for many
Americans. Social media is extremely popular and the majority of
mobile devices allow internet access, permitting users to gain
information quickly and share it at a similar rate.
-26-
30. Political:
In 2014, bilateral trade between the two nations was $591 billion, with
China being the largest importer of goods into the United States. For
the most part, the two nations enjoy a harmonious bilateral trade
arrangement. The import of low cost goods greatly benefits
customers in the United States.
While the two nations have enjoyed bilateral trade for almost forty
years, there has been some economic tension between them. First,
China has not completely transitioned into a free market economy.
According to a World Trade organization report in 2010, sixty percent
of China’s Gross Domestic Product (GDP) is made up by the private
sector. The Chinese government still has a large impact on economic
decisions on the micro level. For example, only industries deemed
necessary for economic growth receive government funding. In the
technology sector, the Chinese government gives preference to
local firms. This may cause an issue for the Nico360’s foreign partners
(Morrison, 2015).
The second issue in the trade environment is speculation from the
United States Government about currency devaluation. As of August
31, 2016, the United States Dollar is worth 6.68 Chinese Yuan. Last
year, the Chinese government devalued their currency by 4.4 percent.
These devaluations cause imports into the Chinese market to be more
expensive and exports back into the United States to be cheaper. The
Chinese Yuan may face devaluation from recent political issues such
31. as Brexit (Wolff, 2015).
Economic:
The International Monetary Fund lists the United States as one of
the world’s leading economies with Gross Domestic Product (GDP)
of $18.558 trillion. The United States’ economy is considered to be
post-industrial. This means that much of the manufacturing sector
has diminished. Additionally, much of the economic activity is based
upon service and the information sectors. These are the primary
sources of economic growth for the United States (Callen, 2012).
Since the early 1990s, the United States has been at the leader of the
global economic environment. While the United States has only four
percent of the world’s population, it contributes to almost a quarter of
the world’s GDP. With such a high GDP, the World Bank classifies the
United States as a high income economy (Callen, 2012).
While the economy of the United States has not fully recovered from
the recession of 2008, there are signs of growth over the past eight
years that have maintained the United States’ economy as one of the
world leaders. For example, the disposable personal income of the
United States has been on the rise for the past four financial quarters
(“United States Disposable Personal Income,” 2012).
-30-
34. While Nico360’s home base is in Hong Kong, its primary target market
is the United States. It aims to have its product available for purchase
on major e-commerce sites such as Amazon, BestBuy and Walmart.
Having visibility on these reputable sites, where many of its
competitors also live, will allow Nico360 the ability to potentially win
over consumers in the market for a 360 camera.
As stated on Indiegogo, November 2016 is the projected “Retail
Distribution” date. The published timeline also portrays that in order
to get to that point, the Nico360 must confirm its suppliers and
manufacturer, finalize mass production, and have shipment to
backers (“The World’s Smallest 360 Camera - Nico360,” 2016, July).
As stated on the Business section of The Travel Channel’s website,
some of the top tech-savvy cities within the United States are as
follows: Silicon Valley in the San Francisco Bay Area, Boston, Austin
and Seattle; these cities were included for a plethora of different
reasons. For example, Google is headquartered in Silicon Valley,
Boston has been regarded as a “hotbed of high-tech innovation in
fields such as biotech and software” (U.S. News & World Report),
Austin’s inclusion of Forbes as a ‘Top Innovative City,’ and 700 tech
groups find residence in the Seattle area (“The Top US Tech Cities,”
TravelChannel.com). Nico360’s market location focus on the United
States is prime for tech innovation and aligned with its competitors
target market as well.
35. Size:
According to Fortune, the action camera market sells nearly 8 million
cameras a year. There is evidence shown in an article from Research
and Markets that predicts the market will grow 22.2 percent by 2019.
This research also found that a main factor working against the action
camera market are the decreasing prices of smartphones. This could
work in Nico360’s favor because they cost less that the average
smartphone on the market. Statista found that in 2015 smartphones
cost $276.20 on average. Meaning, Nico360 is priced nearly $100
cheaper. Personal action cameras account for 75 percent of the total
market revenue of the action camera market, Global Market Insights.
360 cameras are a subcategory of the action camera market. Virtual
reality cameras are expected to control one fifth of the entire action
camera market by 2020, according to The Motley Fool. This article
also cited virtual reality cameras will make up $6 billion of the
estimated $30 billion in the next four years.
Demand:
According to Indiegogo, the largest global crowdfunding and
fundraising site online, Nico360 raised $299,873, resulting in it being
583% funded. The surplus in funds from the crowdfunding source,
which is popular with tech-centered early adopters, indicates a high
interest in, and future consumer demand for, the product. (Indiegogo)
Over 4 billion videos are viewed daily on Youtube.
-34-
38. 60 hours of video are uploaded every minute. This high volume of
video calls for new technology (“Bullas, JeffBullas,” n.d.).
Youtube began supporting 360 videos in 2015. The 360-degree
technology is newly accessible to the public (“Hollister, Gizmodo,”
n.d.). Facebook released a feature on its website, June 9, 2016,
allowing users to upload a photo using a 360 app, allowing them to
view the whole photo by clicking and dragging their mouse (“Groden,
Inverse,” n.d.). With major social media platforms adapting their
services to support 360 videos and photos, it shows the demand is
going to increase as a larger audience is more aware of the
technology. Support from major platforms that play 360-degree video
has accelerated the demand for 360-degree cameras (“Entreprenuer,”
2016).
Supply:
Both quality and price vary greatly in the market, 360-degree camera
and video technology is being supplied at professional, prosumer and
consumer grades at prices ranging from $200 to $15000. Nico360 will
be competing with other consumer grade 360-degree cameras
ranging in price from $199 - $800. ABI research predicts that
360-degree camera technology will bypass the usual slow market
entrance that new technology usually experiences due to its close
relationship with virtual reality (VR). This has proven true given that
the top producers of 360-camera technology, such as Kodak, Nikon,
Samsung and LG are also heavily invested in virtual reality.
39. Forecasts from ABI indicate that more than 4 million consumer grade
and 2 million professional and prosumer 360-degree camera devices
will ship in 2021. VR products are estimated to sell 70 million in 2021,
as 360 cameras create the content for these devices, the 360 market is
predicted to closely follow the VR market
Market Share:
Due to the fact that Nico360 is still in the indiegogo Crowdfunding
Campaign phase of its timeline, it has not sold any units of the
product (“The World’s Smallest 360 Camera - Nico360,” 2016, July).
This means that it does not yet have a market share value. While it
has not sold anything, Nico360 has raised $299,873 funds that will go
towards the company (“The World’s Smallest 360 Camera - Nico360,”
2016, July).
According to KZER Worldwide, the world sales of VR during 2015 was
$1.4 billion and it is estimated to grow to $2.7 billion in 2016
(“Consumer Virtual Reality market worth $5.2bn by 2018,” n.d.). In
October and November, when the product presumably is shipped to
retailers and funders the market share can begin to be assessed (“The
World’s Smallest 360 Camera - Nico360,” 2016, July). For now we can
speculate that due to the growing VR market, Nico360’s reputable
partners, competitive price, small size and creative design; it is pos-
sible that it will do well in sales during 2016 and 2017. This statement
is possible if appropriate measures are taken to promote the product,
eliminate all product glitches and build a reputable image as a brand.
-38-
40. Direct Competition:
The Nico360 is entering a market full of direct competitors due to the
continual and projected growth of the VR market. It is to be noted that
Nico360 is entering the market later than some of its direct
competitors. Nico360 offers live streaming, built-in stitching, one
microphone, two lenses and cameras, waterproof, Wifi/Bluetooth,
stabilization, dimensions of 46mm x 44mm x 28mm, has a price of
$199 as well as a variety of other features (“The World’s Smallest 360
Camera - Nico360,” 2016, July). Its direct competitors include Ricoh
Theta S, Samsung Gear 360, Giroptic 360, 360 Fly 4K, Bublecam, VSN
Mobil V. 360-degree Action Cam, LG 360 Cam and the Nikon Key
Mission 360.
The direct competitor that matches the Nico360’s price is the LG 360
Cam. According to the LG website this product is available for $199.99
The LG 360 also matches the number of cameras, lenses, the ability to
livestream through Google Street View and Youtube, Wifi/Bluetooth
connection and it offers two additional microphones. The LG 360
lacks waterproofing, image stabilization and has a smaller frame than
the Nico360 (“LG 360 Cam (R 105): Compact 360 Camera LG USA,”
n.d.) (“8 new 360-degree cameras that won’t break the bank,” n.d.).
Next comes the Ricoh Theta S and the Samsung Gear 360 which are
both priced around the$350 mark. Theta is more expensive than the
Nico360, lacks waterproofing and is larger. Two differentiations are
that the lens is made of seven parts in six diverse groups and has
41. two sensors. (“Products,” n.d.) (“The 7 Best 360 degree Cameras and
Rigs for Shooting INSANELY Awesome VR Videos,” 2015) (“The World’s
Smallest 360 Camera - Nico360,” 2016, July). The Samsung Gear 360
boasts two lenses and dust proofing but it is not fully waterproof and
is also larger than the Nico360 (“The Nico360 to launch as the world’s
smallest 360 camera with a multitude of features,” n.d.) (“Samsung
Gear 360,” n.d.). The VSN Mobil V. 360-degree Action Cam has
similar specs to that of the Nico360 except for it offers two
microphones, shock proofing, larger dimensions and a price of $419
(“VSN HD Camera Kit,” n.d) (“Click Here To See in Motion,” n.d.).
Going up in price, the Giroptic 360 camera costs $499 offering live
streaming technology, three microphones and optics, GPS and six
elements glass lenses (“8 new 360-degree cameras that won’t break
the bank,” n.d.) (“360cam,” n.d.). While Nico360 can not compete with
these particular specs it offers a lower cost, smaller size and
waterproofing (“The World’s Smallest 360 Camera - Nico360,” 2016,
July).The 360 fly 4K matches the price of the Giroptic 360. It also
differentiates itself by offering two microphones, built-in telemetry
sensors including e-compass and non-assisted GPS and water/shock
proofing (“8 new 360-degree cameras that won’t break the bank,” n.d.)
(“360fly 4K flyshop - Welcome to surround sound,” n.d.).
The Nikon KeyMission 360 has shock proofing image stabilization,
two lenses and sensors as well as a price of $554.23. It offers smaller
dimensions, but not as small as the Nico360 (“8 new 360-degree
-40-
42. cameras that won’t break the bank,” n.d.) (“Nikon KeyMission 360
price and specs appear on retailer’s website,” n.d.) (“Nikon
KeyMission 360 4K Ultra HD 360-Degree Action Camera,” n.d.).
Bublcam in comparison is sold for $799. The major differentiation for
the Bublcam is that it has four lenses (“Bublcam,” n.d.).
Indirect Competition
The Nico360 supports virtual reality headsets while also having
availability to broadcast 360-degree live stream content. Indirectly the
Nico360 will compete against smartphones that have virtual reality
capability such as Samsung Galaxy and the LG Nexus. These
respective devices both use the existing cameras to dock with
virtual reality headsets to create a 360-degree view. While these
adaptors may give a 360-degree view they do not allow for people to
live stream.
Nico360 is the first 360 camera allowing users to live stream. Live
stream and full circle capability place the Nico360 indirectly in
competition with photo stitching software. This software allows the
user to take various still photos, but does not allow for a live stream of
these images.
The use of photo stitching software also places digital cameras as an
indirect competitor with the Nico360. This software gives the user the
ability to create a panoramic visual by connecting various still images.
These softwares are based upon still images and do not give the user
43. the ability to live stream 360 images. Image quality will be greater
with still images but doesn’t give users live stream availability.
Nico360’s inexpensive price tag places it indirectly in competition
with GoPro’s Omni virtual reality hardware and software.
-42-
50. Demographics
The target market for Nico360 is Millennials, with the main focus on
individuals ages 20 to 30. Considering this generation is currently
composed of 92 million people, the ability to catch the attention of
at least a portion of that cohort, should be achievable (“Millennials,”
n.d.). Race and gender are equally targeted and do not make a
difference in this case (“Gao,” 2014). The consumers should be
employed with a moderately high income in order to afford a lifestyle
product like Nico360 (“Magsambol,” 2015).
Millennials, as young adults, are prime suspects for a 360-degree
camera because of the more adventurous and energetic nature of
their lives; in addition, Nico360’s ability to live stream is something
many of those in our target audience are already accustomed to.
Millennials are said to be “content creators and users,” which is
supported by the statistic that 46 percent of that generation posts
pictures and videos on the internet that they have personally created.
(“Millennial Marketing,” ‘Who Are Millennials’, n.d.).
In a US Millennial Loyalty Survey named “Born this Way,” it was
simply stated that, “Millennials’ affinity for technology is reshaping
the retail space. With product information, reviews and price
comparisons at their fingertips, Millennials are turning to brands
that can offer maximum convenience at the lowest cost;” two things
Nico360 will supposedly be delivering on (“Born this Way: US
Millennial Loyalty Survey,” n.d.).
51. Location
Team 2 discovered, through demographic research, the target market
for similar brands is adults ages 21 to 45. Millennials and the younger
generations tend to care more about affordability, however if the
benefits outweigh the costs then the purchase can be justified;
however, it was found that 57 percent of Millennials actively compare
prices while in-store shopping and can look beyond brand names
while searching for the right product (Goldman Sachs, “Millennials,”
n.d.).
In regards to wellness, Millennials, as a whole, are attempting to
implement healthy activities into their lives. “Their active lifestyle
influences trends in everything from food and drink to fashion.”
Therefore, Millennials are the prime target for Nico360’s uses and
affordability (Goldman Sachs, “Millennials,” n.d.).
With the focus being put on Millennials ages 20 to 30, that audience
is representative of those in the generation achieving their college
degrees, finding rhythm in their careers, and starting a family. This
population, for the most part, chooses to reside in the “urban cores”
and downtown areas of their cities. To prove this, Forbes.com
published that, “The number of Millennials living in urban cores has
grown, as downtowns and inner-city neighborhoods have gentrified,
particularly in cities such as Boston, Seattle, San Francisco, New York
and Chicago. Overall, from 2010 to 2013, the population of 20 to
-50-
52. 29-year-olds in core countries (which in most cases are identical to
the core city of the metropolitan area) rose by 407,400, or 3.2 percent”
(Kotkin, 2014).
In a survey conducted on a site to aid Millennials in their search for
an apartment, Abobo gathered information from 2,000 individuals
(born between 1982 and 1998) regarding their preferences in finding a
city to reside. The survey gathered that the top three desirable aspects
of the city had to do with economy. Number one, a thriving job
market. Next, affordable rent. Third, affordable home prices (Forbes.
com, 2016).
With other ratings regarding quality of life, the generation ranked
access to parks or hiking trails, non-chain restaurants, and
quality pizza. Overall, nine percent of respondents listed Seattle as
their perfect city, as it delivers on at least 80 percent of the most
important qualities, as presented by Abodo (Sharf, 2016). All of that
being said, Seattle seemed like the perfect target market location.
Team 2 found that similar products to Nico360 also target individuals
and families who tend to travel two or three times per year. However,
these families tend to live in the suburbs, while our target audience
does not. Millennials are 2.5 times more likely than any other genera-
tion to be early adopters of all things technology (Millennial Market-
ing, “Who Are Millennials,” n.d.).
53. Boston, MA
Dallas, TX
Fairbanks, AK
Fort Smith, AR
Hartford, CT
Los Angeles, CA
Louisville, KY
Milwaukee, WI
New York, NY
Parkersburg, WV
Philadelphia, PA
Phoenix, AZ
Rapid City, SD
Rockford, IL
San Diego, CA
San Francisco, CA
Terre Haute, IN
-52-
CITIES WITH HIGHEST CONCENTRATION
OF EARLY ADOPTERS
54. Focusing on Millennials who are geared towards being early
adopters will be beneficial in spreading awareness and helping to
move the brand. It is also important to remember that in advertising,
you cannot be everything to everyone. Therefore, Team 2 presented
the areas that Nico360 would want to avoid due to their market
saturation of laggards and late majority.
55. Bangor, ME
Birmingham, AL
Charleston, WV
Clarksburg, WV
Fargo, ND
Greenville, NC
Johnstown, PA
Knoxville, TN
Lubbock, TX
Minneapolis, MN
Oklahoma City, OK
Quincy, IL
Sacramento, CA
Savannah, GA
Spokane, WA
Tri-Cities, TN
Wichita Falls, TX
CITIES WITH HIGHEST CONCENTRATION
OF LATE MAJORITY AND LAGGARDS
-54-
56. Psychographics
The lifestyle of the audience is filled with lots of newness and
adventure. Millennials are always on the move and have been
surrounded by advancing technologies that make sharing their
“moves” a piece of cake. As Team 2 previously shared, this generation
can be identified as “experientials” or “experiencers” who try new
activities (Berman 27-29). Most Millennials invite friends and family to
help them execute their exciting lifestyle, and enjoy documenting and
sharing their fun along the way. In doing so, bonds are made stronger
and repetitive actions seem to be more likely (Macke, 2015). Being able
to, in a sense, boast about your life to others via social media postings
instills a pride within the Millennial generation that drives them to
continue to share and make their postings that much better. Hence,
why Nico360 is the perfect, new gadget for them.
Considering their influential nature, Millennials are a prime focus for
any marketing campaign. This population is undergoing new
experiences daily and Nico360 should be there to help capture them.
In an article concerning marketing towards Millennials, one can
understand four segmentations of the broad cohort. Ideally, a
marketing campaign for Nico360 would include a glimpse into the
life of a representative from each segmentation: a college student, a
young professional, an outdoorsman and a new family.
“Youthful Pursuits” would serve as the college student and are those
that still find great value in brands as they make them feel
57. superior. Their posts generally consist of selfies and personal life
updates. Think about their social media accounts as their public
diaries. In order to successfully market to this group, one must keep
things new and exciting because to them, old is out. This specific
audience is a great initial starting place. Considering they can be very
impulsive buyers in order to claim the throne of trendiness, they are
willing to venture into new products and will likely spread the word.
In general, they find entertainment in fashion, beauty and nightlife
(Hall, 2013).
“Confident Connecteds” are probably the most important due to their
positive brand interactions. Instead of attempting to make
themselves look better, they are more excited about sharing the deals
they received. This would serve as the young professional segment. As
a whole, this group is content, Millennial advocates and constantly on
the move. While they enjoy posting about big events in the news and
their reactions to them, they keep others feelings in mind as they use
it as a time to inspire and provide guidance. To successfully grab the
attention of this population, a brand must ensure their offering has
value and aligns with their reputation and research. In general, they
have an interest in health and wellness, consumer electronics and
home goods (Hall, 2013).
“Indie Dreamers” can be seen as the outdoorsmen of the world. With
experiences of a brand, this person will be sure to bring their positive
or negative nature to light by either word-of-mouth, or direct
-56-
58. communication with the brand via social media. In saying that, a
brand can really benefit or be hurt by them. Driven by experiences,
adventure and artistic expression, this group turns to social media to
share all sorts of aspects of their life; especially those experiences that
are unlike any others. To target Indie Dreamers, one must not blend
in and have a unique stance. Help them achieve their aspirations and
provide them will all the information and support they will need along
the way. In general, they have an interest in financial services, food
and drink, entertainment and home goods (Hall, 2013).
“Creatures of Comfort” serve as the new families. While they ingest
tons of media and advertising, does not necessarily indicate they
have no complaints or that they do not mind highlighting any bad
blood they have had or have with a brand. Another interesting aspect
of their posting habits has to do with the type of content they share.
Instead of talking about their desired products or brand, they talk
about the technology, nutrition and other household supplies that
are already involved in their daily lives. This population finds social
media as a means of communicating with friends and family. To grab
their attention, one must be so enticing they cannot resist; otherwise,
they will just stick with their trusty brands. Do not flaunt any brand
names; to them, they are irrelevant. In general, they have an interest
in gaming, entertainment and socialization (Hall, 2013).
“Confident Connecteds, Indie Dreamers and Creatures of Comfort”
are of less significance to marketers due to their decreased likelihood
59. in directly responding to a brand’s promotions (Hall, 2013).
Team 2 also gathered that in regards to the buying process,
Millennials are thought of as users. Being self-driven, they initiate,
influence, decide, and purchase for themselves (Berman, 37).
Adventure, uniqueness and self-fulfillment are important
requirements when determining how to spend their time.
Structure
Users are defined as active consumers that own the product and use
it often. Hobbyists have beginner-level experience with 360-degree
cameras and utilize them for primarily personal use. College
students, young professionals, new families and outdoorsmen would
fall under the category of Hobbyists. This category values the
camera’s light weight, portability, waterproofing, durability and range
of different accessories/mounts.
Professionals have advanced to expert-level experience with
360-degree cameras and use them mainly for careers. These include
young professional,videographers and post-production/stitchers.
Non-users have limited or no previous use of the product. Home
security and business environments could fall under this category.
-58-
64. Objective 1 : Reach 30 percent of the target audience with information
about the abilities of Nico360 by March 2017.
1.1 Strategy: Establish Nico360’s presence within the tech
blogger and review community with at least 10 favorable
appearances before March 2017.
1.1.1 Tactic: Favorable appearances
1.2 Strategy: Create a press release and send information
and the product to: C-Net, Tech Radar, The Verge,
Geek.com, Digital Trends, The Wire Cutter, Engadget,
Yahoo! Tech and Gizmodo.
1.2.1 Tactic: Press release
1.3 Strategy: Create Google Alerts for Nico360 and track
mentions to monitor and capitalize on positive
publicity, as well as, answer questions or concerns with
the product in a timely manner.
1.3.1 Tactic: Google Alerts
1.4 Strategy: Create a social media campaign on Facebook
that would cross-reference brand’s YouTube channel.
1.4.1 Tactic: Hashtag (#igowithnico)
65. -64-
Objective 2: Form a social media presence to increase brand awarenes by
50 percent by Nov. 15, 2016.
2.1 Strategy: Implement a hashtag campaign to be used
across social media platforms.
2.1.1 Tactic: Hashtag (#igowithnico)
2.2 Strategy: Email backers encouraging them to follow
Nico360 on Facebook and other social media platforms.
2.2.1 Tactic: Emails
2.3 Strategy: Implement the first strategic plan by Dec. 1,
2016.
2.3.1 Tactic: Strategic plan
2.4 Strategy: Create an advertisement for Nico360 to be
posted on the domain http://www.nico360.com/ and
shared on Facebook and Youtube.
2.4.1 Tactic: Video advertisement
2.5 Strategy: Showcase 360-degree video technology by
using compatible social media platforms.
2.5.1 Tactic: Facebook and YouTube
66. Objective 3 : Obtain 10,000 followers on Facebook in the first three
months of the campaign.
3.1 Strategy: Share informational videos and pay for
promotion of content.
3.1.1 Tactic: Informational videos and paid promotions
3.2 Strategy: Email backers encouraging them to follow
Nico360 on Facebook and other social media platforms.
3.2.1 Tactic: Emails
3.3 Strategy: Implement a hashtag campaign highlighting the
lives of four individuals within our target audience.
3.3.1 Tactic: Hashtag (#igowithnico)
3.4 Strategy: Use real 360-degree video footage created by a
college student, young professional (real estate agent), a
new family and an outdoorsman.
3.4.1 Tactic: Real 360-degree video footage
3.5 Strategy: Use the hashtag #igowithnico consistently with
each Facebook post and across all social media platforms.
3.5.1 Tactic: Hashtag (#igowithnico)
67. -66-
3.6 Strategy: Inform potential buyers of 360-degree video
technology by using platform video capabilities.
3.6.1 Tactic: Platform 360-degree video capabilities
3.7 Strategy: Show side-by-side comparisons of Nico360 v. its
closest competitors, highlighting its advantages including
its price, size, ability to live stream and that it is
waterproof.
3.7.1 Tactic: Digital advertisement
3.8 Strategy: Hold trials at Seattle area colleges and
universities showing Nico360’s technology with incentives
for students who post about the product on their social
media.
3.8.1 Tactic: University appearances and social media
71. This campaign should be implemented
beginning on Nov. 15, 2016, with
Nicocam forming a social media
presence. By Dec. 1, 2016, the first
strategic plan should be
implemented. Before March 2017,
Nico360’s presence within the tech
blogger and review community will be
clear with at least 10 favorable
appearances. By March 2017, the
campaign will reach 30 percent of the
target audience with information about
the abilities of Nico360.
-70-
75. In order to fulfill the social media goals,
785 Solutions will determine a starting
point by the first day of the proposed
campaign. From that point on, progress
will be measured biweekly using Google
Analytics and Facebook’s Page Insights.
Emphasis will be placed on monitoring
factors such as: followers, page shares,
mentions, page visits and views.
-74-
79. Ad placement and promotion on
Facebook: $25,000
Ad placement and promotion on
YouTube: $21,000
Video advertising production: $40,000
Digital ad production: $10,000
Product release to tech publications:
$2,000
Labor at universities and incentives:
$2,000
Total: $100,000
-78-
83. In creating our video advertisements,
we will use 360-degree video footage
created by a college student, young
professional (real estate agent), a new
family and an outdoorsman. Our other
promotional videos will include product
features and unique technology.
-82-
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