Marketing Plan for the Balancer app

SegmentationThe market segmentation for the app is based on demographic and psychographic variables like age, gender, income and balance seekers or moderators respectively.There are two significantly identifiable segments- the first group are luxury seekers and the second group are balancers.The balancers are the segment that we are looking forward to as potential customers as they believe in the factors of power as luxury and importance of balance to be the primary focus in their life. They are within the age group of 24-29.The maximum number of people in the cluster have annual household income of 10 lacs and above, which is a basis for segment identification here, the age group, in between 24 to 29 in the same category.The needs of the particular base have a common association in terms of app necessity- they need to balance out work and life in the most convenient and tech-savvy way as possible. The marketing message needs to be targeted to that segment and it is expected that this is the segment from which there will be maximum interest to buy the app and will generate maximum profits. It is assumed to be the smaller groups of people from the previously known subsets and will increase the overall efficiency of the companys marketing efforts.

.TargetingThe Chi square analysis for our application The Balancer was performed in two steps.The first step included the crosstab analysis of all the demographic variables, with the two variables Intention to try and Overall rating. This analysis gave us the Chi square coefficient for all the possible pairs formed. This analysis was to find out the targeting variable in our application. We observed that the highest Chi square values were for age and the income level of the groups. So, we concluded that these two variables would be our main focus while we decide at our market segment.The second step included the Chi square analysis of the Intention to try and three demographic variables to find out our target users according to their demographic classification. After the analysis we found out that the Chi square variables were high for the gender female, with an engineering degree and the work experience of 15 to 30 months.From the outcome of the Chi square analysis, the target customers were female engineers with a work experience of 15-30 months.

Positioning The Conjoint analysis of the app tells us relative importance of the taken attributes and even the levels of the attributes among each other. As per the conjoint analysis, consumers give more importance to ad frequency and Interface than to price. Among the levels for attributes, they prefer tabular interface more than graphical or simple message. They like less ad frequency of 5 more than that of 10 or 15 for the app. In price levels, they prefer to pay Rs. 30 per month than paying Rs. 50 or Rs. 70. According to this, we will need to position our app which will have better user interface and which will not have many ads in between. We should try to keep the price of the app at Rs. 30 per month.

Finalized Revenue ModelFor a multi-platform app, the pricing has to be even across all platforms. For a newly launched app subscription, the payments are not too encouraging, generally. For the initial phase, till the app reaches its maturity stage, we will adopt a one-time payment model. The payment will be varied based on the users requirement. Our major source of income will be from the ads that we display. The price for a higher frequency of ads will be Rs. 30. For a medium frequency ad display we have kept a price of Rs 50. For the very minimal ad display the price will be Rs 70. The pricing strategy is simple. For a nominal amount, one can get the app with full features and no compromise. This price is targeted for regular users who will benefit from the app. The middle segment will be a will add on new themes but no extra functionality. This will be targeted to those who do not like bland layouts. The premium price segment will be for those who want all features and functionality to be enabled.