This assignment is asking to create a new product ( brand extension) of Real Simple.The students will prepare a statement that clearly spells out the new concept, its business value, ROI, and proposed launch plan. The plan will cover budget (the professor give me approx $300,000 to spend, you have to goole how much an App cost to build, don’t forget to link that, i have more details about the budget plan below), build requirements, examples of real-life inspirations, a project roadmap and schedule. The goal is to learn how to clearly articulate concepts and communicate business benefits for new ideas that are both forward-thinking and immediately actionable.
• The product pitches will include:
• Description of idea and how it will be discovered through the brand’s digital assets
• Staffing and resources needed, through build and post launch
• A list of Product requirements – how it will look, function, evolve post launch
• Processes for managing editorial workflow and working with tech, design, and business teams.
• A brief marketing plan to generate buzz and excitement at launch
This is the Explain of the instructions: ( i already pitch my idea, you do not have to pitch by yourself)
My idea is a create a Real Simple–“Recipe finder app”. Because
1) Real Simple has already launched several niche tools which were successful. For examples: the App Cozi http://www.cozi.com/ has a 4.5 star rating in the Apple store, and has been called” # 1 Must-Have App for the Modern Mom” by Babble.http://www.cozi.com/press-coverage/
And Our Facebook giftgiving and decor bot has helped us drive revenue through affiliate fees. https://digiday.com/media/buzzfeed-time-inc-bringing-holiday-gift-guide-facebook-messenger/
2) Food is a major segment https://www.realsimple.com/food-recipes of Real Simple’s content ( they released a cookbook in 2012 https://www.amazon.com/Real-Simple-Easy-Delicious-Cooking/dp/1603209239) And it’s important to optimize that content for Real Simple’s mobile reader-base (combined social reach https://www.facebook.com/realsimple/ of nearly 6.5 million).
This is my professor give the feedback of my pitch : (please follow her feedback instructions when you write)
As we talked about, you have approx $300,000 to spend. A large tool of this kind can get about $200K from a sponsor. What’s nice about this idea, is that it can be sold more than once. For instance, it can be sold to a launch sponsor and then later again for the Holidays. Use the budget sheet to show how you would make back the money you’d spend on it.
As I told you..start your pitch with a description of how you think your tool will work in one paragraph; this is similar to what you have just done.
Your description just needs a few more links/examples to other similar products that have functionality you would like to include in yours.
Then for each bullet on the assignment list, do exactly what you’ve done above:
Describe how the brand will use its digital assets to promote the idea. Please 1-2 examples of the types of headlines you would use to promote. For instance, here’s how I would promote on Facebook “LINE” because “REASON, for instance, Real Simple used a similar line on a recipe slideshow on Facebook recently.
Then as we discusssed in class, list the staff needed and estimate the cost to pay for. As mentioned, show your work. If you say you need a developer for 6 weeks, find the annual salary of a developer and estimate how much 6 weeks costs ($Annual salary divided by 52 weeks x 6 = cost). Do this for each stakeholder.
Product requirements. List the first Stakeholder and their one top requirement. In class our example was “Ad Sales would want a sponsored recipe placement” and give an example of what that would look like. Do this for each stakeholder
Then describe the process from idea to build to launch to post-launch. First Week , Second Week, Third Week, etc.
Say which workflow calendar you would – Gantt Chart, Jira, Basecamp, Slack use and give one reason why.
Outline any marketing efforts. Again, the idea, the reason you think it would work (include link where possible to similar idea).