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Square Market Strategy

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by

Laura Peresta

on 26 November 2013

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Transcript of Square Market Strategy

Radio Ad
Price
Promotions
Image by goodtextures: http://fav.me/d2he3r8
Service to Customers
By: Benjamin Hyduke, Kylee Hanley, Lauren Kuzminsky, Laura Peresta, Latoya Griffin, and Leah Cunningham

Market Strategy
Commercial
Customer Loyalty Program
Merchants accumulate points per card swipe
Bonuses for 100+ points earned
Square Market
Online store where merchants can sell their product or service
Showcase pictures, location, hours, and loyalty programs
Customer Support Services
Email
Online help center
YouTube videos with FAQ’s
Twitter support feed
No set-up fees or long-term contracts
Square is 100% free to start up
No contracts required
Basic Fees
Free card reader, free Square application
2.75 % per swipe or $275 per month for merchants
$275 unlimmited transaction plan is not ideal for small businesses
Transaction cost
Cost to Square included 1.65% of the total amount charged plus $.10 per swipe
Manufacturing
Manufacturing and delivery of the card reader costs Square roughly $14 each
Promotions
Radio promotion: Cost $1,750 to develop, $4,000 per week to run the promotion
Print ad: Cost $148,300 to run a full page ad in Bloomberg Businessweek magazine.
Video: Cost $1,375 for a single box ad on the side of a web page for six months and $.10 per view on YouTube
Customer Service
100 employees at $19K-$21K per year
Leah Cunningham
Break-even Analysis
BEQ =(FC) / (P - VC)

FC = Promotional costs per month
=$29,436.86
P = Price per unit (manufacturing, shipping, and $6 profit per unit)
=$20
VC = Manufacturing cost and shipping per unit =$14

Break-even quantity per month
= 4,906 card readers



Product

Square
Square Background
Offers two applications: Square Wallet and Square Register
Compatibility
Target Market
Small business owners
Customers who value technology
Square Strengths
Pricing
Security
Compatible with existing business equipment
Square Weaknesses
Square is a new, relative unknown product
The number of devices Square works with limits production
Not many people own their own business
Square Product Related Need Sets
Convenience
Mobility
Technology
Organization
Safety
Saving Money
Retailers
Square has a growing distribution of 20,000 retailers.
One Stop Shop
Wal-Mart
Verizon
Radio Shack
AT&T
Sprint
Best Buy
Apple
More Major Retailers
7000 Walgreens
1,500 Staples Stores
1,500 FedEx Stores

Distribution
Print Ad
Full-page spread in Bloomberg Business Magazine
Design follows a "Z" format
Century Gothic font
Play-on-words to stick in consumer's mind.
Simple color scheme
30 second banner ad on YouTube
Play-on-words to repeat advertising theme
"Credit Card Baby" by Wham playing in the background
Interview with Square user
Radio Ad Effectiveness
Grab attention of target market
Brief clip that explains what the product is:
benefits of using the product
potential costs
Explain the ease of use and simplicity
Full transcript