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Transcript of RU Secure
Our customer segments are a niche and multi-sided markets. We are catering to
specific kinds of customers. Our target markets are universities with safety issues
pertaining to students and faculty. We are initially focusing on Rutgers University
as a starting point but eventually plan to expand. For multi-sided, we need the
partnership of the university to utilize the distribution channels, along with the
student participation to use the product.
Our value proposition is a promise to both the university and its students. It is
designed with students in mind, since they will be the primary users and buyers
of the product. It is a choice to wear a RU Secure Alarm-System, so if they are
not interested in purchasing one it will not be used. Once students realize the
importance of the device they will be encouraged to buy one. The device will be
designed with convenience in mind and will look like this:
Our goal is to build successful customer relationships with both the university and
students. First, we start with our self-service part. It will be available on our
website. There, students will be able to read FAQ’s, get in contact with
technicians for issues and repairs, learn more about the product, order new
accessories to best fit their needs, and check to see if their software is updated.
If there are issues that cannot be resolved through online software checks,
students will be able to send the device in free of charge for diagnosis and repair
by a technician. Also, students will be able to download templates to design their
own bands and accessories to further customize the product. We will also offer a
community blog & forum where students will be able to post their experiences,
give feedback on the service/product and even collaborate on new projects.
We will use various channels in order to fully reach and serve our customers, in
various steps through the delivery process:To increase product awareness we will implement social media campaigns,
brand ambassadors, and college assemblies/orientations. For our social media
aspect, we will be creating Facebook, Twitter, and Instagram accounts for
students to interact in a fun and creative way. We will use the #RUsecure for
students to share their experiences and promote the security features and
convenience of our product. Our brand ambassadors will be influential students
across different areas of the campuses that can spread the world and help us
share our product. Fraternity and sorority members, athletes, and students with
large social media followings will be our main targets for brand ambassadors.
Our third channel will be holding college assemblies/orientations for students to
know about our product the second they are in college. Holding sponsored
events and giveaways in the middle of ABP and the student center on College
Ave as well as frequently renting out tables across the campus will help us
promote our product and get students involved.
As far as purchasing goes, students will be able to buy the simple device at any
Rutgers Student Center or online. The device will be a keychain attachment that
will include two sets of strings so that it can adapt to be worn as a bracelet or a
necklace as well.
As far as delivery goes, we will have to ensure the device will contact the proper
authorities promptly, we will need to create a response center that can contact
the proper authorities, and make sure that the bracelets contact the response
center promptly and efficiently. The bracelets will need to be able to deliver high
quality audio as well as accurate GPS tracking to the proper parties.
After we make our sales, we will need to maintain a good relationship with the
university and continue to ensure quality service. We will also need to continue
sponsoring and holding safety and security presentations and workshops for
students as well as aligning with clubs and organizations within the school that
share the same values and goals as our brand. Routine tests and drills will be
done to ensure that the devices are reaching the response center properly as
well as routine upkeep and research to make sure the devices are providing the
best possible service and accurate information.
The opportunity that stood out to us most was the issue with safety here at Rutgers University. We have come up with a solution that involves an alarm system that also serves as a security service.
Our cost structure will be determined by the amount of orders a university places.
Some universities may order for their entire student body and staff while others
will offer our product to be purchased through the university at a lower cost. For
this case our price would be charged at a variable rate. If universities would like
to order a substantial amount then our company will offer the product at a lower
rate. For example if university A requests an order of about 10,000 units and
university B requests an order of about 50,000 units, University B will be offered
a much lower rate than University A. Since our product doesn’t require much
material to make and function properly, we can assume that about 25% of the
profit we earned was gone to the making of the product and the cost that we
have to pay to the suppliers. This leaves us at about 75% for profit. We assume
that universities with high crime rate areas would be very likely to purchase our
product in large amounts.
Through research we have found that the Fitbit Flex costs only $17 to make and
Xiaomi’s fitness tracker costs less than $13 to make. These fitness trackers
contain much more functions than our product so we estimate that costs to make
our device would be cheaper. Due our estimates of low quantity orders in the
beginning, we estimate that costs would be $15 per unit.
Adrian Dyjak, Michael Perez, Jhessier Espana, Albert Roh, Sumanth Karasala
Revenue will be brought in through sales of the device, subscription services,
licensing agreements, and partnerships. The safety device will be offered as a
standalone device that can be attached to different type of accessories such as
bands, key chains, or necklaces. Along with sales to the customer directly, there
will be revenue from wholesale orders from stores and universities. This aspect
of asset sales will contribute greatly to our revenue stream.
Subscription fees will be another great source of revenue. For this model, we will
be implementing the “freemium model”. As a student, there will be a free service
(costs mitigated by students’ university or student will be paying as part of their
tuition), which will expire when the student graduates. During the time the student
is in school, there will be a premium service available which offers more features.
After graduation, the student will also have the chance to retain the security
service by subscription of the premium service. Students may have incentive to
retain the security service if they begin to work in an area that they deem is
The technology for our product will have other applicable uses. We will license
our technology to other companies that wish to explore other target markets.
License agreements with these companies will generate additional income for us.
The final revenue stream is through partnerships. We will sell our product to
companies such as ADT or universities who may want to include it in one of their
security packages or as a gift for upcoming freshman. ADT does not currently
offer any service or product for the “college student”. They only have services for
residential, businesses, and working professionals. Targeting the college market
through a partnership with us would be beneficial to both parties.
The key resources we need to produce our product include securing intellectual
patents on our design, obtaining a connection with a manufacturer, an office
building to handle calls, a partnership with local police, and human resources to
hire employees that will run our customer service. First, we will need to secure an
intellectual patent to proceed with the implementation and manufacturing of our
design. Once we know we can proceed and come up with the final design, we
will obtain a connection with a manufacturer overseas and begin manufacturing
our product. Once we have the product, we will need to find a place to handle
calls and work out of at the start. We realize that we may not have enough funds
for a full sized office but if we can work out of an off campus house or apartment
at the beginning it will suffice. Before we begin our service, we will partner with
the local police so they back our product and know that we are helping the
community. Human resources will also be essential so we can hire competent
employees to handle customer care and customer service so our customers will
know they are in good hands while using our product.
Our business will need to engage in a few key activities including intellectual
property research, software development, marketing, sales, and quality
assurance. Intellectual property research will be used to ensure that we are not
stealing and ideas and that our product is unique. We researched some
intellectual property patents and could not find any evidence that we were
infringing on anyone else’s patents. Software development will be essential to
making sure that our product works and is safe and secure. If people cannot rely
on our software their lives could be at risk. Marketing will use social media, brand
ambassadors, and advertisements to engage our audience and increase our
outreach. Sales are essential to increase our revenue. Quality assurance will be
used to make sure that the products are consistently up and running without
down time to keep our customers safe.
Our key partnership will be with universities. One goal of all universities is to
keep their students safe. We will be providing a solution while attaining the
necessary target market. The partnership with universities allows us access to
the continuous flow of students. A certain percentage of these students will be
retaining our services after graduation so this partnership is crucial for our revenue streams. Through our partnership we
can negotiate device prices and
even if the profit from initial sales is small, the exposure to the students will
create sales through lost items, need of different styles, and subscriptions. For
this exposure, we will be able to provide the universities a cheap solution to
safety while also educating students/faculty through safety seminars.
A secondary key partnership will be with local authorities and security firms.
Sharing resources with either the local authorities or a security firm like ADT will
cut costs of operations and also create more efficiency. With the increase in
efficiency and decrease in costs, our service will be much more faster with
greater reliability while increasing our profit margins at the same time.