Developing a startup business plan for a digital media company in the Finnish market
Klemm, Christopher (2018)
Klemm, Christopher
Satakunnan ammattikorkeakoulu
2018
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2018092415349
https://urn.fi/URN:NBN:fi:amk-2018092415349
Tiivistelmä
The purpose of this thesis was to study and plan the key steps in preparing a business plan for starting a new digital media business in the Finnish market and to test the viability of such an idea through performing various analyses and tests. The objectives of the study involve not only the planning of the company but also determining the need in the market for such digital services.
The theoretical part of the thesis focused on identifying relevant tools that would help analyze the business idea, the environment that the business would compete in, the external factors affecting the business, and finally evaluating the competition. The theory collectively was based on a conceptual framework, made up of three different tiers. Each tier represented a checkpoint where previously collected data was combined to present the baseline for next tier’s activities.
The research part of the thesis was driven by the conceptual framework itself, which started with the business idea that was put under the microscope through applying five different tests that aimed at identifying the conditions of the business and its environment. The information collected from this phase was used in the next tier, the results, which translated to tasks designed to analyze the business model itself. Qualitative interviews were held with selected small business owners and managers as well as representatives of the non-profit segment that the business would potentially work with. This gave updated real time data that identified the digital needs that each of the respective organizations had. This information collected together with the results from the research done in the first tier were used to construct the business plan and accompanying marketing communications plan, which represented the third and final tier of the conceptual framework.
The results of the thesis revealed that there is, indeed, a growing need for digital services to be provided even to the smaller businesses and non-profit organizations. Digital marketing is accepted as being generally more relevant than print media. It was also recognized that the role of social media is changing to become a critical channel for strengthening brand awareness and loyalty. Lack of time and competencies were two key factors that prevented businesses from addressing these issues themselves, revealing potential opportunities for digital media companies. The research also noted that there is the potential for a lot of competition in this space and thus, it is an area that requires decisive differentiation to be competitive as there is nothing proprietary involved in providing these services. The end results of this research revealed, however, that there is, in fact, an opportunity in the market for digital media companies to fill, making it viable for the subject company to be established.
The theoretical part of the thesis focused on identifying relevant tools that would help analyze the business idea, the environment that the business would compete in, the external factors affecting the business, and finally evaluating the competition. The theory collectively was based on a conceptual framework, made up of three different tiers. Each tier represented a checkpoint where previously collected data was combined to present the baseline for next tier’s activities.
The research part of the thesis was driven by the conceptual framework itself, which started with the business idea that was put under the microscope through applying five different tests that aimed at identifying the conditions of the business and its environment. The information collected from this phase was used in the next tier, the results, which translated to tasks designed to analyze the business model itself. Qualitative interviews were held with selected small business owners and managers as well as representatives of the non-profit segment that the business would potentially work with. This gave updated real time data that identified the digital needs that each of the respective organizations had. This information collected together with the results from the research done in the first tier were used to construct the business plan and accompanying marketing communications plan, which represented the third and final tier of the conceptual framework.
The results of the thesis revealed that there is, indeed, a growing need for digital services to be provided even to the smaller businesses and non-profit organizations. Digital marketing is accepted as being generally more relevant than print media. It was also recognized that the role of social media is changing to become a critical channel for strengthening brand awareness and loyalty. Lack of time and competencies were two key factors that prevented businesses from addressing these issues themselves, revealing potential opportunities for digital media companies. The research also noted that there is the potential for a lot of competition in this space and thus, it is an area that requires decisive differentiation to be competitive as there is nothing proprietary involved in providing these services. The end results of this research revealed, however, that there is, in fact, an opportunity in the market for digital media companies to fill, making it viable for the subject company to be established.