My final product is a instant polaroid photography business for night events in particularly clubs attended by the 18-24 demographic. The 18-24 demographic is also my target market. Throughout my research process I have come to man conclusions about my idea. Firstly, I have looked the longevity of business if launched in several clubs on a long term plan. Research has shown me that my idea may not be one for the ages, but as an event and one of every term it would be a hit. This was the manager of Coventry Universities SU club, Jonathan s’ opinion, which I agree is a accurate conclusion of the attention span. The attention span of young adults. young adults are quick to get bored, after a while they won’t be interested in it anymore and would rather return back to having pictures taken digitally of them in a club.The rise of the so called ‘Golden Triangle’ of technology, mobile, social, and real-time has become such a part of our lifestyle thats we exposed to the digital world all the time. If one medium doesn’t have our attention the other one has.
Secondly, the biggest apparent competitors to my service is digital cameras and camera phones. The medium of polaroid has found a way to hang on and still compete with digital for the past ten years. This shows that the demand for polaroid is still there and will still be there for the next ten years. Fujifilm and The Impossible Project have breathed new life into the medium after Polarid stopped producing film in 2008. I believe my business could run for as long as 5-10 years from its launch. Expanding to cities and other universities and possibly globally expanding also. In addition, there are still competitors in professional photographers and the above companies. This is because when the 18-24 demographic are exposed to this they want one for themselves. So my business is also indirectly marketing these products to them. Which means in time they will get bored of the cameras after using them. Also, digital memory storage technology is also cheap and more cost efficient to buying film which is expensive.
Competitors vary in form for my business. Instagram is a competitor. When Instagram launched back in 2010, it changed the way people took pictures. Instagram produces square photos that remind you of instant polaroids. My demographic can tend to be cheeky and hard to reach. “what makes the camera picture so special when i can take one on my phone’. Well its the quality of the image, the fact that its tangible. Those are my two of my USP’s.
Why market analogue to a demographic obsessed with digital? Its refreshing. The rise of the so called ‘Golden Triangle’ of technology, mobile, social, and real-time has become such a part of our lifestyle thats we exposed to the digital world all the time. If one medium doesn’t have our attention the other one has.
Through my research via social networking sites where I tweeted the following question: “would you pay £1 for an instant photo on a night out? Favourite if yes, retweet to spread the question” Where I got a response from 183 people. Having correletated my results by looking at gender likeliness for the idea I’ve found out that theres a larger number of girls who are interested than boys. In fact, 2/3 of research is responses form girls more than it is boys. Heres a pie chart, showing the evidence from a population number of 208 people that were exposed to the question. This is something I took into consideration immediately and decided to have a stronger marketing campaign toward more females than guys. In addition, the girlfriends of guys will also force them to take one also. Which works in my favour also. As I found this out through direct research taking pictures on campus on valentines day.
Thirdly, having understood the brief, I feel that I dint sufficient achieve what was asked from it. I have mentioned in my posts that my idea is rather a innovative concept for a service rather that a innovation as such. Innovation is the creating or recreating of a new method, idea or product. Through my research about already produced particular items needed to carry out my research I feel I have in some way created an innovative service because its not s something that hasn’t been researched into or even piloted. Research has shown me that there have been clubs that do printed pictures from digitally captured photographs, but there are no clubs that do polaroid photography on a night out. My idea is interesting, its cool. Its refreshing, in a time were everything is so digitised, something like this can come and sweep up the place but it cannot not sweep the place up everyday. As a event organised by freelance event planners it could prove to be something great. However, as a business it may not be a sustainable idea as there are too many small factors that could really bury it before it lives.
In conclusion, I’ve decided my idea will be better as a one of event every term, so that it keeps its flare and edge and that the target market won’t get bored of it. Its like what one of my pieces of research of Facebook found ‘imagine you had a polaroid photos from every big night event you ever been’. That yearning for nostalgia is apparent in my audience. Im also apparent that I haven’t actually looked at production costs for my leather pouches. Quick research has shown me that, it may prove to be an expensive venture. So I have decided to use laminated pouches instead which will cost me between £10 – £30 depending on the amount. In the future, with the business’ growth, I will then look into investing into leather pouches as a innovation to keep pushing the business.