IMPLEMENTATION OF NEW BUSINESS MODELS IN SOCIAL MEDIA MARKETING ON THE EXAMPLE OF LLC «MILLISA»
Ministry of Education and Science of the Russian Federation
Federal State Budget Educational Establishment of Higher Education
“SAINT PETERSBURG STATE UNIVERSITY OF ECONOMICS (SPbSUE)”
International school of economics and politics
INTERNSHIP REPORT
(pre-diploma practice)
Specialty 38.04.01 «Economy»
Program European Master Program «Economy of Enterprise, Quality and Innovations»
Student name Khachatrian Dzhemma Ambartsumovna
Supervisor: PhD in Economics, associate professor Serova E.G.
Date: 06.03.19 - 18.05.19
Grade «________________» ___________________________
«____» __________________ 2019
Saint-Petersburg
2019
LIST OF CONTENT
INTRODUCTION.. 3
1. THEORETICAL RESULTS OF PREVIOUS RESEARCH.. 5
2. IMPLEMENTATION OF NEW BUSINESS MODELS IN SOCIAL MEDIA MARKETING ON THE EXAMPLE OF LLC «MILLISA». 5
2.1. A company profile. 6
2.2. Business model analysis. 7
2.3. Implementation of social media marketing business model 11
LIST OF REFERENCES. 22
INTRODUCTION
The company where the internship was carried out is a beauty salon «Millisa». «Millisa» provides beauty and wellness services. Its services include beauty and facial salon, and nail service, cosmetology, eyebrows, and eyelashes correction.
The Beauty segment provides beauty and wellness services. The beauty salon involves in the sale of skin care products and cosmetics. As the main partners of the salon are the leading brands of the world of cosmetics.
A team of professionals takes care of the beauty needs of clients. Experienced nail technicians and beauty therapists provide them with the very best service and advice. Basic principles of work have become benevolence, sensitive attitude to each client and a high level of professionalism in all areas of the services provided.
The main services are:
· Nail service: manicure, pedicure, gel polish, shellac, nail extension;
· Depilation of the body with wax, sugar (shugaring);
· Classic, relaxing, anti-cellulite massage;
· Tattoo of the face, correction and painting of eyebrows, and eyelashes.
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It remains a very important question for LLC «MILLISA» how and with what tools new clients can be attracted. Social networks at the moment are the main way of advertising and developing customer relationships of the company, but without the implementation of a clear business model, social media marketing is not so effective.
Pre-diploma internship is aimed to find out how company can define the problems of its activity and to improve its business model in social media marketing. To answer on it question next objectives were established:
- To explore social media and to find out its positive impact on the business;
- To analyze social media marketing and its main strategies;
- To analze the concept of business model and examine the main features of its building;
- To analyze the main types of social media business models and the specifics of their use;
- To analyze business model blocks used by social media;
- To analyze the effectiveness of SMM of LLC «MILLISA» before and after social media business model implementation.
The object of this study is new business models in social media marketing. The subject of the study is marketing activities in social media. The purpose is to study the business model impact on the social media marketing of LLC «MILLISA» and the possibilities of its implementation.
THEORETICAL RESULTS OF PREVIOUS RESEARCH
Before start analysing «Millisa» beauty salon it is important to cover briefly the main topics. In the theoretical part of the work, social media and how it positively influences the activities of any company were learned, various social media strategies were analyzed, also various types of business models and their influence on the company's activities were revealed in order to use this knowledge in the practical part of the work.
Thanks to the new business model, we were able to highlight the key points of the branded community, outlined the direction, justified effective and inefficient ways to build communication with the user.
The following business models of social media were identified:
• The Advertising Model
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• The Freemium Model
• The Affiliate Model
• The Merchandise Model
• The Subscription Model
IMPLEMENTATION OF NEW BUSINESS MODELS IN SOCIAL MEDIA MARKETING ON THE EXAMPLE OF LLC «MILLISA»
A company profile
Beauty Salon «Millisa» provides beauty and wellness services. Its services include beauty and facial salon, and nail service, cosmetology, eyebrows, and eyelashes correction. The company was founded by Armine Kocharian and Dzhemma Khachatrian and is headquartered in Saint-Petersburg in January 2018.
The Beauty segment provides beauty and wellness services. The beauty salon involves in the sale of skin care products and cosmetics. As the main partners of the salon are the leading brands of the world of cosmetics.
A team of professionals takes care of the beauty needs of clients. Experienced nail technicians and beauty therapists provide them with the very best service and advice. Basic principles of work have become benevolence, sensitive attitude to each client and a high level of professionalism in all areas of the services provided.
The main services are:
· Nail service: manicure, pedicure, gel polish, shellac, nail extension;
· Depilation of the body with wax, sugar (shugaring);
· Classic, relaxing, anti-cellulite massage;
· Tattoo of the face, correction and painting of eyebrows, and eyelashes.
Business model analysis
After analyzing the activities of the Beauty Salon «Millisa», the following items were derived (FIGURE 3):
FIGURE 1 Business Model Canvas «Millisa»
Customer Segments
In customer segments, the company focuses on women aged 18 - 55 years, who takes about their beauty frequently and on men aged 25 - 45, who works politicians, showmen, bankers, and lawyers.
Men and children have a smaller share of consumption. Сustomers are people with middle and high-income who value their time and money and also want a decent level of service.
Value propositions
The beauty company is delivering professional products and services for customers in different beauty means, such as nail arts, cosmetology, brow correction, eyelashes extensions, and makeup. The main objects of developing a business are:
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· quality and quick delivery of service;
· best materials.
Also in studio customers can buy American cosmetics products. So there are more options for the customer, so buyer is able to buy and uses our beauty in the same place and at the same time. In addition, there is a range of services in 6 hands. It is an advantage for the customer in time-saving and convenience.
Channels
The company uses physical channels or web channels to deliver its value proposition to a customer segment by social media (Instagram, Facebook, Vkontakte), maps (Yandex, Google Map, 2GIS), different mobile applications (Zoon, TripAdvisor) and paper advertising (flysheets). When used in collaboration with other tactics, however, social media can elevate products significantly in a target customer segment’s estimation. Als well as inviting the famous bloggers is considered one of the best ways of advertisement.
Customer Relationship
In the customer relationship of organization, personal assistance is one of the strategic ways to involve many clients. In this way, every client has induvidual approach, which makes them feel like a VIP client. Self-service is the main way for the client through internet. Clients have an opportunity to register, have appointments and checkout by themselves online. This will help to manage their schedules easily. Furthermore, co-creation helps to promote the product by high reputation bloggers through Instagram will increase the popularity of the company. A high reputation will make the trends to the public to make them come to the beauty salon.
Revenue Streams
Revenue streams of the company show advertising is one of the value. A famous blogger is worth the pay for the endorsement. Clients are willing to pay the money on services, which are used by their idols.
Key resources
There are several key resources to maintain the business model. One of the key resources types is financial. The aim of financial resources is raising money. Its mean we do the financial plan for the company to increase sales revenue, such as future plan, business plan, researching in sales. The company provides training for our employees to increase their skills, knowledge, and ability in beauty services. It is advantages for the company to build a positive corporate image and improve sales productivity. Customer Database and online scheduling are also maintained.
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Key activities
In production activities, we sell beauty products and services. Lastly, we selecting a collection of beauty idea to improving our business way. The company is analyzing competitors’ offerings in order to stay up to date with the latest market innovations and create the best offer.
In order to provide professional services for customer, was created the customer relationships for problem-solving. In supply chain management activities, companies pay employee wages and create a brand management positions. The brand manager will recruit employee and managing stocks for the company.
Also, clear, simple and stable pricing is one of a significant component that helps customers understand how much money they will spend on this or that service.
Key partners
Without experienced staff, it is impossible to get ahead in the beauty industry. Therefore, the salon works only with professionals: manicure and pedicure masters, eyebrows and eyelashes masters, stylists. This beauty company also collaborates with the «BeautyTips Shop» company, which selling beauty products from the United States of America. So the company can offer more product and complementary services, its benefits a company to attract more customers in the different beauty market. Besides, it shares a market ideas and market strategy in business ways to increases sales revenues, such as the salon provide professional services and provide more options for the customer to enjoy beauty services and products.
Cost Structure
The cost structure of the organization shows a value drive and cost driven. Value drive is extensive outsourcing through this organization makes it into a high value because finding high reputation bloggers to promote the products. That’s the value that driven the organization into the premium cost. Other than that, fixed cost is the salaries of the employee that contains in the structure. Cost has driven by the cost of the organization because of research in other markets and companies. This costs the organization but getting back high value to know what the market is doing.
Canvas business model in just a few minutes helped to review an entire business model, find weak points and understand what is really important for each business.
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