Cost-Benefit Analysis

TOPIC: NICHOLBY'S

Nicholby's (nicholbys.com)

Objective :

• To increase Nicholby's revenue, we recommend 3 social media platforms (Facebook app, Instagram page, and Twitter)

To do :

1. Introduction of Cost-Benefit Analysis
2. Recommendation: Prioritise visual content ( Facebook,Instagram, and Twitter)
3. Reportwith figuresand calculations proposal

NOTE:sample assignmentwas attached for yourreference

I will only focus on these 3 points underPrioritise visual content.

Sample

COST BENEFIT ANALYSIS A cost-benefit analysis is a method in which businesses can evaluate decisions, systems, or projects, or assesses and intangible cost. The model is developed by recognizing the benefit of an operation as well as the related costs and subtracting the benefits from the costs. A con benefit analysis in an effective business planning tool that involves evaluating the possible coats and benefits of targeting those that provide the greatest net benefit of future projects. The cool-benefit analysis lays down the decision for which ventures to undertake and which ones to avoid on these are the most critical aspects of the managerton of the companies In order to analyse the benefits and costs of the project w need to look the resuming, non- recumming, direct, indirect, tangible and mitangible costs. After the mealysis and calculations, if the benefit surpasses the cost, then the project is good to go. Our objective is to increase the revenge of Hotel Novotel, North York by 314 within 6 months by engaging audience through various social media platforms. For to increase revenue we have four recommendations: 1. Priceitive vivaal content 2. Stay engaged with brand followers 3. Revive the social media 4, CHDM certification To apply these recommendations for fulfilling the objective there are poor mandatory costs to be incurred. These recommendations have many benefits mainly of boosting revenue and brand awareness for which we have to pay certain coats. So, we have conducted the cost- benefit1.Prioritising visual content: Social media marketing is becoming increasingly a struggle to catch the attention of viewers. There are some reasons why hotels should spend their time, resources and energy in creating visual contents. Various types of visual content should be produced and how these should relate to overall social media strategy. Visual content addresses the message in a precise and engaging manner, it helps marketers to communicate their message in an authentic and engaging way. Everyone in social media circles is conscious that displayed content performs better than plain text. Some of the great things about marketing on social media is there's something for everyone. It reaches the mass audience and visuals attracts every type of audiences in every way. Cost Benefit Analysis - Prioritising Visual Content Considering the importance of social media platforms and focusing on visual content Hotel Novotel, North York has to incur costs for Instagram ads, Instagram management fees, targeted marketing campaigns, social media marketing and a part-time photographer. . Cost for Instagram ads: The cost for Instagram ads ranges between $1.00 per click on an average (Karlson, 2020). We assume to start by 1000 clicks monthly on the page and this is the recurring cost which will take place every month. Calculations: 1000 clicks monthly at $1.00 rate per click So, the cost for first three months is $3,000 and $ 6,000 for next 2 yearsInstaggg management fees: On an average. histogram management pricing ranges between $800-$l,000 per month (Instagrmn Management 2020). This is the fee if give some another company to handle our Instagram page. We have taken this fee as minimum, i.e. $800 per month for which quarterly fee is $2,400 ($800'3) and halfyearly fee is $4,800 ($800'6). Targeted marketing camgaigg: We have taken the minimum cost i.e. $800 for 3 months (Jones, 2019). The cost for 6 months is $1,600. Social media markeg'gg: The cost for publishing content on social media platforms varies between $500$3,000;' month (Jones, 2019). Phot a her art-time : We have assumed that we need a photographer to capture interiors of the hotel, the rooms, lobby, restaurant and also the scenic views around the hotel. If the live location visuals would be presented on the social media handles then more guests would be attracted. We hire part time professional photographer on weekly basis so that we can showcase hotel at its best. For part- time photographer we have taken the annual salary of $19800. So, the salary for three months is $4,950 ($1,650'3) and $9,900 for every 6 months ($1,650'6). COST BENEFIT ANALYSIS TEMPLATE V smartsheet COMPANY NAME Novotel Toronto North York DATE CONDUCTED 30-06-2020 PROPOSED PRODUCTAINITIATIVE/SERVICE Proiritize visual content COMPLETED BY Completed by group # 9 QUANTITATIVE ANALYSIS YEAR 0 6 MONTHS YEAR 1 18 MONTHS YEAR 2 TOTAL NON-RECURRING COSTS TOTAL NON-RECURRING COSTS S $ $ S RECURRING COSTS Cost for instagram ads S 3,000.00 $ 6,000.00 $ 6,000.00 6,000.00 $ 6,000.00 S 27,000.00 Instagram management fee S 2,400.00 $ 4,800.00 $ 4,800.00 4,800.00 $ 4,800.00 S 21,600.00 Targeted marketing campaigns S 800.00 $ 1,600.00 $ 1,600.00 S 1,600.00 1,600.00 S 7,200.00 Photographer ( part time) S 4,950.00 $ 9,900.00 $ 9,900.00 9,900.00 $ 9,900.00 S 44,550.00 Social media marketing 1,500.00 $ 3,000.00 $ 3,000.00 3,000.00 $ 3,000.00 S 13,500.00 TOTAL RECURRING COSTS S 12,650.00 $ 25,300.00 S 25,300.00 25,300.00 25,300.00 S 113,850.00 TOTAL COSTS S 12,650.00 $ 25,300.00 S 25,300.00 25,300.00 $ 25,300.00 S 113,850.00