Section 3 - Competitor Assessment

SB247 in its competitor assessment has identified companies that have similar products and services that address customers that represent its core target profile.

SB247 competitor falls into two categories: audio production companies and distributors. The list of competitors includes Audible, HarperCollins, Macmillan, Hachette, Penguin Random House, Oasis Audio, and Simon & Schuster.

Audible is a retailer, publisher, and distributor of audio products. Their core competency is distribution. They do have a subsection of their company ACX that connects authors with production companies (Scribe Media, n.d.). Audible is owned by Amazon, the king of online book sales and distribution.

HarperCollins, or Harper Audio works with the agents to acquire books written by authors. An author can not submit books for consideration (Scribe Media, n.d.)

Scribe Media, is a production company. Not unlike a traditional music recording studio. They produce, record, engineer, direct, and deliver a quality audiobook production. They do not retain any rights to the audiobook (Scribe Media, n.d.)

Oasis Audio, produces inspirational books.

Hachette, boasts of 24 Grammy nominations. They do not accept unsolicited materials (Scribe Media, n.d.)

In summary, most competitors acquire audiobooks from agents. They are not production companies. SB247 has identified focusing on audio production to be its core competency and competitive edge. SB247s background in audio and music production allows SB247 to swiftly enter the market and acquire market share before being noticed.

The customer profiles that all these companies are targeting are authors and those who read fiction and non-fiction books. The age range is 18-54. The younger consumer tends to desire on-the-go products and services they can consume. SB247 will target authors with limited production experience but have quality writing skills.

Marketing Plan

SB247 will offer audio production services for authors, retailers, and distributors. The service will be used as an alternative to self-production and distribution-based production services. SB247 will also self-produce and produce audio products for independent and commercial authors.

The advertising plan will start hyper-locally. SB247 will join the local author community. Build relationships with customers organically. Support and sponsor book clubs.

Features

SB247 will offer one-stop production services including, digital recording, editing, sound effects, and musical themes when needed. A state-of-the-art vocal booth and online vocal recording/virtual studio options will be available. Vocal coaching for authors will be provided as well as vocal talent options when needed. Background and intro music will be offered to enhance production. The final product will be commercial quality ready.

Benefits

An SB247 will change the life of the author by producing engaging final products that sound like top selling audio books. The vocal quality of the narrator will match and enhance the energy and pacing needed to deliver an effective recording.

Pricing

The perceived value of the service will be enhanced by creating a superstar atmosphere. SB247 will make the author feel like a million bucks. The pricing will be competitive but within reach of a local customer. The customer will walk away feeling like they found a high-end product at a discounted rate. Customers feel great value when they find a high-quality product or service at a good/fair price (Purdue Extension, n.d.) The price will be a little less than competitors but with a perceived better experience. The customer will feel like a king on a budget.

Production Cost

SB247 has the advantage of using the latest audio technology and artificial intelligence to provide a high-quality production service without the overhead of a large production team. Microphones will be a large expense however. Having an extremely high-quality microphone is a game-changer. It allows SB247 to offer something the average consumer cant afford to buy themselves. This allows for a pricing structure that will cause the customer to consider paying more. Some customers will pay more for the best. This offers the up-sell option over the basic package rate. For this reason, SB247 will invest in pricey microphones will keeping other production costs to the bare minimum. This will allow for a profitable exchange while keeping the price within reach of the customer.

According to the above sections of this business plan, is it in line? Why?