Brand Driven Growth Platforms
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Identifying growth platforms through a brand-driven innovation process: a case of the Sci Fi Channel. A roundtable discussion on behalf of The University of Chicago Booth School of Business.
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Brand Driven Growth Platforms
- 2. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 2 Sci Fi Channel – Background § A 14 year-old, niche cable channel offering both syndicated and original shows § Parent company: GE / NBC Universal § Ranked #7 basic cable channel, aUer USA, TNT, TBS, FX, SPIKE, and LIFE § Revenues: $435 million (primarily from licensing and adver0sing fees) § Opera0ng profits: 34%; Ra0ngs growth: 8% § Fully distributed in 88M U.S. homes, with opera0ons in Europe § SciFi.com ranked #1 Sci-fi website § Core audience: Older males, average age: 42
- 4. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 4 The Project Business Strategy & Innova0on • Assess strategic business opportuni0es • Formulate business cases for extending the Sci Fi brand through various concepts • Iden0fy new, innova0ve products and services the Sci Fi brand could offer • Help prepare for S1M discussions (strategic planning process) Brand Strategy • Understand the sci-fi / fantasy genre from the consumer perspec0ve • Explore the poten0al extendibility of the Sci Fi brand beyond its core television pla5orm • Refine the brand strategy to allow for significant business growth with a target audiences Objec0ve: Iden0fy growth pla5orms by re-imagining the en0re business and brand in ways that significantly increase opportuni0es for expansion
- 6. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 6 Process § Defining target consumers § Redefining the Sci Fi brand § Brainstorming offer concepts § Narrowing in on aerac0ve businesses § Recommenda0ons
- 7. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 7 Sci Fi Segments InvolvementNone High Religion Realists 16% Escapists 16% § 41 § Female § $50K § Married / Kids § Low College § Heavy TV § Heavy Readers § Love Fantasy § 40 - 50 § Mothers § Married § Southern § Moderate TV § Light Internet § Conserva0ve § Love God & Family § 31 § Male/Female § $45K § Single § Ethnic. Diverse § Heavy TV § Heavy Gamers § Love Thrills Screamers 19% § 27 § Male § <$40K § Single § Ethnic. Diverse § Heavy TV § Heavy Movies § Love Being Scared TV Snobs 17% § 40 § Male/Female § $45K § Married § Caucasian § Light TV § Readers § Love Learning Young Marvels 16% SciPhiles 16% § 42 § Male § $55K § Married § College § Light TV § Heavy Internet § Love science
- 8. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 8 Addressing shortfalls with the Sci Fi segments § Segmenta0on based primarily on TV watching behaviors – tomorrow's segments will have to be based on broader entertainment consump0on § There was limited future poten0al with how targets were defined (we did not know enough about them outside of the TV / sci-fi categories) § High poten0al groups (children) were not included in the segmenta0on Address the shorHall § We developed a hypothe0cal consumer framework more useful and ac0onable for future offer development § We validated and refined those hypothe0cal consumer groups with inputs from the qualita0ve research
- 9. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 9 Tomorrow’s target will: § Look very different than today’s core viewing audience § Skew considerably younger § Move toward more of a gender balance, but might slightly skew male § Consume more forms of entertainment (including digital) vs. tradi0onal TV § Have higher incomes and more sophis0cated tastes
- 10. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 10 Target Audiences Adults Children Young adults w/ no kids (18 – 30) Families w/ children 4 – 12 Tweens (8 - 12 ) Young Kids (4 – 8) All large groups with significant purchasing power and/or influence ~ 35M (people) ~ $750B (total spend) ~ 35M (HH) ~ $1,650B (HH expenditures) ~ 15M (people) ~ $85B (total spend) ~ 20M (people) ~ $105B (total spend on kids) § Significant purchasing power § Extremely tech savvy § Hungry for explora0on, self expression, sharing of informa0on and new experiences § Many interested in sci-fi related genres § Increasingly influenced by children § Increasingly difficult to target as interests within family fragment § Significant influence on parents / family § Establishes a pipeline for future offers § Less likely to have limi0ng associa0ons of “sci-fi” § Increasing buying power § Extremely tech savvy § Media-centric – they spend 6.5 hours/day online and/or watching TV § Offers developed could be leveraged into young adults § Has an affinity for the unknown / sci-fi § Tech savvy § Heavy TV watchers § Heavy readers § Impressionable
- 11. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 11 An iterative process to redefine the brand and determine the best concepts to consider • Development of mul0ple offer ideas from different sources • From: TV-centric • To: a broader defini0on to direct future concept development • Combining mul0ple ideas into bigger , broader, more diges0ble concepts • Packaging ideas to generate excitement and elicit internal feedback • Overall Appeal • Differen0a0on • Brand Extendibility Idea Genera0on Brand Redefini0on Concept Development Evalua0on & Priori0za0on Diverge Converge
- 12. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 12 Process § Defining target consumers § Redefining the Sci Fi brand § Brainstorming offer concepts § Narrowing in on aerac0ve businesses § Recommenda0ons
- 13. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 13 Idea Generation Par0cipants Internal § Sci Fi § NBC Universal § Prophet § Agencies partners Crea0ve Consumers Pulled from panels consis0ng of crea0ve thinkers Genre Enthusiasts Self iden0fied enthusiasts of the Sci-fi genres Methodology § Management Interviews § Channel Retreat - over 50 internal par0cipants § Full group discussions and break-outs § 3 - 4 sessions § Each group to focus on dis0nct topics to provide breadth of ideas § Warm-up – geqng par0cipants in the right frame of mind (“all things sci-fi”) § Mul0ple techniques used § Several short-burst discussions Facilitators § Professional facilitator specializing in crea0ve thinking, innova0on, and new product development § Trained to strike appropriate balance between “blue sky” idea0on, and idea genera0on that is more pragma0c Hundreds of Ideas & Brand Insights
- 14. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 14 Brand Definition & Concept Development Brand Themes and Filters / Criteria 1. Be entertaining and fun 2. Be thought-provoking 3. Be mysterious / a liele quirky 4. Be significant Hundreds of Ideas & Brand Insights Business Concepts
- 16. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 16 “Transform” Business Concepts § Brand a large plot of land, or self contained property § Stage fantasies for 6-8 people who share similar fantasies § Transport consumers to a different 0me, place, under an assumed role § Sell take-home products, subscrip0ons to an online community Fantasy Des0na0ons § A room within houses that enables transforma0on to a different 0me or place § “Dynamic media wall” § Addi0onal accessories (e.g., music, objects, furniture) to enhance the transforma0on § Revenues from user fees and media fees Changing Room Interac0ve Role Play § Sci Fi MMORP, based on new sci-fi themes and exis0ng programs § Par0cipants subscribe to game and purchase characters and tools to advance to higher levels § Tie-into actual Sci Fi TV content, with winners determining the fate of characters, outcomes
- 18. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 18 “Explore” Business Concepts § A kiosk that uses virtual reality technology to provide users with an explora0on of the unknown § Themes to include “0me travel” to numerous different combina0ons of loca0on and 0me (e.g., space, the human mind, etc.) § Kiosks could be freestanding or reside in a mall § An overnight train ride that stages an explora0on of themes rela0ng to sci fi § The staff, always in character, interact with passengers to facilitates explora0on § Periodic stops along the journey brings the explora0on to life § Children and adult versions Fantasy Train Virtual Reality Pods
- 20. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 20 “Create” Business Concepts § Sci Fi stages themed social events; includes crea0ng party entertainment kits § Event planning that taps into social trend of kid-designed, crea0ve entertainment § Themes to include space travel, extreme adventure, special effects, alien abduc0on, etc. § Web-based, user-generated story crea0on contest, using tools from Sci Fi including video clips, characters, sample scripts § Consumers form virtual teams and create a “finished product” § The winning team has story produced by Sci Fi into mul0ple media forms Networked Story-building Staged Events
- 21. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 21 Qualitative research to gain insights on the Sci Fi brand and business concepts § 8 Total Groups (2 hour sessions) § 3 U.S. Ci0es § 3 types of par0cipant make-ups, 8 par0cipants each § Trend-seqng young adults w/ no kids (4 groups) § Progressive adults with kids 4 – 8 (2 groups) § Social Tweens 11 - 13 (2 groups) § Key Topic Areas § Aqtudes, percep0ons and behaviors rela0ve to entertainment and sci-fi genres § Reac0ons to business ideas (favorable or not, why, improvement modifica0ons) § Percep0ons of Sci Fi brand (equity / extendibility rela0ve to business ideas) § Reac0ons to brand posi0oning pla5orms / iden00es § Refinement of ideas (to increase their value, differen0a0on, and credibility to Sci Fi)
- 22. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 22 Evaluation: Appeal and differentiation were based on three things + • Fantasy Des0na0ons “If Sci Fi did an amusement park” • Immersion Pods “It would have to be close to home video games now – high definiAon” + • Fantasy Des0na0ons “You can role play, you can create… it’s a fun family thing” • Mind Bar • Role Play Game • Crea0vity Game + • Changing Room “I can put anything I want on it - even Johnny Depp” • Role Play Game • Fantasy Des0na0ons - • Virtual Reality Gear “Earlier versions were crappy” • HH of the Future “A liKle out of reach; too futurisAc” - • Immersion Pods “So isolaAng…it’d be more fun if there were others to interact with” - • HH of the Future “It loses the appeal of home – there is no comfort, no warmth” Believability Interac0vity Customizable
- 24. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 24 Based on the insights, we refined what the brand should stand for in the future Fueling the ImaginaAon From To For those with curious minds and a love for entertainment, Sci Fi is the lifestyle brand that allows consumers to escape to new realms through continuous transformative experiences TransformaAve Escapes Op0mis0c Mind-blowing Immersive Wonderfully Eccentric The Sci Fi Experience The Sci Fi Personality Human S0mula0ng High-Quality Risk-taking Smart Relatable Invi0ng TV-Centric Experien0al (at home, on-the-go, des0na0ons)
- 25. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 25 Process § Defining target consumers § Redefining the Sci Fi brand § Brainstorming offer concepts § Narrowing in on acrac0ve businesses § Recommenda0ons
- 26. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 26 Category Distillation 1. Aerospace & Defense 2. Agriculture 3. Auto. & Transport 4. Banking 5. Beverages 6. Business Services 7. Charitable Orgs. 8. Chemicals 9. Computer Hardware 10. Computer Services 11. Computer SoUware 12. Construc0on 13. Consumer Products 14. Consumer Services 15. Cultural Ins0tu0ons 16. Educa0on 17. Electronics 18. Energy & U0li0es 19. Envt. Svcs, & Equip. 20. Financial Services 21. Food 22. Founda0ons 23. Government 24. Health Care 25. Industrial Mfct. 26. Insurance 27. Leisure 28. Media 29. Membership Orgs. 30. Metals & Mining 31. Pharmaceu0cals 32. Real Estate 33. Retail 34. Security Pdcts & Svcs. 35. Telecom. Equipment 36. Telecom. Services 37. Transporta0on Svcs. Started with 37 SIC codes Media Consumer Products Leisure Ended with 3 Categories B2C Entertainment or Educa0onal Lifestyle Oriented Sci Fi Screens
- 27. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 27 Related Industries – Opportunity Landscape • Conven0ons Accessories • Mobile • merchandise Gaming Hardware • Consoles, devices, PCs • Gaming gear Home Appliances • Sci Fi inspired smart appliances Ready to Assemble • Changeable Living Spaces HH of tomorrow Architectural Ligh0ng • Illuminated wallpaper Ligh0ng units • Line of floor, desk & wall lights Technology enabled apparel & jewelry • MulA-funcAon wearable device • Bou-tech Mul0ple IPTV channels Service Provider Content Extensions • ringtones & Ring backs • Wallpaper • Text Alerts Hotels & Resorts • Fantasy DesAnaAons Amusement Parks / • Fantasy DesAnaAons • Arcades / FECs Gaming SoUware • Video Games, Online Games, Mobile Games, Computer games • InteracAve Role Play Game • CreaAvity Game Home Storage, Org. Products, & accessories Audio Video Equipment • Media Wall • Immersion pods Internet / Digital Music Distribu0on & Downloads Cable TV Broadcast TV Produc0on & Distribu0on Mo0on Picture Produc0on & Distribu0on (long format) Travel Services • Staged events Leisure Music Media Consumer Products (non-retailing) Commemora0ve Products Television Film & Video Book Publishing Periodicals • Online story- building Trading Cards & Comic Books Digital Content Distribu0on Online story-building Publishing Consumer Electronics Toys & Games House wares Home Furniture Ligh0ng Appliances Apparel & Jewelry Lodging Entertainment Specialty Eateries • Mind Bar Restaurant & Cafes Training Services (support) Mobile 8 7 6 5 4 3 2 1 3 Categories 18 Industries, 8 high priority 36 sub-industries, 13 high priority (darker backgrounds) Concept bundles from boeom-up explora0on # Abcd Opportunity Landscape
- 28. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 28 Industries were profiled across key dimensions Entertainment - Theme Park (Experience/Ride) Restaurant (Themed Full Service ) Lodging (Mid-Level Hotel) Entertainment – Conven0ons Entertainment – Arcades / FECs Economics § $11.3B market § 3% CAGR § 20-30% op. margin § Avg. $67 for one day 0cket / $115 for mul0-park § $510 (total), $174B (themed restaurants) § 6-7% CAGR § 10-20% op. margin § Avg. HH spend / year: $2,434 § $121B (total), $42M (mid-level) § 5% CAGR § 35-35% op. margin § Avg. spend for leisure: $85 - 90 / night § $10.8B market § 5% CAGR § Low op. margins § $1.4B market § (2-3%) CAGR § 10% avg.op. mgns. § Wide range of op. margins fr. 0 – 17%) Market Outlook & Trends § Mature, saturated market w/ low growth and limited revenue opportunity § High OPEX required, as an operator § Industry in transi0on Revenue drivers: § Admission fees (55% of revenue), then food, games, and merchandise Trends § Increasingly sophis0cated (and costly) rides – more immersive, interac0ve • Mature, saturated market w/ low growth and limited revenue opportunity • Difficult business to sustain growth (23% restaurants fail by year one, 60% by year three) Revenue drivers • Traffic, revenue per table, high margin items (i.e., dessert, liquor) Trends § Migra0on from price to experience (“eater-tainment”) § Less expansion, more remodeling / re-inven0on § Mature market w/ low growth § Higher rev. genera0on opportunity § High OPEX required, as an operator Revenue drivers: § Occupancy and room rates, other services (food, spa) Trends § From func0on to experience § Many compe0tors reinven0ng offers with design, ingredient brands (Heavenly, Bliss) § Slowly growing market with low op. margins § Coordina0on intensive Revenue drivers: § Qty. of shows / fees, growth in segment Trends § Increased role of conven0ons as promo0onal tools § Small, declining market w/ stagnant prices § Severe compe00on from subs0tutes (in-home & mobile video games) Revenue drivers: § Games, admission fees, repeat aeend. Trends § Decreased availability of new games § Neg. public image Compe00on § Top five operators account for most indust. revenues) CriAcal Success Factors: § Loca0on (near large tourist des0na0ons) § Con0nuous innova0on § Ability to bundle services § Access to capital § Brand reputa0on Major players: § Disney: 48%, $5.4B § Universal: 10%, $1.1B § Six Flags 10%, $1.1B § Anheuser-Busch 10%, $1.1B § Highly fragmented, regional, mul0ple entrants and exits CriAcal Success Factors: § Differen0ated offering § Loca0on § Access to capital § Op. & HR management § Recognized brand Major players: § McDonalds: 1.4%, $7B § YUM!: 1.2%, $5.9B § Darden: 1.2, $5.7B § Wendy’s: 0.5%, $2.4B § Landrys 0.3%, 1.2B § Somewhat fragmented CriAcal Success: § Advantage comes § Differen0ated offering § Loca0on § Access to capital § Op. management § Strong brand por5olio § Loyalty programs Major players (%- rooms): § Cendant: 9.9%, $3,.3B § Marrioe: 8.7%, $11.5B § Hilton: 8.1%, $4.4B § Starwood: $5.9B § Highly fragm., few large operators assoc. w/ major centers § Low entry barrier § Accounts for 1/3 of hotel revs. CriAcal Success: § Strong planning / coordina0on § Alliances § Word of mouth Major players: § The Freeman Co.: 9.3%, 1B § Fragmented: largest eight account for <30% of revs. § High fixed cost and capital expenditures CriAcal Success: § Loca0on § New games § Control on op. exp. Major players: § D&B: 25%, $0.4B § Chuck E. Ch.: $0.7B § Game Works: 4%, $60M
- 29. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 29 Each industry was scored to determine attractiveness Entertainment / Other Restaurants Lodging (Hotels) Amusement Parks Conven0ons Arcades / FECs Financial Objec0ves (revenue & profit potenAal) § Moderate size ($11.3B) § Slow growth (3%) § Healthy op. margins (15%) § High fixed costs § Moderate size ($10.8B) § Slow growth (5%) § Low op. margins § Small market ($1.4B) § Declining (-2-3%) § High failure rate § High fixed costs § Large market ($510B) § Slow growth (6-7%) § High failure rate (60%) § Limited rev. poten0al § Large market ($121B) § Slow growth (5%) § High op. margins § High OPEX Business Strategy (alignment w/ strategy) § Limited poten0al to broaden viewer ship but high poten0al to mone0ze brand § Will diversify business well § Very synergis0c w/ other offers and Universal § Limited poten0al to broaden viewer ship or mone0ze brand, but rela0vely easy to enter § Not as diverse as others, more for mktg. than rev. § Limited poten0al to broaden viewer ship or mone0ze brand § Could diversify bus. & increase exposure, only if large scale § Limited poten0al to broaden viewer ship § High poten0al to mone0ze brand § Will diversify business § Somewhat synergis0c § Limited poten0al to broaden viewer ship § High poten0al to mone0ze brand § Will diversify business § Somewhat synergis0c Brand Strategy (reinforces future aspiraAons) § Very good oppty. to be “transforma0ve” / immersive / fun / unique § Good oppty. to change limi0ng percep0ons of Sci Fi § Natural fit wit the brand § Limited poten0al to be “transforma0ve” / immersive § Risk of perpetua0ng current brand image § Won’t help change percpe0ons § If executed well, can be “transforma0ve” / differen0a0ng § Neg. percep0ons of industry could reflect poorly on brand § If well executed, can be “transforma0ve” / diff. § Oppty. to change limi0ng percep0ons of Sci Fi § Food elements could diminish “escape” § If well executed, can be “transforma0ve” / diff/ § Oppty. to change limi0ng percep0ons of Sci Fi § Current percep0ons might limit trial Target Segments (fit with target segments) § Very good fit with target’s preferences & behaviors (avg. age: 25 – 44, esp. families) § Cap0ve audience (avg. stay is 5.3 nights) § Increasing interest by adults (1/2 of those visi0ng Disney World) , rejuvenile phenom. § Good fit with target (families, tweens), but limited exposure to mass audience § Conven0ons for sc-fi related content is growing in popularity § Trends moving away from entertainment ctrs. and more toward themed restaurants (eater- tainment) and in-home / mobile games § Possible oppty. with tweens, but untested § Very good fit with target’s preferences & behaviors § Increasing spend and traffic of families § Increas. popularity of themed eater-tainment restaurants w/ families § Good fit with consumer trends (blend of uses – lifestyle oriented) § Those who choose a des0na0on based on a TV / Movie more likely to be younger, higher income, college educated, w/ children Overall Attractiveness
- 30. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 30 We then developed financial models for each industry Aggressive Scenario INCOME STATEMENT Revenues Cost of Goods Sold Gross Profit Gross Margin Opera0ng Payroll Opera0ng Profit OperaAng Margin CASH FLOW PROJECTIONS Operat. Cash Flow Capital Expenditures Net Cash Flow OPEARTING DATA FIXED ASSET DATA Total Investment Moderate Scenario INCOME STATEMENT Revenues Cost of Goods Sold Gross Profit Gross Margin Opera0ng Payroll Opera0ng Profit OperaAng Margin CASH FLOW PROJECTIONS Operat. Cash Flow Capital Expenditures Net Cash Flow OPEARTING DATA FIXED ASSET DATA Total Investment 1 Established appropriate line item details for a 5- year pro forma Conserva0ve Scenario Year 1 Year 2 Year 3 Year … INCOME STATEMENT Revenues Cost of Goods Sold Gross Profit Gross Margin Opera0ng Payroll Opera0ng Profit OperaAng Margin CASH FLOW PROJECTIONS Operat. Cash Flow Capital Expenditures Net Cash Flow OPERATING DATA FIXED ASSET DATA Total Investment 2 Determined scenarios to model conserva0ve to aggressive projec0ons 3 Made educated assump0ons for key financial inputs based on secondary industry data from analogous companies and offers
- 31. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 31 Process § Defining target consumers § Redefining the Sci Fi brand § Brainstorming offer concepts § Narrowing in on aerac0ve businesses § Recommenda0ons
- 34. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 34 Developments driven by our recommendations Gaming • Compiled list of 40 poten0al acquisi0on/partnership target based on following criteria: 1. Specializes in games that appeal to SCI FI audience 2. Develops games across pla5orms 3. Is of a manageable size allowing for rapid acquisi0on 4. Has track record of releasing successful games 5. Has opera0ons in close proximity, with similar culture 6. Has publishing experience/capabili0es Low-hanging Fruit Extensions • New Broadband channels: • Exploring crea0on of “Sci Fi classics” broadband channel u0lizing public domain genre programming • SCI FI Anime – early stage exploring acquiring or partnering with exis0ng library companies • Print Publishing: • Structuring deal with Hollywood Entertainment (book packager) for noveliza0ons of SCI FI Pictures movies • SCI FI mobile storefront being developed through NBCU Digital team (content to include ringtones, wallpapers, games - launching X) • “Digi-sodes” – Establishing a MGM/Stargate deal for iTunes/Amazon Interna0onal Extensions • Soon to launch in Scandinavia, Australia • Developing Asia, La0n America • Structuring a global brand management infrastructure Programming for the Youth Market • Kids • Exploring Joint Venture with BKN to create a Sci Fi branded Saturday morning on-air programming block and corresponding broadband portal - to include ad sales (on-air, online), DVD & licensing/merchandising • Youth/Young Adults • Nego0a0ng Joint Venture with Virgin Comics - ini0al scope to co-develop/own 5 proper0es to be executed as comic books, then owned asset to develop TV, film merchandise efforts.
- 35. PROPRIETARY AND CONFIDENTIAL SUBSECTION TITLE 35 In Conclusion § Brands are very important to consider when innova0ng - they can either be a source of inspira0on or limi0ng factor of inflated ego § Brands are typically more or less credible in entering new businesses / offerings than companies think they are § Rarely do companies know exactly how far their brand can / should stretch as they innovate for white space opportuni0es § Flexibility around process is also important § A itera0ve art / science and top-down / boeom-up approach can garner the best results, but an overly structured approach could limit uncovering the best insights