Snoozle is on a mission to change the way the world wakes up.
Business overview
| Location | Birmingham, United Kingdom |
|---|---|
| Social media | |
| Website | www.snoozleapp.com |
| Sectors | Entertainment Digital Mixed B2B/B2C |
| Company number | 09453310 |
| Incorporation date | 23 Feb 2015 |
Idea
Introduction
Snoozle is an alarm clock app on a mission to change the way people start their day. There are very few things that every human on the planet does every day but waking up is one of them. Yet despite sleeping next to a connected device, we still wake up to a pre-set alarm sound we dread.
At Snoozle, we’ve recognised the growing desire for tailored audio content, because it saves one of the most important things any of us have; time. We believe people will start waking up to an audio news feed that’s current (like a clock-radio), but tailored to the individual and their specific interests (like a Facebook/ Instagram/ Snapchat news feed).
Our free app allows users to wake up every day to a refreshed audio news feed made up of messages from their friends, themselves and chosen social influencers. We plan to introduce longer form audio content to help users drift off to sleep, and aim to have Snoozle operate across smartphones, smartwatches (and crucially) smart speakers like Amazon Echo.
Intended impact
The idea originated from Snoozle’s founder Phil during some exams. Phil’s girlfriend would send him voice notes on Blackberry Messenger reminding him about key facts for the next day’s exam. Phil would manually set these voice messages as his alarm tone and found that waking up to a friendly & helpful voice was a much more pleasurable & fun way to get a headstart on his important day.
So we’re on a mission to change the way the world wakes up, making the first few minutes of every day better.
Our brand vision is to help create tomorrow and be the first to hear it. Create tomorrow by recording Snoozles and sharing them with friends. Be the first to hear tomorrow as Snoozle breaks news before you’ve had chance to open your eyes and check social media.
Snoozle aims to become the social platform of sleep, attractive to millions of social media savvy individuals around the globe and presenting an exciting opportunity for acquisition to another social media or content giant.
Substantial accomplishments to date
We launched our first public version of Snoozle in Spring 2017, and with little marketing spend to date we have acquired over 1,000 downloads. Whilst that’s decent, we recognise that we are in the very early stages of our business and as such we are asking investors to have substantial belief in the concept, the plan, and in us as a team.
- ‘Snoozle’ is our registered trademark.
- Completely self-funded the business and product development to have a working, viable product live on the app store.
- 65% of current Snoozle users are in the UK, 22% in China and 11% in the USA.
- Throughout the process of concept development and design of the product, Phil has done extensive research and testing with Snoozle on the target demographic (Gen-Z).
In their previous venture, Snoozle’s founders (Phil Neale and Dan Neale) managed The Neales Limited.
- In June 2015 The Neales reached the live final of Britain’s Got Talent, securing over half a million votes and made Simon Cowell cry live on TV!
- In June 2016 The Neales’ self penned debut single was in the Official UK Music Charts, peaking at #6 in the mid week charts and knocking Adele off #1 in the Official Indie Music Charts. This was achieved after Phil secured the backing of the UK’s largest retailer, disrupting the music industry with this alternative route to success.
Monetisation strategy
Snoozle is a free download, and for the 1st year after funding the focus will be on user acquisition. We aim to monetise in early 2019 through 2 key avenues:
- Advertising; Snoozle aims to be the gateway for brands and influencers who want to be part of a customers’ morning routine, with promoted posts. Revenue calculations have been based on 3 ads served to a user each week at a CPM of £10 (podcast ads typically $20-$50).
- Subscription; Advert free, and access to exclusive audio content in their morning news feed and in Snoozle Lullabies (eg. music albums, premium guided meditation and audio series). We target a price of £3 pcm (the price of 2 cups of coffee) per month (vs. Spotify £9.99 pcm, Headspace £9.95 pcm, Netflix £7.49 pcm). We are aiming to have 10% of users to subscribe (vs. Spotify’s 28% of users pay for ad free as of January 2016).
Use of proceeds
- Product Development - 45%.
Introduce Snoozle Lullabies feature; allowing users to fall asleep to content. Snoozle already has content ready to be used for this feature.
Implement push notifications to the app which we believe are vital for retention.
Android version; which nearly doubles the potential audience in the UK.
- Marketing - 25%.
Engagement of PR agency.
Consistent test and learn on social spend; assets created in house.
This is a small marketing budget for year 1, but we believe that it is sufficient to hit user targets, and a lot of additional marketing will be done for free utilising our existing personal networks.
- Staffing - 18%.
Phil as full-time CEO.
- Hosting & Contingency - 12%.
Minor software upgrades.
Additional hosting if usage higher.
Miscellaneous.
This covers the cost of anticipated use up to the first year (based on an expected 10,000 active users).
Market
Target market
B2C: Born after the mid-90s, Gen Z have grown up with social media and smart phones. They are the most familiar generation with creating and sharing voice notes in favour of text, as it saves them time.
We will target secondary schools and universities in the UK for year 1, and then plan to to target USA colleges.
B2B: For influencers, media and brands, being one of the first things your audience hears in the day we think is a compelling opportunity and an advertising platform. Phil’s brand experience from working in both agencies and corporate environments gives a great network and platform to reach out to brands and influencers in the right way.
We plan to give influencers the benefit of ‘Verified Wake Up Artist’ status (like 'Verified' on Twitter) and they will also be promoted through the app in a ‘discover’ section. We expect that these Wake Up Artists will not only bring with them an existing engaged audience, but also will deliver good quality content for users who want to wake up to more than just their friends.
Characteristics of target market
B2C:
- Close to 50% are connected online for over 10 hours per day.
By 2020, Gen Z will account for 40% of all consumers, with 96% owning a smartphone.
- Over 85% of Generation Z will learn about new products through social platforms and 69% will visit a store based on a retailer’s social post.
- 8 out of 10 Gen-Z individuals are influenced by opinions they get on social media.
B2B, Influencers:
- 84% of marketers utilise Influencer Marketing campaign tactics, demonstrating its widespread adoption.
- Over 80% of marketers finding such tactics effective.
- When surveyed in 2015, 60% of marketers intended to increase their spend on influencer marketing the next year.
B2B, Brands:
- Audio, and streaming in particular, is up 76% year on year, eclipsing video with 250 billion annual streams.
- By 2020, Podcast advertising alone is expected to be worth almost half a billion dollars per annum (grew 48% in 2015, forecast to grow at 25% a year).
- Mobile Ad Spend as a whole market was projected to be over $100 billion in 2016.
Marketing strategy
Snoozle’s CEO, Phil, has worked in marketing in small agencies and inside a big corporate. In 2015 Phil was a finalist in Theo Paphitis’ Retail Week’s Rising Star Graduate of the Year on account of his marketing ability with small and big budgets.
Our marketing strategy has been devised to deliver our user targets for year 1, but like with all start-ups, iterating the strategy as our business develops will be vital.
Year 1; we are targeting 10,000 users:
- Engage PR Agency to build credibility & deliver significant reach.
- Paid ads on Facebook and Instagram, A/B testing to optimise our cost per acquisition (currently 49p).
- We think that speaking in schools plays a significant role and drives a significant percentage of downloads. Our aim is to speak at 39 schools in year 1, and we hope to convert 40% of the students we engage with.
- Recruit up-and-coming social media influencers as Verified Wake Up Artists; leveraging their reach, and allowing us to communicate the new content they bring to the platform.
Competition strategy
As a connected alarm clock, Snoozle aims to uniquely brings together the following markets;
Alarm Clocks:
Sleep tracking apps like Sleep Cycle are the most popular currently, promising to wake users up during ‘light sleep’, and analysing the quality of sleep.
Audio Content:
Anchor is still relatively small, but gaining traction within the audio space. Anchor allows users to easily create their own podcasts/ radio station (which we plan to leverage to identify potential Wake Up Artists).
User Generated Content:
We believe Snapchat is the closest competitor in this space as like Snapchats, Snoozles also delete themselves (after 24 hours of being heard). The Snoozle UI is designed to be intuitive to a Snapchat user.
Meditation Content:
Headspace (£9,95 pcm) delivers audio guided meditation that promises to help users live happier/ reduce stress etc. We plan to make Snoozle subscriptions a third of the price. YouTube also has many videos containing audio content that users can leave on all night to help them sleep.
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