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RedBk the real game changer
RedBk Jamaica Limited is preparing to officially launch in the coming weeks and is expected to announce to the media and the business community plans for an All-inclusive Directory. Ahead of this presentation they have prepared the following Media briefing questions and answers in no particular order from Ms. Carol Pryce President and CEO RedBk Jamaica Limited. Businessuiteonline now shares this with you.
1. Is RedBk Jamaica Limited a local company?
RedBk Jamaica is a locally registered company.
2. What are the Backgrounds of the investors?
The investors, stakeholders and partners have extensive backgrounds in both telecommunication and the business of directory and information services regionally and on the international market.
3. Who Are the Main Executives?
Carol Pryce – President and CEO and Richard Robinson – Chief Operating Officer – COO
4. When Do You Plan To Launch and Begin Operations
Before the ending of Calendar year 2011…. very Soon…
5. Where Are You Operating From
Our first location is in New Kingston, but our network will extend through- out the island.
6. Is Digicel involved and in what way
Digicel has granted RedBk permission to utilize its Dealer Channel to offer RedBk’s advertising products;
7. What about FLOW, are they involved?
RedBk encourages all telecommunication customers to list, be it Flow, LIME, Digicel and Claro.
8. How much revenue do you expect to generate in annual sales in one to three years.
RedBk is aware that the current market is over a JMD $Billion dollars and we will try to grow our market share over the next few years. We do however anticipate in excess of $1 billion in revenue over the next 3 years.
9. Will the brand’s growth take market share from yellow pages or do you plan to grow the market.
Our aim is to better serve all personal and business clients, large corporate, SMEs, and micro (any vendor) by providing them with the opportunity to be part of a directory service that gives them greater access to their current customers and potential customers. We do not see this as taking market share from the incumbent but merely providing another competitive option to all and a greater value –added product for Jamaicans. In addition, we plan to service the huge under represented group of mobile customers (prepaid and post paid) individuals, and small business, not currently having the opportunity to list.
10. How did the idea for the business come about?
The idea came about from listening to the business community and trying to formulate an innovative information service, starting with a directory that offers more value (modular prices, targeted adds, regional focus etc.) and for the end-users (portability – less bulky), especially in our current economic situation.
11. Why are you coming into the market at this time?
Why not come to the market at this time…….. There is no better time to offer customers a more competitive and better valued product for money than now!
12. Why This Business = Telephone Directory
Our research indicated a need for a more all-inclusive Directory product in the market place. The proliferation of service providers (Large Corporations, SME and Micro) with prepaid and post paid cell phones that were not adequately provided with an opportunity to be listed…As such RedBk will be offering directory advertising to a sector of the market that didn’t have such an opportunity. Some people found the cost of entry prohibitive and others were just not allowed to list. We are therefore responding to the needs of these two previously underrepresented sectors
13. What’s The Size of the Business Opportunity?
The total number of all land lines and mobile customers in Jamaica.
14. How Much Do You Expect To Secure and Over What Time
That determination will be up to the market, however we are very optimistic.
15. What Is So Different About Your Product
a. Regional – RedBk Directories that is more relevant to both advertiser and consumer
b. Pricing – significantly below prevailing prices
c. Inclusiveness – anyone can list, business and individuals alike, regardless of their network provider (landline & mobile).
16. What the Investment to Be Made or Already Made
The total investment over the next twelve months is expected to be in excess of US$2M.
17. How Many Jobs Are You Looking To Create
RedBk will create eighty jobs over the first 6 month and a total of 150-200 jobs within the first 12 months
18. When do you expect to have the first RedBk Directory available on the market?
We expect to have the regional directories available between Q2-Q3 of 2012
19. Is an IPO In The Future, Can U Say When
We want to focus on delivering the best possible service to the market. We’ll do that and see where it goes from there.
20. Plans for the rest of the Caribbean
Let’s take it one step at a time!