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Opportunity Execution Project
Technology Entrepreneurship Commercial Venture Lab 2012
Team Rainwater: An Intense team, truly diverse ● Multi-skilled, multi-cultural, multi-country The Origins - The Bangalore Express ● Socially enable Airlines (eg. Bangalore express) ● Other potential networking situations
○ ○ ○ ○ trade shows & conferences Coffee shops Universities Organizations
MobiSocial: Making social networking smarter
MobiSocial making social networking smarter
● Connect people from different social media network like Facebook, Linkedin, Twitter etc. and from workspace contacts like Outlook Getting to know people that might have similar interests or share common goals An electronic place provider for organizations having places for "virtual meeting“ for their customers, employees or other people they are interested in providing a better service An ad-space provider for advertisers Help recruiter to get the best person for Job Sales person can use MobiSocial to increase their sale
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Link for prototype : http://www.justinmind.com/usernote/token.action?token=ClMmPqKnsTWRpCrdkxR3
To understand our customers we have run surveys on internet and social networking websites. We have also included some of our potential customers in the brainstorming sessions. In the process we have learnt several marketing techniques but we have employed only the most cost effective and appropriate ones. Please find below the brief analysis of the marketing methods we employed Marketing Methods explored Types Costs Results Acquired 10% of customers Acquired 2 customers per dollar spent over a one week campaign, accounting to 75% of the total conversion Acquired 15% of the customers through marketing among friends and family and their social contacts
Social Media Marketing ● Facebook ● Twitter ● Google+
Organic marketing Inorganic Marketing
Free of cost $5 daily budget marketing campaign
Marketing among Friends & Family
Inform friends, family and colleagues
Free of cost
Since our product is designed around using social networks we have used only the social media marketing methods to reach out our potential customers. We have not fully marketed the product yet as we are still in the process of building it. However, we have done our research about various other marketing techniques and figured out what is feasible and what's not. Here is a summary of it Feasible Options Internet affiliate marketing: ● SEO ● Technology blogs ● Start-up blogs ● Email marketing ● Product placement ● Google adwords Real time affiliates: ● Tie ups with event organizers Word of mouth marketing (viral): ● Referrals from existing customers ● Sharing features inside the app. Mobile App marketing: ● Several mobile app marketing platforms ● App reviews ● Paid promotions Infeasible Options Traditional marketing: ● TV commercials ● Hoardings and banners at various locations ● Fliers ● Print media marketing like Newspapers, magazines,direct mailers etc ● Radio advertisement
ACQUIRE (Potential customers)
● ● We have identified our target customers We are here to address a need or at least a want of the customers. To get the product right is the key for our success. We understand that! We make sure customers understand our product. We will reach out to our target customers and make them try our product. But we do not force them to try. We get the comparison right between our product and that of the competitor’s. We are committed to our product and we value customers’ time and money. Be in touch with the customers ● ● ●
Great additional features that add value to customers Get the pricing right Easy and convenient sales models like pay per feature, subscriptions Easy options for users to change their account types Easy to pay options Extra perks such as transferable accounts if feasible.
KEEP (Loyal customers)
We understand that the cost of acquiring a new customer is 6-7 times more than keeping one. So, we focus very heavily on turning our normal customers into our loyal customers. ● Providing great customer service ● Rolling out new features, addons, services from time to time. This is possible only by building a solid pipeline of them. ● Listening to the customers and staying in touch with them through forums, fan pages, emails etc ● Remembering the customers in good times and reiterating the fact that we are successful only because of them.
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# 1 Partner Social media sites Type Data Providers Critical? yes What's in it for them? As MobiSocial doesn't create social media content as such we shouldn't be perceived as competition. Instead the use of MobiSocial by their customers is increasing the use of their accounts. A future feature could be providing profile updates via MobiSocial. This would increase genuine user content for those sites. The main trust of the launch advertising campain will be via social media sites.Ttherefore this partnership is critical again. The relationship with them needs to focus on true partnership and mutual benefit as we can't be perceived as being competitors.
Cloud computing providers Ad exchange providers
Infrastructure providers Infrastructure Providers
Revenue, ad-space that can be auctioned off. This partnership only becomes significant after an initial growth period when there are enough users so there is enough information about them available and a sufficient number of page impressions exist on users' devices. They can use their place as a value adding service to their primary service offerings therefore increasing customer satisfaction and loyalty. Indirectly they provide us with additional users and expose new people to the product They can use the MobiSocial enterprise membership to provide their employees with premium (ad-free) accounts. This might be beneficial in attracting highly qualified and motivated staff.
# 1 Type Social Media sources Channels FB, Twitter, Google+, Linkedin & Quora Lessons Learned •Completed marketing campaigns across, Facebook, Twitter, Google+ and our Website •Obtained maximum traffic on Facebook and our Marketing Webpage •Best area to to focus and creatively improvise on building user sign-ups to our product beta launch; and eventually a mass influx of users in the MobiSocial network •Planning to deploy more marketing ad campaigns over these key marketing pages
Cost Factor: PR Executive(s), Website hosting, Creative Designers
Mobile App Markets
iTunes, Google Play
•Building the distinctive brand identity is key to our success, in the vast mobile market •MobiSocial's unique features clubbed around real-time connectivity, willl create a distinctive social experience for the user. •Received much positive response on our modified prototype
Cost Factor: itunes: app listing ($99 per year) + 30% of app price on each purchase, google play : ($30 per year) + 30% of app price on each purchase
Providers of public meeting places
Coffee Shops, Conference Centres, airport and hotel lounges, Event Managers Airlines, Train and Bus Network Operators
•Exciting potential for public retail & service outlets such as coffee shops, conference centers to maintain and increase number of customers •Engage their users with MobiSocial to enhance their social connectivity with their customers, and also offer special vouchers for the regular customers.
Cost Factor: Sales Executive(s), Client Meet/Travel Costs, Legal Consultant,, IT Support Costs
•High Potential Enterprise-level partners for MobiSocial, considering the vast size of their user base, and the passenger retention they stand to gain through MobiSocial's connectivity
Cost Factor: Sales Executive(s), Client Meet/Travel Costs, IT Support Costs
Variable 1. Advertising & Marketing 2. Salaries 3. Taxes Impact on Revenue Will boost revenue as we interact with more users Positive - increase and managing growth Directly proportional How we intend to minimise Social Media platforms & word of mouth Mbr's - no salary until breakeven point is surpassed Implement processes & procedures
Fixed 1. Registration & Licensing
Impact on Revenue Most of these cost swill be funded from initial investment and funding Proportional to users and traffic Proportional to users and traffic None initially None
2. Servers and Maintenance 3. Support/admin 4. Rental and office space 5. Development
How we intend to minimise Use of a Delaware company to ensure all requirements are fulfilled from inception Increase as the database grows Outsource Will depend on business growth Will partner for an equity share
As these are just a few of the many costs incurred in the initial startup and then the ongoing running of the business, we will make every attempt to streamline the process as much as possible in order to minimise /reduce these costs. We will attempt to outsource as many of the functions as possible giving us the opportunity to focus on growing the business and developing further functionality for our market users. We are looking at an initial cost of around $10k to incorporate, register and license and a further $20K to cater for the initial first year running of the business. By year 2 we would need between $50-$100K to cater for cost with an expectation that our user data base would have have grown to around 200 000 - we are looking to breakeven at around the 1.5 to 2 year mark.
Revenue models explored ● Free app with ad based revenue ● Integrate Org. address book: revenue/user/year ● revenue/user from: events - Trade shows, conferences; airlines, group travel ● Ad revenue from coffee-shops, super-stores: payper-click model ● Selling data analytics information to partners. Further Analysis needed: ● We need to understand customer (as against user) better ○ their business use cases, their revenue model...
# Description Type Probability Impact Index Treatment
Types: Financial, technical, people, market risks Probability: 3: High / 2: Medium / 1:Low Impact: 4:Catastrophic / 3:Critical / 2:Medium / 1:Minor Index: Product of Probability x Impact Treatment: Avoid / Accept Strategy: How to avoid/accept
Not enough users quickly enough after launch
Once ready for launch, significant resource has to be diverted to advertising and marketing. A "Launch plan" has to be created well before Launch to be ready and prepared when Launch This is most likely to be a problem after a certain uptake in usage. At that point there should be enough income to be able to negotiate special partnership agreements. With a significant user base this problem should disappear. From the beginning the backend system this has to designed so that it can be entirely cloud based. IT has to be hosted by one of the large cloud infrastructure providers so that more infrastructure can be added seamlessly. Use of various architectural design patterns to improve processing times We need to establish a sound budget and raise enough money so we can commence. As we believe in the strengths of the idea attracting venture capital should be doable.
Being blocked by Social Media sites to access member profile information No uptake by place providers Not the right infrastructure to start small and grow with demand
Too slow backend processing Not enough funds to bring the venture to launch point
With the rise of social funding platforms we intend on using Kickstarter or Indiegogo to initially draw attention to and seek funding for our product. This will further allow us to test viability and need of the service across a diversified user spectrum, the outcome of which will allow us to enter the broader global market. If we are successful in our initial funding round we would have the opportunity to bring MobiSocial to market, deploying the capital raised in app development as well as growing the interactive user base. In round two funding we would consider using VC's and investors to further boost and expand the business within the first 2 years of operation.Options available are funding incubators that would give us the required platform to the various investors and entrepreneurs as we would be looking to mine not only their investment but skill set as well.
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