1. Please give a high level explanation of your acquisition strategy (one point to touch on - would rolling out a door to door delivery service lower the cost of acquisition?)
Marketplace businesses have a fundamentally different dynamic compared to a traditional software business - there are two main goals that have to be accomplished: (1) Acquiring the Customer (2) Keeping the Customer (to maximise lifetime value). This requires a detailed accounting of the platforms that you will use, the metrics that will measure success, your timelines, and the manpower doing all of it effectively.
As a startup, you not only have to create the brand but also the demand which starts with the product/market fit (PMP). It refers to a situation of being …show more content…
Based on their internal systems and data, retailers are creating curated promotions, personalized messages and finely targeted loyalty management programs. This could be adopted by Socar by creating personalized offers and loyalty programs for customers. According to the Phocuswright — Cognizant Traveler Survey 2015, 41% of frequent business travelers like personalized offers, and 35% of them found high value in loyalty programs.
Price-match. Price-matching systems can help Socar to steer customers away from third-party channels and maintain price parity for the products, irrespective of where they are chosen. This feature would assure customers that they are getting the best price at the time of the booking.
Mobile systems. Mobile systems can elevate the customer experience by integrating indoor technologies, payment systems, augmented reality and digital interactive media. Compared to traditional means, mobile channels are much more effective for collecting useful and actionable customer data, such as their location and social media interactions — enabling them to book rentals on the go, gain access to location-specific information, utilize convenient checkout/check-in, and receive notifications from wherever they may …show more content…
This is applied in multiple companies (ie Grab, Nissan) to achieve higher levels of engagement, change behaviors, stimulate innovation, boost performance and improve competence.
Bike sharing vs car sharing
Another industry to analyse and to learn form is the bike sharing one. Fleet intelligence is becoming increasingly important and the leading companies know where people are moving every day. But bicycles don’t move that independently (yet), so they compensate with fleet size. While you can basically blanket a city with bicycles, you can’t do so with more expensive assets such as cars. An unused bicycle doesn’t cost you that much, but an unused car does. Again, winning and losing is ultimately about utilization.
Smart bikes are for short distances, but shared electric bikes/ motorbikes can go much farther. Shared electric vehicles could, in theory, move around the whole country. Whether directed, assisted, or autonomous, it’s not hard to see that assets that exist mostly independently are going to be a lot more mobile eventually. Bike sharing companies know which street corners are the busiest at any given time. As mobility and fleet intelligence increase, these assets should be able to seek out and find demand. While choosing the valleys for cars same
Marketplace businesses have a fundamentally different dynamic compared to a traditional software business - there are two main goals that have to be accomplished: (1) Acquiring the Customer (2) Keeping the Customer (to maximise lifetime value). This requires a detailed accounting of the platforms that you will use, the metrics that will measure success, your timelines, and the manpower doing all of it effectively.
As a startup, you not only have to create the brand but also the demand which starts with the product/market fit (PMP). It refers to a situation of being …show more content…
Based on their internal systems and data, retailers are creating curated promotions, personalized messages and finely targeted loyalty management programs. This could be adopted by Socar by creating personalized offers and loyalty programs for customers. According to the Phocuswright — Cognizant Traveler Survey 2015, 41% of frequent business travelers like personalized offers, and 35% of them found high value in loyalty programs.
Price-match. Price-matching systems can help Socar to steer customers away from third-party channels and maintain price parity for the products, irrespective of where they are chosen. This feature would assure customers that they are getting the best price at the time of the booking.
Mobile systems. Mobile systems can elevate the customer experience by integrating indoor technologies, payment systems, augmented reality and digital interactive media. Compared to traditional means, mobile channels are much more effective for collecting useful and actionable customer data, such as their location and social media interactions — enabling them to book rentals on the go, gain access to location-specific information, utilize convenient checkout/check-in, and receive notifications from wherever they may …show more content…
This is applied in multiple companies (ie Grab, Nissan) to achieve higher levels of engagement, change behaviors, stimulate innovation, boost performance and improve competence.
Bike sharing vs car sharing
Another industry to analyse and to learn form is the bike sharing one. Fleet intelligence is becoming increasingly important and the leading companies know where people are moving every day. But bicycles don’t move that independently (yet), so they compensate with fleet size. While you can basically blanket a city with bicycles, you can’t do so with more expensive assets such as cars. An unused bicycle doesn’t cost you that much, but an unused car does. Again, winning and losing is ultimately about utilization.
Smart bikes are for short distances, but shared electric bikes/ motorbikes can go much farther. Shared electric vehicles could, in theory, move around the whole country. Whether directed, assisted, or autonomous, it’s not hard to see that assets that exist mostly independently are going to be a lot more mobile eventually. Bike sharing companies know which street corners are the busiest at any given time. As mobility and fleet intelligence increase, these assets should be able to seek out and find demand. While choosing the valleys for cars same