Pitch v2 (3)
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Sherif wants to organize a dinner with friends and discusses some challenges with current options for deciding on location, time, and inviting people. The document then discusses opportunities for restaurants to fill seats during non-peak hours by connecting with new customers. It proposes an online solution that would allow people to create event pages, add invitees, location and time options, and see suggestions to help plan events and dining reservations more flexibly compared to existing platforms. Some risks and challenges mentioned include competing with established platforms and reluctance to use a new system instead of email.
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Pitch v2 (3)
- 1. Mete Mustecaplioglu David Zabinski SerhanOzgul Can Efeoglu Emir Ozturk SherifFahmy Todd Kincaide
- 2. Sherif wants to get together for dinner… Who? ? Where? When? ? ?
- 6. What about Groupon? Short-term Demand Groupon Case:
- 7. Our solution
- 10. Add People
- 11. Add time options
- 13. See suggestions
- 14. Add new options
- 15. Invitees view the event
- 22. Strategy
- 23. How will we make money? Deals to be primary focus Anticipate remitting 80% of coupon revenue to restaurants Even with 5% of the market we see attractive revenue potential *13.7 MM represents diners within target demographic of 20-34 year olds who were seated through online reservations in 2010
- 24. Risks and Challenges What about competing platforms? Keys to success Positive “Feedback loop” Quick execution in local market Drive user and merchant loyalty “Facebook Events; Making Casual Get-Togethers Easier” “The Best Way to Discover Events and Other Social Activities” “The best way to share plans with your friends” “…share event and party information with your friends”
- 25. Risks and Challenges Migration to an unfamiliar platform Users attached to email as a means of communication Reluctance to integrate personal accounts Keys to success Provide an easy and compelling experience Seamless integration with Gmail and Outlook
Editor's Notes
- Let's say you want to plan dinner next week with a few friends you haven't seen in a while. You're flexible regarding where you eat, and you're flexible regarding when, so you want to find the time and place that works best for everyone.Easy when all in the same room: simple conversation
- What are the other tools that could be used? You can reach them by calling, emailing, texting, You could use Outlook, Evite or Facebook events -- but there are no features there for flexibility. You could use Doodle, but that's a little simplistic and rigid -- you can't easily add times -- and it doesn’t offer options for dining or a real social experience. You could also use survey monkey, but it’s too formal and it’s too much work. (It’s not casual)
- Let's say you want to plan dinner next week with a few friends you haven't seen in a while. You're flexible regarding where you eat, and you're flexible regarding when, so you want to find the time and place that works best for everyone.Easy when all in the same room: simple conversation
- Speaker:As options for providing deals, I can use the groupon model.Yes I can increase my demand in the short-term but I am losing money on those deals. Cusromweaare not spending enough additional money to make me profitable. Are they going to come back in the future? My colleges do not say so(Mete’s cousin might be used here as an example)Plus I have different number of customers coming on different days of the week. I somehow want to balance it out. I wish there is a model that helps me with that. Model that brings customers whenever I want. Ideal case would be a model where I still make money and bring the customers that I want at the right times.
- TO DAVID: Can you help us get a better wording for the user side of the diagram?
- Adding People:Who?: Show adding people (dynamic search, etc.) (rest of the form empty)We import the contacts, such as from gmail, outlook, facebook contacts)
- Adding time options
- Adding restaurantsSearch mechanism: Yelp
- Suggestions: Dave’s Italian Kitchen
- Your friends view the invitationsThey vote/comment etc.
- Doodle: Opentable: Target Demographic spent almost $380MM at restaurants in 2010Yelp:
- Seated through reservation: 700MMSeated through online reservation: 67.5MMOur target demographics (20-34 years old): 13.7MM
- 1) Online deal market has grown significantly. Now, with the online technologies, vendors have easy access to customers. Users have proven that they seek deals. 2) However, the current deal models are not very profitable for restaurants and Groupon’s dining category is declining. 29% of total deals in Q1 ‘10 versus 34% in Q4 ’09 40% of surveyed restaurants reported they would not run a Groupon again The deals attract low quality customers and the discounts are not worth it. 3) We’re focusing on improving the dining segment of the deal market, we’re developing a more restaurant-friendly, large group-friendly coupon model
- 1) Online deal market has grown significantly. Now, with the online technologies, vendors have easy access to customers. Users have proven that they seek deals. 2) However, the current deal models are not very profitable for restaurants and Groupon’s dining category is declining. 29% of total deals in Q1 ‘10 versus 34% in Q4 ’09 40% of surveyed restaurants reported they would not run a Groupon again The deals attract low quality customers and the discounts are not worth it. 3) We’re focusing on improving the dining segment of the deal market, we’re developing a more restaurant-friendly, large group-friendly coupon model
- Initial focus on group dealsConnect NU students with Evanston restaurants“High quality” customers offer compelling value proposition Targeting local restaurants and users will facilitate growth
- Customer Acquisition Strategy & Executing PlanLaunch dine-out planning tool @ NUUser-base -> Evanston restaurants for partnership, dealsSpread to Chicago areaOther college towns and urban cities
- Looking at potential revenue streams, as we alluded to earlier, we anticipate deals will be our primary focusEven if we are able to capture 5% of people within our target demographic who made online reservations in 2010, and assuming those users were to purchase 4 deals through our site annually, we could see almost $6 MM in potential revenueAssumes$27.70 average check, $10 average coupon price and 20% revenue shareIf we are able to achieve a critical mass of users, we also plan to look into CPC banner advertising and customer insights/data mining
- The online event planning space has become relatively crowded, and several competing platforms have emerged Like these sites, Suggenda is easy, social, and casual, but we believe we are uniquely positioned owing to our focus on connecting diners with restaurants that suit their preferences and are potentially willing to offer group discounts.We believe the ability to execute quickly in local markets will provide us with a competitive advantage, facilitate growth, and drive both user and merchant loyalty
- Email is a familiar tool that people use every day, and we realize that enticing users to migrate to our platform will initially be a challengeHowever, like with any platform that relies on network effects for growth, our success will rely on providing users with an easy and compelling experience, and we believe we have created an ecosystem that is incredibly easy and intuitive, and one that integrates seamlessly with both gmail and Microsoft Outlook