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TURO
• Adil Mohammad
• Ahmed Mostafa
• Jonathan Sisk
• VyasarajVajramani
• Sruti Seshadri
Problem Statement
• The average car is underutilized 65% of the time
➢ Maximize the value of a depreciating asset
• Make renting a vehicle easier for people
• Make renting a vehicle affordable
• Make renting a vehicle an unique and fun experience
Solving the underused vehicle issue while making renting easier and affordable
What Is Turo?
A peer-to-peer car sharing app.
➢ what that means is :
“AIRBNB OF CARS”
TURO ad: https://www.youtube.com/watch?v=WjAnCAhvu2E
Situational Analysis
Customers:
• Private car owners, who would like to rent out their vehicles
• Individuals who would like to rent a vehicle
Competition:
• Other car sharing services
➢ GetAround, HyreCar
• big car rental companies
➢ Avis, Hertz
• ride sharing services
➢ Uber, Lyft
Factors Driving Growth For Sharing Economy
Four socio-economic megatrends are
contributing to this development:
• A new consumption culture
• Scarce resources
• Digitalization
• Demographic trends
Trends Favoring Car Sharing
• Market potential
• Business models
Market Size & Growth
• Revenue in car sharing segment is $17B in 2018.
• Revenue is expected to show a compound annual growth rate
(cagr 2018-2022) of 15.2 % resulting in a market volume of
$30B in 2022.
• User penetration is at 17.8 % in 2018 and is expected to hit
23.1 % in 2022.
TURO’s Growth
• Turo started by having 200 cars in San
Francisco and Boston.
• Now,Turo has nearly 150,000 cars on it’s
platform.
• The number of members (users / providers)
increased to reach 4m in only 5 years.
• Forbes included us among “The14 hottest on-
demand startups" in 2015.
Costs
Our costs are
primarily based on
fixed costs such as:
App developing cost
and continuous
technological
support
Operational fixed
costs (rent, salaries,
insurance, etc.)
Advertising costs
Segmentation
We have 2 segments
• Vehicle owners / Hosts
➢ SuperHosts
➢ Regular car owners
• Vehicle renters / guests
➢ Leisure
➢ Business
Market Segment - Hosts
Household car ownership = 90%
• Sit idle 65% of the time
• Majority own 2+
Customer’s Criteria
• Customers’ primary decision factors • Customers’ reasons for renting
Market Segments - Guests (Leisure)
• Millennials - 36% increase in travel with 57% of travel
being attraction driven.
➢ Price
➢ Ability to book via mobile device
• Gen X- 33% of the market, travel for
exploration/cultural activities.
➢ Price sensitive
• Baby boomers-average 4-5 trips/year.
➢ Traditional packages
Targets – Guests (Leisure)
• Positioning statement (value prop)-
“Turo, unlike other transportation options, provides an
affordable mobile solution to accommodate the whole crew
and all of your gear ”
Leisure Positioning
• Value added mobile app to make
experience emotional
• Strong online presence via search ad
• Social media/product placement
(celebrity endorsement)
• Airbnb partnership
Market Segment - Guest (Business)
• Revenues from business users contribute only around 30%
• Tying up with organizations as a rental partner has 2-fold advantages:
➢Repeat customers, improving our car rental volumes
➢Utilization of our fleet which is generally high around weekends &
holidays can be spread to business days
• Providing the best cars for business use by ensuring quality through
checks and certifications
• Providing attractive insurance coverage policies by working with
an insurance provider for group users.
Positioning For Businesses
• Ease of doing business
➢ A robust platform making renting a few clicks
➢ An engagement executive fromTuro based out of the client’s office who is on top of issues and responds within no time
• Customer security
➢ Cars that are being listed are inspected thoroughly and certified OK for renting
➢ Tie up with an insurance provider who provides comprehensive coverage for the driver at competitive prices
➢ Push insurance plans at discounted rates as part of early bird promotions
➢ Predictable pricing with no surcharge on last minute rentals.
• Tailor-made services for organizations
➢ Working closely with the clients and understanding the nature of their use for rentals.
➢ Making available cars and plans that not only meets their demands but adds value
Targets – Guests (Business)
• Positioning statement (value prop)-
“Turo, unlike other transportation options, gives you the
flexibility needed to get the job done without the hassle or the
cost of renting or ubering.
SWOT Analysis
Strength
•Peer-to-peer car sharing business model
•First mover advantage
•No costs involved in maintaining a fleet of cars
•No additional costs incurred in maintenance of the fleet
Weakness
•Availability of cars for renting dependent on car hosts
•Financial exposure on liability coverage for rented cars
Opportunity
•Expanding market for car rentals
•Spur in travel industry due to increased connectivity
between geographical locations
•Technological advancements enables mobile platforms as
devices to conduct business
Threat
• Increasing competition leading to price based one-
upmanship eating up profits
•Uber and Lyft with its tax hailing platform eating into
revenues.
Hertz/Avis and other car rental services
Pricing
Hosts
• Dynamic pricing
• Fixed rates – hosts can decide
Guests –TURO sets the rate beforehand
TURO’s revenue model
• 25% off the hosts
• 10% off the guests
• Cut of insurance
• Young Drivers fees
Marketing Strategy – Brand
Brand recognition is vital in this industry.
• Brand name and look
• Brand positioning – personal connect
• Capture market share - move fast
• Taglines - “Be our guest”
• Taglines - “Get your ride and go”
• Online advertising –YouTube, display ads
• Offline advertising – print, billboards
Marketing Strategy – Hosts
Hosts are the unofficial ambassadors forTURO :
• Car personality
• Standardize car pics
• Car gasoline and speed metrics
• Local specialties
• Car music
• Feedback – in line with personal connect positioning
Marketing Strategy – Action Plan
• Target SuperHosts differently
• Promotions tailored to segments
• Price discounting
• Regular location discounts
• High end cars – Luxury (not just cheaper than a traditional rental)
• Vetting of guests
• Cashback points
THANKYOU

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TURO marketing strategy

  • 1. TURO • Adil Mohammad • Ahmed Mostafa • Jonathan Sisk • VyasarajVajramani • Sruti Seshadri
  • 2. Problem Statement • The average car is underutilized 65% of the time ➢ Maximize the value of a depreciating asset • Make renting a vehicle easier for people • Make renting a vehicle affordable • Make renting a vehicle an unique and fun experience Solving the underused vehicle issue while making renting easier and affordable
  • 3. What Is Turo? A peer-to-peer car sharing app. ➢ what that means is : “AIRBNB OF CARS” TURO ad: https://www.youtube.com/watch?v=WjAnCAhvu2E
  • 4. Situational Analysis Customers: • Private car owners, who would like to rent out their vehicles • Individuals who would like to rent a vehicle Competition: • Other car sharing services ➢ GetAround, HyreCar • big car rental companies ➢ Avis, Hertz • ride sharing services ➢ Uber, Lyft
  • 5. Factors Driving Growth For Sharing Economy Four socio-economic megatrends are contributing to this development: • A new consumption culture • Scarce resources • Digitalization • Demographic trends
  • 6. Trends Favoring Car Sharing • Market potential • Business models
  • 7. Market Size & Growth • Revenue in car sharing segment is $17B in 2018. • Revenue is expected to show a compound annual growth rate (cagr 2018-2022) of 15.2 % resulting in a market volume of $30B in 2022. • User penetration is at 17.8 % in 2018 and is expected to hit 23.1 % in 2022.
  • 8. TURO’s Growth • Turo started by having 200 cars in San Francisco and Boston. • Now,Turo has nearly 150,000 cars on it’s platform. • The number of members (users / providers) increased to reach 4m in only 5 years. • Forbes included us among “The14 hottest on- demand startups" in 2015.
  • 9. Costs Our costs are primarily based on fixed costs such as: App developing cost and continuous technological support Operational fixed costs (rent, salaries, insurance, etc.) Advertising costs
  • 10. Segmentation We have 2 segments • Vehicle owners / Hosts ➢ SuperHosts ➢ Regular car owners • Vehicle renters / guests ➢ Leisure ➢ Business
  • 11. Market Segment - Hosts Household car ownership = 90% • Sit idle 65% of the time • Majority own 2+
  • 12. Customer’s Criteria • Customers’ primary decision factors • Customers’ reasons for renting
  • 13. Market Segments - Guests (Leisure) • Millennials - 36% increase in travel with 57% of travel being attraction driven. ➢ Price ➢ Ability to book via mobile device • Gen X- 33% of the market, travel for exploration/cultural activities. ➢ Price sensitive • Baby boomers-average 4-5 trips/year. ➢ Traditional packages
  • 14. Targets – Guests (Leisure) • Positioning statement (value prop)- “Turo, unlike other transportation options, provides an affordable mobile solution to accommodate the whole crew and all of your gear ”
  • 15. Leisure Positioning • Value added mobile app to make experience emotional • Strong online presence via search ad • Social media/product placement (celebrity endorsement) • Airbnb partnership
  • 16. Market Segment - Guest (Business) • Revenues from business users contribute only around 30% • Tying up with organizations as a rental partner has 2-fold advantages: ➢Repeat customers, improving our car rental volumes ➢Utilization of our fleet which is generally high around weekends & holidays can be spread to business days • Providing the best cars for business use by ensuring quality through checks and certifications • Providing attractive insurance coverage policies by working with an insurance provider for group users.
  • 17. Positioning For Businesses • Ease of doing business ➢ A robust platform making renting a few clicks ➢ An engagement executive fromTuro based out of the client’s office who is on top of issues and responds within no time • Customer security ➢ Cars that are being listed are inspected thoroughly and certified OK for renting ➢ Tie up with an insurance provider who provides comprehensive coverage for the driver at competitive prices ➢ Push insurance plans at discounted rates as part of early bird promotions ➢ Predictable pricing with no surcharge on last minute rentals. • Tailor-made services for organizations ➢ Working closely with the clients and understanding the nature of their use for rentals. ➢ Making available cars and plans that not only meets their demands but adds value
  • 18. Targets – Guests (Business) • Positioning statement (value prop)- “Turo, unlike other transportation options, gives you the flexibility needed to get the job done without the hassle or the cost of renting or ubering.
  • 19. SWOT Analysis Strength •Peer-to-peer car sharing business model •First mover advantage •No costs involved in maintaining a fleet of cars •No additional costs incurred in maintenance of the fleet Weakness •Availability of cars for renting dependent on car hosts •Financial exposure on liability coverage for rented cars Opportunity •Expanding market for car rentals •Spur in travel industry due to increased connectivity between geographical locations •Technological advancements enables mobile platforms as devices to conduct business Threat • Increasing competition leading to price based one- upmanship eating up profits •Uber and Lyft with its tax hailing platform eating into revenues. Hertz/Avis and other car rental services
  • 20. Pricing Hosts • Dynamic pricing • Fixed rates – hosts can decide Guests –TURO sets the rate beforehand TURO’s revenue model • 25% off the hosts • 10% off the guests • Cut of insurance • Young Drivers fees
  • 21. Marketing Strategy – Brand Brand recognition is vital in this industry. • Brand name and look • Brand positioning – personal connect • Capture market share - move fast • Taglines - “Be our guest” • Taglines - “Get your ride and go” • Online advertising –YouTube, display ads • Offline advertising – print, billboards
  • 22. Marketing Strategy – Hosts Hosts are the unofficial ambassadors forTURO : • Car personality • Standardize car pics • Car gasoline and speed metrics • Local specialties • Car music • Feedback – in line with personal connect positioning
  • 23. Marketing Strategy – Action Plan • Target SuperHosts differently • Promotions tailored to segments • Price discounting • Regular location discounts • High end cars – Luxury (not just cheaper than a traditional rental) • Vetting of guests • Cashback points