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What problem does your solution solve?
People ages 16-24 are constantly looking for new and unique experiences, yet apps and services designed to cater to this need are completely missing the mark with this younger demographics. While over 80% of this age group actively search for new places to eat, drink, spend time in nature, or sightsee, less thank 20% use apps like Yelp, Foursquare, or TripAdvisor.
Spot creates a purpose-driven space that bridges the gap between social media and discovery. Spot allows users to archive and share their own experiences (privately or publicly) and discover new ones that connect them to the amazing communities that already exist there
What’s the market potential for your solution?
About 50 million people ages 16-24 use social media. This number is estimated to be growing by about 10% per year. Of those, about 80% actively seek to find new experiences with their friends. For that reason, our target customer base is about 40 million with an estimated growth of about 4 million users per year.
Who are your customers?
Spot is intended for end users and potentially businesses for advertising (assuming we use advertising to monetize).
How will you reach your customers?
Beta launch: Chapel Hill/Carrboro | Goal: reach a critical mass of 100 daily users
Digital: social media influencers (athletes, affinity group leaders), campus organizations
Direct: Spot booth at events with UNC students, arts festivals, campus org meetings, fraternity/sorority chapter meetings, "pit sit"
Referral system: leverage UNC community to get users signed up for the app. Potential giveaways and swag for users who reach a certain number of Spots and referrals.
Educate the user the first time they open the app so there's no confusion-> encourage them to get involved right away- unlock a public spot or 2 for them.
Push notifications to increase engagement and buy-in.
How will you make money?
Option 1: ad revenue
-Spot's platform could allow advertisers to reach users in a non-intrusive manner
-Search ads: When a user searches for food or drinks, the first 2 results could be sponsored by businesses that pay to be there
-Location-based digital targeting: same thing as search ads except when a user searches for Spots in a given location, we can also surface sponsored results
-Semi-exclusive events: you can only go to if you’ve been to certain Spots-> creates exclusive deals for loyal customers
Option 2: Data licensing
Companies like Foursquare make over 40% of their revenue off of data licensing to companies like Apple and Google, who use this data to improve their location services and location-specific applications
Spot data will help fill the gaps in Google Maps and similar data-> where are people going when they’re not going to the most crowded places in a city? Spot has the answer
What kind of partners will you need to make, support and distribute your solution?
Partnerships with local businesses to advertise through Spot and cities to aid in Spot's expansion.
What will your expenses include?
50% Engineering: upkeep, bug fixes, and new features
40% Marketing: physical and digital, hiring "Spot curators" in new cities
Who is your competition and how do you differ?
Direct competition (things-to-do services): TripAdvisor, Foursquare, Yelp, Google Maps, Atlas Obscura, Eventbrite
Where Spot differentiates: These apps aren't social. While these apps do a great job of giving the user new activities and places, they don't take advantage of social proof in their recommendations (except in the form of reviews). People have always explored by asking their friends and community members for recommendations; Spot takes this social phenomenon and puts it in a purpose-driven, digital space.
Indirect competition: Instagram, Facebook, Snapchat
Where Spot differentiates: These apps don't allow for seamless location discovery. Each app has some location component, but there's no ability to easily find new places.