Opportunity Analysis and Development Pitch

Business Overview

Deets will create an app-based platform that will assist with the networking associating with the business arena. Recognizing that a vital aspect of networking is the storing of details and self-promotion. The App’s unique ease of use will showcase the new and innovating way to capture all potential growth opportunities.

As a company, Deets will offer events, services and information associated with networking.

Company revenues will be generated from two sources: (1) paid monthly subscription from users (2) integrated content and banner advertising on the free level of the app.

The vision for an app that replaces the traditional, yet outdated Business Card was conceived using a combination of methods such as reverse brainstorming, looking into niche problems and identifying where the gap lies. The gap was found to the impractical way business details were shared and stored, how the line of communication line was established and the annoyance of the unwanted contact in other services.

Get Help With Your Assignment

If you need assistance with writing your assignment, our professional assignment writing service is here to help!
Find out more about our Assignment Writing Service

The app will be called ‘Deets’ and will act as an electronic personal business card. That can be fully tailored to suit the users needs. The app with act as a permanent solution for managing contacts. Two levels of the app will be accessible. The free, basic ‘White’ book and the premium ‘Black’ book. offering the free version in hope that the upgrade will be completed, as summed up by (Deng, 2019) “Indeed, many “sample” the free version while considering the paid version.” Deets will be compatible with most, if not all applications on a smart phone. It will be limited to in app messaging service for the white book. Where the black book will enable text/call, email, LinkedIn, Facebook, interactions all from the one app. Access to content and community features with be accessible to all levels of service.

Problem & Need Analysis

Core Problems

The first problem that was addressed was the need to eliminate the need for business cards and limit the amount of human error that can occur.  Business cards are wasteful, easy to lose and are rarely update to date. An opinion shared with most professionals asked in a Forbes article. Benny Thomas from Barrie D'Rozario DiLorenzo proposed ‘When is LinkedIn going to offer instant transfer of contact information?’(Forbes Agency Council, 2019). Users need an easy alternative that stores all the professional details of each other with the option of immediate transfer.

The following issue was finding a modern solution. Market research shows a mass movement towards digital technologies, as highlighted in the Croatian study ‘Digital technologies have fundamentally changed various personal and professional communication systems, as well as communication habits and attitudes of their users. Consequently, personal marketing has been strongly influenced by the development of information and communication technologies, especially internet and mobile availability’  (Ruzic, 2018). Showing that the need is there, and more movement is happening and being directed to the digital markets.

Financial issues

Short term: the phase 1/initial funding financial issues stem from the initial start-up.

• App Development – The development and integration of the app could prove to be a costly task. To aid in the best possible platform to be created within a realistic financial realm, having a clear and concise business model will be in place.
•  Business Branding: ensuring the business has been effectively developed. This will include the assistance from outside sources i.e. marketing advisors, business consultants

Long term: the phase 2/ongoing financial issues will arise from maintain market share/customer engagement.

• Product marketing and placement:  Ensuring the correct target market is identified and that the app concept is deemed necessary will help with the generation of revenue.
• Advertising: Revenue from the natural source of the subscription fee would ideally lead to the minimal amount of banner advertising within the app itself, reflecting the level of accessibility that ease of use that ‘Deets’ as a company would like to portray.
• App maintenance – to upkeep the level of service desired, app maintenance and ongoing development will need to occur. Programmers will need to be hired to encapsulate a stream less service.” Low-quality service experiences often lead to a loss of customer goodwill, lost revenue and increased costs for the organization.” (S, 2018) The alternative could prove adverse to the company as a whole and work counter-productively to the advertising “Rather than abandoning an app because of poor performance, they may simply share their frustration with their social network.” (S, 2018)

3. Consumer Analysis

Expectation of consumers

There is an expectation that consumers will upgrade to the premium service once the benefits of the app have been discovered. The target market is accustomed to the paying of apps if the correct price is applied. Considering the characteristics of Millennials, it is reasonable to expect that they perceive themselves as skilled technology users and require an endless stream of information. (S, 2018)

Compared to the main competitors, the cost of using the premium platform of Deets will be rather small. Alignign with (G. Appel, 2019) This willingness to pay can materialize in one of two ways: She is willing to pay more for the app, or she is willing to be exposed to more advertising while using the app.

Perceived Benefits

• Unique content - Our content will inspire our consumers to explore articles and encourage repeat visits to our content section of the app in order to discover new and exciting “insider” networking and self-branding information.
• Highly customizable - The app will be highly interactive and customizable. To suit the vision of the individual.
• Easy to use - The app will be built specifically for the professional consumer. The main customer profile targeted is the professional millennial. A paper regarding millennials and the relationship with service apps states that “While Millennials prefer usefulness to ease of use, ease cannot be omitted from design considerations. Ease has a positive impact on usefulness. Recall that Millennials expect that technology will make their lives easier. They also tend to be impatient and do not like to have their time wasted.  (S, 2018).’’ Keeping this in mind, the navigation will aim to be effortless, and the app will present in a manner that is uncluttered and easy to view. Content will not interrupt daily use of the app.
• Community - Deets will build a strong community of people who have similar interests in our content. Spanning from different industries encouraging a well-rounded and supportive environment.

Potentials Risks

• Attracts different target market – having missed the correct target market could allow the app to be used for other purposes.
• Doesn’t’ fill gap in industry – research conducted may not be as thorough. This could lead to low consumer numbers.
• Larger company adopts same method – The need is there to be taken advantage of. Larger companies could be able to adapt the same ideas into already founded and reputable business profiles.
• Technology issues- Having issues with programming and developers could prove costly and detrimental to the vision of the company.

Market Analysis

The market for a networking app is forevering growing and is diversify. The main competitors for ‘Deets’ are app that allow both contact details storage and the option for communication.  The giants that are included in this are LinkedIn and Bumble Biz. Both businesses have grown organically and are front runner in the field. Both have very large companies backing their every move. Other competiris ‘Deets’ will find in the same catrogeries are Slack, Lunchmeet, Jobcase, Opportunity, Bark, Xing and Meetup. All with different levels products and servicing offered.

Table 1: Competitive Analysis

Compared to the 2 bigger competitors, it is clear to see the bigger companies that have the long-standing reputation will be hard adversaries. The main strength Deets can pull from is offering an integrated service that neither of the companies are offering at this time and point.

Internal Capabilities

Management Team

Our management team combines the experiences of executives with extensive backgrounds in managing and developing successful businesses within many business sectors. Drawing from multiple and varied business networks for support. Deets currently has two senior executives and will be looked to hire a support staff, who will be involved in app design and programming, media advertising and further business development.

Upon obtaining its first round of funding, the Company will hire a full-time staff to fully implement the business as outlined in this plan. As the idea grows, consultants that specials in self-branding and digital branding will be sought to launch the content and community aspects of the company.

Commercial Viability

Unique Selling Point

The unique selling point offered by Deets is the opportunity to take hold of an individual’s networking ability, grow and develop. Having a fully integrated and user-friendly app will allow individuals to exploit all potential business possibilities, both professionally and personally.

This will be achieved by offering first class networking workshops, offering tips and how to’s. To encourage the individuals to hone and develop self-promotion skills.

The apps features of storing details will ensure that all contactable opportunities are saved. The integration of the app will allow for seamless use and aid in the daily activities of business communication.

The return of revenue and success will be measured by the number of monthly subscribers, in terms of money value – the goal is average 200,000 users per month on average within the first year for business.

Having the nominal fee for the subscription will be set at $1.99 per month – this will generate a sum of $398,000 per month. This revenue will be used to app development, workshopping and sourcing truly inspirations consultants to keep content relevant and engaging.

References

• Deng, Y. a. (2019). Spillover Effects and Freemium Strategy in Mobile App Market. SSRN.
• Forbes Agency Council. (2019, November 24). Forbes. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2017/11/24/is-the-business-card-dead-16-experts-share-their-thoughts/#20a5592d7992
• G. Appel, B. L. (2019). On the monetization of mobile apps. International Journal of Research in Marketing, 13.
• Ruzic, D. P. (2018). PRELIMINARY STUDY OF PERSONAL MARKETING IN THE DIGITAL ENVIRONMENT: ATTRIBUTES AND PERCEPTION OF INTERNET USERS OF CROATIA. Ekonomska Misao i Praksa, 209-229.
• S, L. (2018). Service mobile apps: A millennial generation perspective. Industrial Management & Data Systems, 1837-1860.