Coupon and deal websites will be our main partners. This is how we will be making most of our money. If there wasn't other coupon platforms already giving deals to the consumers, mido would not exists. It's because these coupon sites that we are able to run our business model. It's how mido got started and how it will continue to sustain itself in the future.
Are main coupon site partners are:
- Dealticker.com
- Dealcanada.ca
- Teambuy.ca
- Ethicaldeal
- And much more
Ethical Communities:
A big component to our business model is the ethical communities and companies we partner with.
The relationships we build with local ethical communities as well as the relationship we maintain with our users will be one of, if not the most important factor to the success and longevity of mido.
We will constantly be getting involved in the community by attending, hosting and contributing to events that promote ethical living, products and choices. This will be a great way of not only showcasing our suppliers, but also engaging our users.
As of right now, we are proud partners of imagine Calgary which promotes ethical standard in business.
Retailers and Wholesalers:
It is worth noting that retailers and wholesalers will be an important factor to success in the future. At this moment, mido is not taking partnerships with these companies but as we grow, so will our offering. It is with-in this offering where we will be able to get contract deals with these types of suppliers.
Key Activities
The key activities that our value proposition requires are the following:
- Launch our beta website: Complete.
- Complete the filtering system and personal preference platform: In Progress.
- Get users: Currently 200+ users.
- Accumulate key partners; deal sites, ethical companies in Calgary, ethical communities.
- Complete transaction method: In Progress.
- Validate customer, retention strategy, and filtering system. In Progress.
Distibution Channels:
- www.midodeals.com
- Mobile Phone Apps
- Blogger
Value Proposition
The value proposition of mido deals is simple, give the people the things they want at a discounted price. Our unique filtering system will enhance the users experience while eliminated the products that they won't use.
Each user will be invited to fill out their profile while inputing their individual preferences for the items they want. This unique filtering system for ethical deals only is what makes gives customers value. This value is created through an invite only to ethical partners and consumers.
Mido plans on keeping strong customer relations by having each user fill out their individual profile preference survey so we know exactly what they need and want. This will make our customers feel like we are catering just to them by having the exact coupons they want and can actually make use of instead of having an inbox full of coupons that they won't be able to use.
Mido also gives our customers consistent deals that are refreshed frequently. Mido maintains customer relations by actually listening to the feedback that we receive from our customers- whether that is criticism or compliment.
As Mido's customer base grows, we will consider offering incentives to strengthen the commitment of our customers. One example that we have thought of is feedback surveys being filled out in exchange for a certain percentage off a coupon.
Mido's ideal customer profile is a consumer who is health conscientious and takes appreciation for organic products, ethically produced goods, and a healthy lifestyle. Our customers are part of what makes Mido's future secure. We know that by having customers who have a specific lifestyle and specific needs that we can create customer loyalty through meeting their needs and wants at one convenient website.
Currently, Mido has gained 200 users in just the first week after launching the beta site. The only form of acquisition was through social media and word of mouth. Given this fact, we have projected that our within our first month, we can have 300 - 400 users and have a continuous growth rate of 25% per month. Given the specific nature of Mido's deals and offers, we can predict that most of our customers will come back to us wanting more ethical deals.
To keep our customers feeling important and understood, we have promised to always offer deals that fit their personal profile of needs and wants and likes and interests. We will never offer a man a deal for tampons, or a customer without a car a coupon for an oil change. Perhaps in the future, Mido will expand carefully as to be sure to always keep the customer loyalty in mind. Expanding is great, but customer loyalty is what makes Mido a secure business.
Costs:
Key Resources
Our data base is an essential resource for mido. This is due to the fact that we will be storing some of our users personal information and their preferences. We will need to have an efficient database to ensure that this data is stored properly and mido can efficiently use this database. Having an efficient database will ensure we can better serve our users with better services
2) Future Intellectual Property:
In regards to intellectual property we have decided to take a really lean approach to building our product. We have many other features planned which are under the realm of intellectual property which we will be pushing forward as we move on. For now the main feature of our website is filtering system.
3) Ethical Community:
One of our key resources at the start up of this venture is our niche community. Our tight-knit, committed, loyal community compiled of ethical shoppers, organic consumers and generally healthy people are going to be a key resource because we will rely on them to help spread the Mido buzz by word-of-mouth. Word-of-mouth is a great way to recruit customers because it is completely based on consumers own personal experiences which is easy to explain to their friends. Our 'ethical community' is also a key resource because they will give us a solid community of returning customers that are committed. Our goal is to consistently expand our target market and make it more broad, but to do this with customers who will be as committed as our niche market.
4) Team:
Another key resource we have at Mido is our team. Our team is essential for making this venture a success and because we all have such diverse backgrounds and a broad range of skills that add something unique to the team.
Peter brings a broad range of knowledge on many topics. He always has a new book in hand on business psychology, new business plans, and other interesting topics related to entrepreneurship. Peter is very passionate about Mido and knows how to make an idea a reality.
Coleton is always right on top of things and is great at being the organized force behind our team. He takes complicated ideas and makes them easy for everyone to understand. A smart man with drive to get projects finished- he is a vital link in our team.
Adrian is a quick thinker who can spit out ideas on how to improve something on the spot. He is an extremely effective communicator which is important in a venture such as Mido that needs to have a certain buzz about it to gather users. Adrian knows how to utilize social media outlets to their full potential which will help us drastically in our networking.
Chelsey is a psychology major which adds a different angle to our teams approach by having the ability to make our service more appealing to users and by being able to understand why people like or don't like certain aspects of Mido and adjust it accordingly. A huge people person with an empathetic streak, this will help with networking and being able to understand our customers.
5) Filtering System:
Name: Chelsey Patrick
Age Range: 20-25
Sex: Female
Quadrant of the city: South East
Food Preferences:
Vegetarian
Italian
Ethnic
Activities:
Yoga
Running
Hiking
Climbing
Other Interests:
Shopping
Painting
Just as a rough example, you would fill out a form like the above and our coupons would not only filter to those needs by discarding unwanted coupons (such as coupon for 20% off steaks for a vegetarian) but Mido also ensures that all of the filtered coupons are always from ethical, local retailers. This is for the growing market of conscientious shoppers.
Another benefit to our filtering system is that it allow us to collaborate with other coupon sites instead of being their competition.
Mido has chosen a more modern approach to acquiring customers through the use of social media and technology. Not only is this modern, it is also easy to generate to a large amount of people in a short amount of time AND it is cost effective. We acquired 200 customers in a week without spending a dime and hardly lifting a finger other than linking it to Facebook and texting the link to our networks. Mido is an online platform, so it really made sense to us that we would choose an online media channel to publicize Mido and to get the word out. It is very easy to spread the word through email and online technology so we are predicting a quick acquisition of initial customers.
Revenue
- Advertising
- Loyalty Programs
- Memberships
- Calgary bases retailers
Our company is going to live or die based on the strength of our customers. Generating a strong following will be the first step and learning how to make money off that customer base will be the next. Our goal is to pull retailers to mido because of the community we've created. From there we can evaluate different revenue streams and start to pull in cash through our key partners and the customers themselves.
Mido plans to make 30% from the deal sites divided among other distribution channels. This will be our main source of revenue. Other future projections and analysis will have to be done in order to define different revenue streams from the users.
Five Year Financial Projections:
mido's Valuation: At this moment we value our company at over $10,000. Here is the reasoning behind this:
We launched the mvp on the 1st of December and we had 219 users in the space of week. Out of the 219, 13 users purchased coupons from our website. Doing the math, that gives us about 800 users per month, which is 10,000 users per year. Our conversion rate at this point is about 5%. All of this value events, including the time spent on developing the prototype led us to this valuation.
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