The company has developed a loyalty app to bring businesses and consumers closer together. The company’s loyalty program offers a unique marketing tool that can help identify, reward, and retain customers. Specifically designed for each business, it provides an innovative solution to establishing brand loyalty among the business' customers by offering in-app rewards based on their buying behavior.
Early-stage start-up launching in September.
This SPRINGBOARD® will be held in English / Dette SPRINGBOARD® vil blive afholdt på engelsk
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Product description:
We have developed two apps: one for businesses and one for consumers. Consumers can access a business’ loyalty program through the app, whereas a business is provided with the shop app. Through this app, businesses can create an account and set up their rewards programs using our unique promotional features. By downloading our app, the consumer will be able to create an account after which they can use the business’ loyalty tablet to check-in and collect rewards.
Business model:
We follow a B2B business model:
1.Per transaction: 7-10%
2.Monthly subscription: up to 500,- DKK for the loyalty subscription/features
Go-to-market
The go-to-market at this point is Scandinavia with a focus on Denmark and Sweden.
1.Collaboration with partners in the food industry, i.e. Horesta
2.Market surveys with potential customers
3.Digital outreach for user app
4.Field Sales – 50 visits per day
Customers
Our current focus is on restaurants and cafes and we are soon planning to also target bars. Based on the feedback and number of customers, we will explore more business areas.
Current status & Growth potential
We currently have one paying customer and have a handful of restaurants that have been trying our prototype. Since Scandinavia still uses old school loyalty programs, we see a great potential in the market.
Competitors
Loyalty Key, InterMail/IM Loyalty, Stampz, LoyalZoo, StampMe
Team
Our team consists of two co-founders, A and B. Both are responsible in shipping the product. While A brings product management experience, B compliments him with content and digital marketing. We have four developers from India and three Sales interns.
Questions for the panel
With our new product coming out in September, we would like to discuss what could be the best way for us to go to the market and get our product known:
- Go-to-market strategy
o Who would be our ideal customers/partners?
o What would our ideal business model look like in relation to our customers?
We have mainly been focusing on face-to-face Sales where our Sales representatives visit a restaurant and try to sell our product. So far, this has not seemed as successful as we had hoped for, so we would really appreciate some recommendations in this area:
- Sales strategy
o What strategy would work best and how do we accelerate?
o How do we make win-win agreements with our (B2B) customers?
We are currently at a point where we will need additional funding and/or investment, and would therefore like to discuss the following points:
- Funding and investment
o How do we present a strong business case in a trustworthy way?
o How do we make realistic estimates for future development?
o How do we calculate a valuation of the company?
