— — — — InTouch — — — —
By: Raquel Van Ry, Danielle Kuelker, Zander von Neudegg, & Firaoll Umar.
Executive Summary
What is InTouch?
Every day, friends, family, loved ones and blossoming relationships are put under pressure thanks to distance, disconnect, and most recently, a pandemic. Being able to stay in touch and share experiences with the people we care about is necessary for our bonds to grow and flourish, but meeting up is not always an option. InTouch is an all-in-one platform on which users can organize online meetups with loved ones. No longer will it be necessary to coordinate schedules, streaming sources and audio call, InTouch can do it all. Users will simply select their desired InTouch date elements, and InTouch staff will figure out the logistics such as time zones of the participating parties and element accessibility, so that InTouch users do not have to and can sit back and look forward to getting InTouch with their loved ones.
Industry and Development Overview
With recent changes in the way the world has to communicate thanks to the Covid-19 pandemic, it is more challenging now than ever to stay connected to friends and loved ones. It is within this global issue that InTouch founder’s identified an opportunity. With the founding team comprised of members from all different backgrounds and education including communications, computer science, and business streams, InTouch has the basic foundation necessary to get a solid start in the market. Provided that one InTouch founder is well-versed in computer science related content, coding and app development are some skills that could be applied during the initial stages of InTouch’s development in addition to limited external support from app development professionals.
Competitors and Financial Overview
As InTouch is a service that combines various platforms into one, InTouch potential competitors such as Skype or UberEats could very well become assets to InTouch in the future if InTouch founder’s choose to implement their services into the app. Regardless, with the whole world shifting toward online presence, InTouch will likely face more competitors than ever before, but there is also a larger consumer base to combat them. Since InTouch will be free to users, it may take time to create profit. However, once the app gains popularity which will be obtained through online promotion via personal and business social media platforms, advertisers will seek to purchase ad space on the application.
Research
Customer Value Proposition
InTouch date elements that users can choose from include real-time meal delivery, movie streaming and video/audio calling. By activating as many senses as possible, it enables InTouch users to feel as close as they can get to one another without physically being together. Based on the feedback we collected from over 50 potential customers, as can be seen in Figure 1, over 58% of the respondents answered that they would not be willing to pay for InTouch, however, over 78% of the respondents said that they would be willing to view ads in turn. In the future, InTouch may turn to external sponsorships but it is unlikely that InTouch users will have to face a fee, unless a premium service is provided. Thus, customers can benefit from the services provided through InTouch and the ease at which they can access their favourite online services, without paying a dime.
Primary Market Research Feedback
InTouch was initially intended to be a dating platform, its original name being “AllDate”. Users would be able to safely interact with new or existing partners in a fun and affordable way without having to physically meet up. However, after conducting some market research and collecting data on the demand and feasibility of this idea, InTouch founder’s realized that by targeting only individuals that are interested in online dating, a large portion of the market was being excluded.
The feedback from the initial survey that was sent out on behalf of InTouch in addition to personal communication InTouch founder’s conduction with some of the survey respondents, showed that there are various people that are deterred by the idea of online dating. Through further conversation, it was found that many of the respondents had friends or family members that they would like to keep in touch with, not necessarily partners. After returning to the drawing board, InTouch founder’s determined that the previous name of “AllDate” would not only be rebranded to “InTouch”, but the target market would also be expanded to include family and friends as well as individuals looking to engage in online dating. InTouch has the potential to help its users to nurture their relationships as it has been proven that engaging in meaningful, collective activities with loved ones, has the power to contribute greatly to the satisfaction of long distance relationships of any sort(Lee et al., 2012). By popular vote according to the survey responses as can be seen in Figure 2, the services InTouch will aim to offer its users include Netflix Party, Zoom and Skip The Dishes. For more information on the survey questions and responses, please see Appendix A.
In short, InTouch is for anyone that wants to connect with their loved ones when constrained by distance and other obstacles.
Industry Analysis
Target Market
Location: InTouch is intended to launch within Canada’s borders initially. However, as InTouch will be accessible through the internet, its potential for future scalability is high. Should it be in-demand, InTouch will be able to expand globally.
Age: As the average age of an individual engaging in a long distance relationship is 26, and the majority of mobile phone and internet users tend to belong to this same age demographic age group, our primary target customer is young individuals ranging from the age of 18 to 40 (Krapf, 2018).
Size: According to Statistics Canada, in 2020, people of the ages 20–32 make up approximately 16.99% of Canada’s population, as can be seen in Figure 3. When InTouch is first launched in Canada, this demographic with be the initial targeted consumer base, but the size of our target customer base has much potential for growth assuming InTouch gains popularity in other countries.
Growth rate: Since InTouch is the first known platform that would combine various online elements into one. Thus, there is no industry-specific data. However, breaking InTouch down, its various elements can be analyzed further. The primary industry trends of concern include online dating, mobile phone usage, online food ordering and delivery service and movie streaming. As mobile phone’s are becoming increasingly accessible and used by our target customers, and the negative opinion of online dating is continuing to change, now is a good time to introduce InTouch. Not only would InTouch be entering a market that, based on our potential-customer feedback, would be in demand, with the world changing as it has, the popularity of streaming movies and ordering food online is continuing to grow.
Marketing Tactic
As InTouch’s target market is a younger demographic who are active online and possess mobile devices, InTouch aims to market to its target audience via online means. By reaching out to InTouch founder’s friends and families and asking them to use InTouch and share it with as many individuals as they can, InTouch will be able to reach a solid user base. Word-of-mouth will be invaluable to InTouch as reputation is crucial to obtaining and retaining new users. As the cost of customer acquisition grows the more InTouch founder’s have to reach beyond personal means of influence, at least initially, InTouch founder’s intend to share InTouch promotional material via personal social media platforms and encouragement to friends and followers to share the content on their platform.
Since InTouch will be 100% free to its users, there is little to no loss for new users to test out the platform. This will hopefully incentivize more activity as the more users that interact with InTouch, the more likely advertisers are to pay InTouch to display their ads in the app.
In addition to creating a professional set of business accounts on social media platforms such as Twitter, Instagram and Facebook as a means of marketing, InTouch is considering establishing a blog for the business to outline services, customer reviews as well as any service updates InTouch implements as the business grows. This will hopefully attract new users and keep them informed when new features are added.
Industry Trends
Identifying potential and current trends that are occurring in the target industry of InTouch is crucial in ensuring that their is demand for the service. By considering future trends that might occur, InTouch founder’s will be able to analyze future opportunities so they can properly prepare to face the trend face on so InTouch does not get left behind.
- Online dating: Over time, the controversy around online dating has slowly dissipated and it has now become socially acceptable and even normal. Additionally, as online dating simplifies the process of meeting other and even saves participant’s time, it is becoming increasingly popular. Based on past and present data, the online dating “industry revenue is anticipated to increase an annualized 5.4% to $146.0 million over the five years to 2020” (Koronios, 2020a). According to a study conducted by the Pew Research Center, between 2013–2015, there was significant growth in the use of online dating apps (Koronios, 2020a). This was evident in the impressive tripling of online-dating app use in the 18–24 age bracket and doubling in the 55–64 age bracket (Koronios, 2020a). Finally, when looking at recent trends in long distance relationships, it is evident that long distance relationships are on an upper trend. This information is relevant to InTouch because users that utilize InTouch services will be able to engage in real-time activities with their loved ones (Lee et al., 2012).
- Mobile phone usage: In 2020 in Canada alone, it was reported that there was over 35.8 million mobile phone subscribers and that number is projected to grow to 42.5 million by 2025 (Koronios, 2020b). As mobile phone usage continues to grow at a rapid rate. This industry growth directly impacts InTouch’s success as InTouch’s main channel of reaching consumers is through mobile devices.
- Online food services: With recent Covid-19 physical distancing enforcement and discouraged shopping and eating out, the already popular online food ordering and delivery services spiked. Online food services such as Uber Eats and Skip The Dishes have been capitalizing on the growth in consumer demand for food delivered to their door (Passport, 2020). No longer to consumers need to leave their homes too purchase food, they can have it delivered to their doors easily and affordably.
- Streaming: The various streaming services such as Disney +, Netflix and Prime Video have seen rapid growth, especially with recent isolation and encouragement to stay home due to Covid-19. Disney + who launched in November 2019 has already obtained over 50 million subscribers around the world, which Disney reportedly did not anticipate would occur until 2022 (Passport, 2020). Additionally as high speed internet continues to get faster, more users are utilizing streaming services away from home and during transportation as well.
SWOT Analysis:
PESTLE:
- Political: Existing government policies would not restrict InTouch beyond InTouch’s obligation to meet privacy requirements.
- Economic: Although InTouch will initially be free to users and rely only on ads for revenue, in the future, InTouch may charge its users a subscription or one-time fee. Its success will rely heavily on users’ disposable income and with current Covid-19 negative impacts on the economy and significant job loss, InTouch may be viewed as an unnecessary service and could fail to make required revenue.
- Social: As online dating and using online resources to connect with loved ones has continued to gain a more positive social view, its popularity is growing rapidly. Covid-19 may threaten InTouch’s success economically but as the government’s are encouraging people to stay home unless absolutely necessary, and international travel is highly restricted, both romantic and other types of long distance relationships will be forced to rely on other means of communication, as is stated in Table 1. Word of mouth could prove to be highly valuable to InTouch’s reputation and scalability.
- Technological: InTouch does have a tech-savvy member on its founding team, however, as UI and user experience is growing in importance when it comes to app popularity, hiring an app developing team will be crucial in determining InTouch’s future. As mobile devices are becoming increasingly accessible and high-speed internet is spreading around the globe, InTouch will be able to benefit from the increased user accessibility and exposure.
- Legal: The greatest legal concerns on InTouch is the external platforms that will be combined into InTouch. Services like streaming, video calling and food ordering platforms could prove to be InTouch’s biggest obstacle and have the potential to be InTouch’s highest cost should they require a partnership and a share of InTouch’s profit.
- Environmental: As InTouch will be promoted and used solely via mobile devices online, there is little to no environmental concern associated with its development and use.
For an even more in-depth analysis of the industry InTouch will be entering, please see Table 2 for an analysis of Porter’s 5 forces.
Due to InTouch’s unique offering of combining various social platforms into one to help individuals connect with their loved ones, their is a lack of direct competition. See Table 3 for a list of indirect competitors/suppliers. The indirect competitors we addressed are those that possess online platforms which include features that focus on connecting 2+ individuals in separate locations through online interaction. Since InTouch will be providing its users with video chatting services, related competitors as well as online dating apps that have video chatting features are some of the indirect competitors to InTouch.
InTouch Differentiation: InTouch differentiates itself from its competitors through the additional services it provides as well as its all-in-one user experience. In most cases InTouch indirect competitors focus on just one element, typically video or audio calling. InTouch will allow customers to connect online via video chat while simultaneously sharing a real-time connection through shared food, video streaming and/or video/audio calling. With InTouch the possibilities are endless, the customer can connect to Netflix Party, order the same food through Uber Eats or Skip The Dishes, and play a game or simply talk through Zoom or Skype, all without leaving InTouch’s app (Minor, 2020).
Competitor Response: Since InTouch combines various services and platforms, it is expected that its indirect competitors may even prove to benefit from InTouch. By providing these companies’ services through InTouch, their user subscriptions may even increase. It is unlikely that these indirect competitors will see fault with InTouch if they are benefiting.
Suppliers: The supply chain of InTouch requires the accessibility of online platforms including Netflix Party, Skip The Dishes, UberEats and Zoom, to name a few. Because InTouch uses an umbrella app to allow easy access to multiple platforms at a time, customers will be able to connect to more than one of these platforms simultaneously. During the launch stages of InTouch, the focus will not be on direct partnerships with these platforms, but rather, InTouch intends to focus on creating simultaneous accessibility to these platforms through its app. As InTouch grows its user base, direct partnerships with these online platforms will be considered which could open the door to potential paid sponsorship. For example, UberEats may choose to pay a sponsorship fee in order to be advertised on the InTouch app over their direct competition. InTouch will also consider partnering with suppliers in order to give clients discounts, for example “Sign up for InTouch and receive a $10 voucher for your UberEats purchase through the Intouch App”.
Threat of New Entrants: The threat of new entrants is high for InTouch. This is due to the current lack of brand loyalty as brand name is unknown, there is easy access to suppliers, there is low initial capital investment required, and lack of strong government regulations. It will be critical for InTouch to quickly move from being an ‘umbrella app’ that brings many platforms together, to forming contract partnerships with major suppliers such as Netflix, UberEats, and Zoom. This will limit imitability as well as the ability of new entrants to connect with platforms that already have established brand loyalty.
Exiting the Industry: Due to the simplicity and small start up investment required for Intouch, in the case of failure it will likely not be challenging to pivot or exit the industry.
Technical Feasibility
For the development of InTouch, technological development will be necessary to create an app that meets our vision for InTouch as well as consumer expectations for both web and mobile access. InTouch’s founding is made up of a diverse team with varying skill sets, including a background in technological use and computer programming. As InTouch’s founders are committed to creating an intuitive, streamlined app with a straightforward user interface, all team members will be closely invested in creating the application. This keeps our team close to InTouch’s development, allowing for more control in the application design in addition to, hopefully, costing less money while relying more on InTouch’s founding team’s abilities and minimal external talent sourcing.
New or Existing Technology?
The core concept of InTouch and the services it would provide is based around pre-existing technologies. Services like Netflix, Skip The Dishes, Zoom, and other online services InTouch may include already exist. However, the aforementioned services have proven to be challenging services to implement as they require large servers and extensive funding. This means for InTouch to be viable, partnering or linking to these pre-existing services would largely decrease the initial capital and technology required to develop InTouch.
To do this, one option is to create an application programming interface (API) for InTouch’s services to connect to the others (i.e. Netflix Party, Zoom, Skip The Dishes, etc.), then InTouch would need to implement connection with their API’s. While using others services via API’s simplifies the development of InTouch’s application, it will likely come with complications in regards to B2B agreements and legalities. This the option InTouch is intending to attempt initially by sending proposals to the services required. Although InTouch is a small start-up and there may not be much precedent for these companies to partner with a small third party, there is limited risk for the organizations. In fact, these platforms may even see an increase in their subscriptions should they choose to partner or even sponsor InTouch, as they will be exposed to the very consumers that would want their services.
To overcome any lack of confidence in the larger corporations InTouch aims to connect with, one option is to offload InTouch’s connection of services further. This would mean redirecting users to their sites, or simply directing InTouch user’s to the next steps needed. However, this approach largely impacts our initial value proposition and is not appealing to InTouch’s business goal. Instead, InTouch’s founder’s intend to begin as a bootstrapped service. In the past, services like Netflix Party used an overlay system to link their watchers’ screens to make sure each user was viewing the same thing, without needing an official partnership with Netflix (Netflix, n.d.). Similarly, when DoorDash first launched, they did not partner with restaurants but instead passed along delivery instructions, again proving the ability to use services without official partnerships (Riani, 2020).
To begin, InTouch’s founding team believes that a similar bootstrapping tactic is the route through which InTouch’s application could be created. With a sleek user interface and some focused efforts on the founder’s parts, at the very least a prototype sample service can be launched at locally. Using the systems like Skip The Dishes for online food ordering and delivery, and a rebranded version of Netflix Party, along with a Zoom link and some time-zone scheduling, InTouch becomes a viable product. InTouch founder’s intend to use their own time and skills to connect InTouch with these systems. When user’s plan a date and select their desired date elements, InTouch staff would then order their desired meals through Skip The Dishes, create a Zoom link for their preferred time, and organize their chosen movie via Netflix Party. This is not immediately scalable, but over time, InTouch intends to become automated, limiting the need for InTouch staff, but initially, this prototype would enable InTouch to be tested in the field and the process will hopefully highlight any shortcomings of InTouch.
If InTouch should need to reach out to external service platforms like Netflix Party, a working app prototype and a sample user interface like the basic example in Figure 4 would be provided.
Financial Analysis
Price and Marketing Strategy
The pricing strategy InTouch will be employing is market penetration. Although InTouch itself is not traditional merchandise in that using parity or skimming pricing strategies is not possible, using the idea of selling equity to pre-existing established services such as Skip The Dishes at a low price to gain market share is certainly possible. InTouch will be free of charge initially, and the penetration pricing strategy will be applied to provide users with a free experience in hopes of entering the market on solid footing and potentially gaining market share (Emma, 2019). One foreseeable critical weakness of InTouch will occur in its early stages of progression. Without a solid reputation in the market nor initial support, the application could fall into obscurity like many applications and start-up platforms. However, InTouch’s low pricing will encourage initial adoption, and will help to build a strong reputation and potentially loyal consumer base. Initially, the application will most likely not garner much financial profit. However, the cash flow is important in the success of the venture. To operate InTouch and pay employees as well as any unforeseeable costs that inevitably come with a business, there have to be sufficient funds and cash-flow from equity share and company partnerships and or sponsorships. To reduce the risks of gaining profits, InTouch’s founding team intends to define and create a solid, streamlined prototype and initial framework. To garner support initially, InTouch will require a strong platform in order to show the feasibility of the idea.
Key Costs
Application maintenance and development is a demand task that requires good design skills and app creation, testing, planning, modifying and implementing new features of the application itself. Developing and maintaining an application is costly as well, as outsourcing software development comes at a high price. Furthermore, this method of application development does not guarantee full privacy or rights to the elements used in developing the applications which is something that must be taken into consideration (Moore, n.d.). Fortunately, InTouch’s founding team does include a member that is well-versed in the technological field, but additional professional aid will be required.
A social networking application like InTouch demands more consistency and constant updates when compared to regular applications such as 2D video games, thus there must be ongoing maintenance to meet user-end satisfaction and up to date user interface which can get costly. One of the proven methods of developing and maintaining an application is to aim to anticipate and allocate enough money to cover around 20% of the initial development costs when calculating how much it will cost to maintain the application (Patel, 2019). For instance, if it costs a developer $100,000 to develop the software, they can expect to spend approximately $20,000 to maintain the application (Patel, 2019)
Profit
Given the current situation that the world is in as a result of Covid-19, it is expected that social distancing enforcement will persist beyond the foreseeable future. This has caused a significant inconvenience for social interaction such as dating and long distance relationships between family, friends and other loved ones. InTouch’s primary goal is to ensure a strong foothold in the market and to acquire as many users as possible as quickly as possible so as to obtain customer loyalty, a reputation and to ignite word-of-mouth promotion. Once InTouch’s business model is proven to be sustainable and profitable, it will be reassessed and any necessary adjustments to its current price strategy will be made. This will include ensuring that the market is capitalized to the highest extent possible. The partnerships/sponsorships InTouch intends to establish in the future will have to be negotiated to correlate the increased market value of the company (aka. InTouch should not undervalue itself). As the market value of InTouch increases, advertisements as well as customer interaction and exposure to the app will increase. Advertisements will be one of the primary sources of revenue in addition to any premium services InTouch might implement in the future.
Cash Flow Risks
One of the critical risks associated with cashflow that InTouch faces is that its level of success is dependent on how widely integrated the application is with pre-existing platforms such as Skip The Dishes, Netflix Party and Zoom. Another critical risk that threatens InTouch’s success is the fact that its usefulness and is dependent on the external connected services and whether or not they continue to be a draw to consumers, as well as their inclination to potentially partner or sponsor InTouch in the future. InTouch’s potential for scalability relies heavily on their cooperation.
InTouch is a business venture that, like any idea, has its inherent flaws and strengths. However, the flaws with the application can be mitigated over time by pre-planning and working toward a stronger concept and solid prototyping. Doing so would have a positive impact on the overall cash flow as well as increase InTouch’s likelihood of attracting investors. Continuing to further solidify the idea will allow the application to develop into a more efficient and attractive solution.
Overall Analysis
In the last few months, people have been more separated than ever thanks to Covid-19. This has led to companies such as Zoom or House Party to pop up seemingly out of nowhere. But the benefits to individuals the the new ‘work from home’ lifestyle has brought are those that will likely persist well beyond the end of the pandemic as the world has changed, and its perspective of what the word “essential” as changed with it. As people settle into the idea of distant and/or online hangouts, the demand for new, interesting and involving online experiences that can be shared with loved ones will increase. InTouch intends to be their to help
Potential Competitive Advantages
In the world of online services, spaces change quickly. Companies come and go as the world shifts. But catch the right current and your ability to quickly and effectively connect to all corners of the globe can sling a company deep into success. It has been said that everyone gets lucky, the difference is made in what you choose to do with that luck. If there is any silver lining to be found in the current world situation given the Covid-19 pandemic, InTouch’s founding team believes that the opportunity that we have identified in these trying times is exactly what the market demands. With market timing proving to be so perfect for a service such as InTouch, action must be taken. This is InTouch’s main competitive advantage: the perfect timing for starting up InTouch, as people shift to demand and become more comfortable with online meetups.
Critical Risks
Primary research was conducted in the form of a survey in order to determine the feasibility of InTouch by assessing the critical risks involved in launching such a service. The survey which included a series of questions pertaining to online dating, online communication platforms and user preferences was distributed to 53 individuals. The feedback provides the true potential of InTouch and the critical risks that need to be addressed. When asked “Is InTouch something you would use?”, 64.2% of the 53 individuals surveyed answered “Yes”. This is a reasonable indication that there is a demand for such service given the current state of the world, additionally, by implementing the requested changes that InTouch become a platform for long distance relationships off all sorts and not just romantic ones, its demand would likely increase significantly. Provided that there is a high demand for such service, one of the risks that is involved in launching InTouch would have to be maintaining sensitive data remains secure and confidential. This is a grand challenge that will be faced especially during the initial stages of the app’s development. Recently, there has been an increase in cyberattacks, data mining and crypto jacking attacks in the current app development industry which is something that will have to be addressed in order to best prevent such risks. There is a substantial legal repercussion that InTouch would have to face in the event that personal data is exposed, especially since data from dating applications tend to be more personalized and sensitive.
One of the catalysts of such attacks is the incorporated advertisement in mobile applications which is hugely risky as InTouch intends to obtain the majority of its revenue via paid advertisements based on consumer preferences that were recorded through primary research. There is a term coined for such attack-malvertising (aka. malicious advertising). Malvertising is a malicious cyberattack that distributes malware through advertisement. However, since the users would need to agree to the potential risks prior to using the application, and the primary research suggests that the majority of the users are not reluctant to the incorporation of advertisement in InTouch, InTouch will continue to pursue this vehicle of revenue and prepare as much as possible so potential malvertising attacks do not occur within InTouch.
Feasibility
InTouch’s talented and diverse founding team is equipped with the skills necessary to create the initial InTouch prototype, leading to its initial startup being more affordable and efficient. This lowers the risk of the company failing due to monetary restrictions in its initial stages, while increasing its likelihood of success due to the heavy investment of the founder’s in its construction. Using the pre-existing infrastructure of the billion-dollar companies like Netflix and Zoom to build InTouch off of has some risks, but there is reason to believe that it can be very effective on a small scale. Once the initial InTouch prototype is complete, it will provide InTouch founders with a tangible product that can be tested and adjusted prior to officially launching the app.
Based on InTouch survey responses by over 50 potential customers, it is evident that the majority of InTouch users would prefer that InTouch offers its service for free to begin, and they do not mind viewing advertisements as a result as can be seen in Figure 5. This technique has proven to work well with other organizations with similar business models, and overtime it is intended that InTouch will scale further through partnerships and commissions with its connected external service platforms.
Altogether, in the ever-shifting and growing market of online connections and dating, InTouch founders are optimistic about the application’s viability.
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