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This is an Opportunity Analysis Project (OAP) of customer flow management idea called VirtualQ. The OAP is part of the Venture Lab 2012 class offered by Stanford University
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VirtualQ Opportunity Analysis Project
Team YVR6Venture Lab 2012
May 19th 2012
Outline
• Value Proposition• Market Research• Market Size• Competition• Conclusion
Value Proposition
• For everyone, with access to Internet or SMS, who wishes to save time in lineups, VirtualQ allows lining up without physically being present and notifies only when ready to be served.
• For all businesses or organizations with long lineups, VirtualQ provides a service to effectively manage lineups, resources and daily operations while improving customer satisfaction and increase in sales.
• Unlike any other service VirtualQ provides real time notification via a mobile application and web based services.
Market Research - End Users
• Hypothesis– Need for VirtualQ– Willing to pay for an App/Service– Don’t mind ads for free service– Likes promotions through the service
• Experiment– Face to face interview: 22– Survey: 68
Market Research - End UsersResults: Need for VirtualQ
44%
22%
24%
10%
Encountered Lineup
All the timeOnce a WeekOnce a MonthRarely
37%
59%
4%
Annoyed
All the timeSometimesNever
Market Research - End UsersResults: Willing to pay for an App/Service
51%
7%
41%
Will Pay
One time small feeSubscriptionNo
Market Research - End UsersResults: Revenue through ads or promotions
6%24%
50%
21%
Ads
Like itSomewhat usefulAnnoyingDon't care
18%
44%
25%
13%
Promotions
Like itSomewhat usefulAnnoyingDon't care
Market Research - End UsersResults: Demand at lineup locations
Post Office
Passport
Office
Consulates
Driver’s
Moto
r Vehicl
e
Medical C
linics
Diagnostic L
abs
Schools
Restaurants
Movie Theater
Retail Sales E
vents
Tourist A
ttraction Site
s
Banks
Telecom/In
ternet
All mentioned
0%
10%
20%
30%
40%
50%
60%
70%
Demand
Market Research - Business
• Hypothesis– Need for a change in the way lineups are handled– VirtualQ will help optimize resources and daily
operations– Willing to use the service– Will pay for the service
• Experiment– Interviews: 8
Market Research - Business
• Results– Interviewees thought it was a good idea.– Due to the lack of a prototype, it was inconclusive
if the system will help optimize resources and daily operations.
– Businesses to use and pay for service is a probability, we need to gather more data.
Market Size – End UserAvailable MarketWorld cell phone users: 5.6 Billion
Servable MarketUsers in developed Countries: 900 million
Target MarketUsers with smart phones and potential buyers: 290 million
App Price: $1
Revenue: $0.7
Market Size: 203 million
Market Size - BusinessAvailable MarketEstimated number of Businesses/organizations in developed countries: 55 million
Servable MarketEstimated Businesses/Organizations with lineup: 0.55 million
Target MarketPotential User: 55,000
Subscription: $10 /month
Revenue: $120 /year
Market Size: 6.6 million/year
Competition
Unlike Qminder, VirtualQ offers- Promotions- Algorithm to distribute customer flow- Real time notification for service issues
Unlike QMATIC, VirtualQ offers- Mobile App - Cost effective and easy integration- Promotions
Unlike Qless, VirtualQ offers- Mobile App- Cost effective and easy integration- Real time notification for service issues
Conclusion
• 66% people surveyed encounter lineups at least once a week and 96% people find them annoying.
• 58% people are willing to pay for service.• More data to be collected on business end.• We will pursue this idea for OEP.