Starting a business usually is not easy especially when there's a lack of funds to get the project off the ground. Many awesome business ideas die off before they even get launched due to lack of fund/investment.
This is the fourth post on this Proposal. Just in case you have not been following, you are advised to go through the previous three (3) post related to this proposal here, here, and here.
On this part of the proposal, I'll take you through the project's competitive Landscape, SWOT analysis, and some Strategies.
Competitive Landscape
We have noticed a few competitors, such as Yelp, Amazon review, and Google review. These are popular review platform that offers similar service as RealityHubs, however, we have a sporadic and unique feature that'll make the platform distinguishable. In a tabular form, I'll highlight those features.
| Platforms Features | YELP | AMAZON | REALITYHUBS | |
|---|---|---|---|---|
| Transparency | No | No | No | Yes |
| Reward | No | No | No | Yes |
| Referral incentive | No | No | No | Yes |
| Widget | No | No | No | Yes |
| Badges | No | No | No | Yes |
| Rating/Review | Yes | Yes | Yes | Yes |
| Notification | Yes | Yes | Yes | Yes |
| Analytics | Yes | Yes | Yes | Yes |
| Live chat support | No | No | No | Yes |
| Customized questionnaire | No | No | No | Yes |
| Internal trade | No | No | No | Yes |
SWOT Analysis
The SWOT analysis provides an excellent opportunity to examine and evaluate the internal strengths and weaknesses of the proposed project. It also allows us to focus on the external opportunities presented by the business environment as well as potential threats.
Detailed below are the major strengths, weakness, opportunities, and threats that RealityHubs should be aware of
Strengths
RealityHubs has a valuable inventory of strengths that would help it to be successful. These strengths include;
A clear vision of the market needs. We know our customer’s needs, and we can offer an excellent solution which will benefit all our users.
Good management experience
Large/Broad target market
The platform will be easy to operate
The platform and reward model is transparent.
We are developing on a blockchain
Weaknesses
Strengths are valuable for the growth of the project. However, it is useful to realize the weakness. We have identified some of our weaknesses, which includes;
Startup challenges
Limited operating capacity during a peak sales period.
A high-cost factor when there is a need to contract a third party.
Opportunities
RealityHubs's strengths and the awareness of the weakness will help it capitalize on emerging opportunities. These opportunities include, but is not limited to;
More business getting launched faster
More revenue models
Easy to grow our user base when more businesses get registered
Threats
Threats that should be known by the company include.
- Higher taxes in the future.
Strategy
Our strategy is based on delivering strong customer proposition in a very broad niche market. We are looking at providing our customers’ flexible and straightforward tool which will help them improve their business needs. While on that, we are also looking at growing our user base. How we plan to do this is explained in detail in the Sales Strategy.
We are looking to execute paid adverts on popular social media and websites such as YouTube, Facebook, Tweeter, LinkedIn, etc.
We are focused on reaching and satisfying the needs of many businesses as well as providing the needed incentives to the community of reviewers.
Sales Strategy
Because RealityHubs is a new entity, we recognize and understand the need to prove our worth to our customers, in order to earn respect and loyalty.
Our sales strategy is based on the belief that there will be a regular flow of first-time customers due to how easy and convenient it'll be to use our platform and the product/services that we offer. The real sales effort will be to focus on the conservation of each first-time customer into a long-term customer relationship. We plan on awarding unique badges to our reviewers, which will give them more visibility on the platform.
Because we will be dealing directly with businesses, it will be easy to grow our user base very fast. Take, for example, a business that already has up to 10 million registered and regular users on their platform, decides to create a business page on RealityHubs, could invite all their existing users to register on our platform in order to leave them valuable feedback and get rewarded for doing so.
Our second strategy is to launch a referral program that will allow business owners or reviewers to get compensated whenever a new user joined our platform through their unique link or web address.
This focus recognizes that it would cost less money to convert a new customer into a long-term relationship. Also, we would not need to spend so much money on paid advert on social media. With this in mind, our sales activities will concentrate on keeping existing customers happy, and always meet or exceed their expectation.
Lets Interact!
Thank you for going through this proposal. If you've read this far, I want to ask that you contribute by sharing your honest thoughts and opinions with me. Your feedback would greatly be appreciated.
Reach out to me on;
Discord server by sending me a friend request with the username; "knowledges (Smiles' at all)#3295"
Email; Ibrahimonozasi@gmil.com