Neira Borbolla, Yu-Chen (Jane) Chen, Katherine Gaskill, Katy Hickey
Table of Contents 4
Target Consumer Profile 22 Budget
13 Brand Positioning
20 Promotional Plan
23 Website Mockup (Flow chart) 25 Appendix A
Concept Our concept is a restaurant review search engine that also offers coupons to sponsored restaurants. The search engine would allow users to enter in a location and restaurant preferences such as type of food and price. At any time, the site would offer two coupons that met a userâ€™s preferences. However, reviews of all restaurants would appear in the results. When a user agrees to buy a coupon, it will be sent to their e-mail and then users would then be able to print off the coupons and bring them to the restaurant. Every week, the sponsored coupons would change. Restaurants would be required to pay a small subscription fee to have their restaurant as part of the coupons cycling. Then when their coupons is featured, they will pay the company a small percentage of the sales from the coupon. Restaurants will have the ability to set a limitation on the amount of coupons sold each day and set an expiration date. Restaurants would not pay to have customer reviews on the site. After a coupon is purchased, the site will send the user an e-mail about a week later asking if they used the coupon and for their review of the restaurant. Users would not need to do anything but reply to the e-mail in order to review the restaurant. Therefore, more users are likely to review the restaurants because they do not need to log back on the site to write a review. Users would have the option directly on the site also to review restaurants though if they wanted.
Business Models 1
Brokerage Model: The company would be a search agent for users based on restaurant preferences
Community Model: The company would use customer reviews and customer satisfaction as user
Affiliate Model: This would be the primary revenue generation model. The site would charge
and link together coupons for those restaurants.
generated content for the site. This user generated content would compose the reviews.
restaurants to be part of their coupon sponsoring and also engage in revenue sharing with the restaurants when their coupons are featured.
Challenges The primary challenges in establishing this business would be the initial participation by restaurants and users. Like with most web-based start up companies, driving initial traffic to the site is always difficult. We would need to get word of mouth spread about our site and peak interest in the company. Once people initial gain interest in the site, we believe they are likely to revisit it so maintaining traffic wonâ€™t be as difficult as the initial traffic.
Market Analysis 1 2
Geographic: United States (71.7% population Internet users), major cities like New York City.
Demographic: Females and Males age 18+ with a higher education backgroundHigher education Money conscious Generation Y also called Millennials (20% national use of internet)
Psychographic: Lifestyle: people who enjoy going out to dinner, enjoy social activities and like to be around friends and have a busy life. Fast followers (technology optimistic with low income)
Behavior: Benefits sought: “get best deals”, “variety of options”, “fast and easy transaction”, Heavy Internet users with access at home, office and mobile devices.
Target Consumer Profile Our target consumers are people who enjoy going out to dinner to a variety of restaurants but are looking for the best deals they can receive with their tastes in mind. They enjoy going out and have large social networks. They are likely to share their experiences with friends and will now be able to do so with others. Our target consumers have busy lifestyles. They are active and on the go. Although they like saving money, they do not have the time to search for the best deals or coupons. They are young professionals working hard to advance their careers or families trying to fit in all of the childrenâ€™s activities. These individuals are savvy in technology and is more than fluent on the Internet. They use the Internet as a resource to make their life more convenient and stay connected.
Groupon Groupon is a site that works with businesses to offer great deals. Groupon is set up based on location. Users enter their city and find deals for local businesses like restaurants and salons. Each day there are a couple of deals. Users bid on the deals and once there are enough bids the deal goes into effect. Deals may available for different periods of time depending on what the business is willing to offer. There is a write up on the featured business but no user reviews.
Living Social Living Social is very similar to groupon except they only offer one deal a day. Once the day ends the deal is no longer available. Some examples of deals are a coupon to an ice cream shop worth $10 that only costs $5, or $30 at a sushi place for only $15. The living social pages offer a description of the business and show it on a map. Only having the deal available for one day really encourages customer action. If users are given more time they are more likely to put it off and think it over.
Urban Spoon Urban Spoon offers customer reviews of restaurants. Users choose the city they are located in and then can browse restaurants in the area. Users can browse by type of food or other special features like price and family friendly atmosphere. The Ithaca page, for example, offers top ten restaurants in different categories like happy hour, fine dining, etc. Restaurant pages offer customer reviews, links to the webpage, menus, location on a map, some even offer the most recent twitter update. The many ways to search for a restaurant is great but there are not many written customer reviews.
Yelp Yelp is also a customer review site that covers a wide range of areas including restaurants, real estate, and beauty/spas. Yelp is a very popular site so there is a large number of customer reviews but not as much actual information about the businesses that urban spoon offered. A strength and a weakness of yelp is the wide range of services that it critiques. It is nice to be able to read reviews about just about anything in an unfamiliar city. But on the negative side yelp is spreading themselves pretty thin. Since yelp depends on customer feed back it is hard to get quality comments on so much content.
Brand Positioning We will be differentiating our business through product and service differentiation. Our product offering will have several features and benefits including restaurant reviews and direct access to coupons for local restaurants. Unlike Groupon or Livingsocial, our business will be able to customize their selection of coupons via the customerâ€™s designated cuisine. For example, a customer can search for Chinese food, and the first two results will be restaurants with reviews and coupon available for their purchase. This then differentiates our business from Groupon or Livingsocial because we are not offering daily deals, but really weekly deals, where the customer can choose which cuisine they want that night and have access to available coupons. This is also a service differentiation, where we have personalized options for customers to save on what they really want that night rather than having them tailor their night to whatever coupon is available. Weâ€™ve ultimately used the Competitor positioning to ensure that we are differentiating ourselves from our competitors Groupon, Livingsocial, Google Reviews and Yelp. We are doing this by relying on customer segments for restaurant reviews, and word of mouth. In addition to User Category positioning we are also applying Integrator Positioning where we intend to provide a one stop shop: where consumers can find everything they need for a night out. We hope that instead of consumers going to Groupon, getting the daily deal, going to yelp to review the restaurant and then making the decision whether to go out or not.
Brand Positioning Ultimately, we want all of those steps to become one step. We want a consumer to be able to utilize our business as a tool to determine what they would like for dinner tonight (like Urbanspoon or Open Table), which restaurants they would want to dine at, what the customers reviews are like, and hopefully there is a coupon available for that restaurant. Most importantly, we aim to position this business as being a low-cost and low-risk factor for participating businesses. Itâ€™s not a daily deal, so the businesses are not flooded with too much to handle. They have customers who are genuinely interested in the cuisine who are coming to their restaurants to use these coupons; therefore there is a higher retention rate. And lastly, it doesnâ€™t cost them very much as we only charge a percentage of the coupon sale. Therefore, we hope to position this brand to be a one-stop-shop for consumers while businesses benefit even with such a low cost.
Strategy Our main goal is to offer users an easy to use, one-stop site to search for restaurant coupons based on their cuisine preference, price range or location in NYC. Also users will be able to write short (twitter-like) reviews or search for user-driven content about the restaurants. Taste n’ Save site users will benefit from this integrated approach by finding customized coupon offers along with user-generated reviews about restaurants all in one site. Customers will also have the opportunity to provide their own comments and feedback. On the business side, we offer restaurants the opportunity to advertise themselves by participating in Taste n’ Save, which will help them increase their restaurant traffic and insight about customers experience in their restaurant. With Taste n` Save, we seek to build traffic from users, position our site as a Yelp/Goupon integration and create a loyal community of “restaurant lovers” willing to generate content for others to see. Also every time a user searches for coupons and purchases it, we receive 20% from the coupon value. After the purchase, users will receive a Taste n’ Save email asking for feedback about the restaurant and their experience. This interaction will generate a relationship betwen the site and the customer which will help with creating a loyal database.By having users write a comment or review, it will increase the available content for other users to look at in order to make informed decisions. In order to ensure we have the participation from a variety of restaurants, we will offer users a broad selection of restaurants covering their preferences and reviews free of charge. To generate revenue, we will receive a fee from restaurants willing to offer coupons to our users only. This way we will remain less biased in the reviewing/rating system and only show preference to the coupon deals, not the actual restaurants. This will allow us to remain credible.
Scope SEARCH ENGINE RESTAURANT DESCRIPTION
Users are able to find descriptions of restaurants like accepted credit cards, hours, type of food, etc.
Users are able to find the coupons of the week depending on their preference.
Users can write a review about their experience in a restaurant. Users can search the latest reviews about restaurants written by other users.
Users are able to post photos of the restaurants.
MAP ACCOUNT CUSTOMER SERVICE
Users are able to search available coupons by selecting type of cuisine, price range or location.
Users are able to see the search results in a interactive map. Users opt-in to create a profile specifying their preferences and contact info. Users are able to e-mail a service representative for any questions, suggestions or problems Users are able to connect with our Facebook and Twitter pages just by clicking on their respective badges.
Search Marketing Paid Ad Words
Taste N’ Save Search for the best local food,receive reviews and coupons instantly www.tastensave.com
Since this is a start up business and centered in the United States, using Google Ad Words would be the best decision for paid search engine marketing. The term “restaurant coupons” is highly competitive and with 246,000 monthly searches it is the highest searched term. The term “restaurant coupon” also is a medium competition search term. However, the term “restaurant review” is also searched 246,000 times monthly and the term “restaurant reviews” is searched 135,000 times monthly. Both these terms are categorized as low competition. We believe that the best use of paid search is to focus on bidding on the search words “restaurant review” and “restaurant reviews” most heavily. Since our business combines both coupons and reviews, we are able to attract the same amount of traffic at a much lower price by using the word “review(s)” instead of coupon. It is also not likely that having coupons, in addition to reviews, will turn users away from the site. Since action will be difficult to measure on our site, a payment system of cost-per-click-through would be most effective. Users may engage with our business without directly purchasing a coupon, so action doesn’t accurately measure success of marketing. Initially people may engage with only the reviews. However, they are likely to revisit the site again since there is no risk to the user. This will lead to increased purchasing action later. They will not disregard the site as only for coupons since they may not be inclined to buy a coupon at the time.
*See Appendix A
Search Marketing Organic Search Engine Optimization Strategy
Generate a good domain.
Our domain is short and memorable and not complicated. It uses slang but doesn’t use a misspelled version of the
word or symbols.
“Taste N’ Save- Restaurant Reviews & Restaurant Coupons Site”- 59 characters This title tag incorporates our company name which may be searched along with the business concepts. The terms restaurant reviews and restaurant coupons were the highest searched terms related to our business so it is important to put them in the title tag.
Home page: www.tastensave.com 2nd page: www.tastensave.com/search/(the city)
3rd page: www.tastensave.com/search/coupons/(the city) 4th page: www.tastensave.com/restaurantreviews/(thecity) 5th page: www.tastensave.com/writearestaurantreview Business pages: www.tastensave.com/(the city)/(the restaurant)
Mega Tags Restaurant reviews, restaurant coupons, local food, local restaurant reviews, write food review, find local restaurant, restaurant search engine, food coupons, best restaurants, restaurant prices, restaurant menus, restaurant deals
Promotional Plan Affiliate Programs To encourage restaurants to participate on our website we will offer them incentives. When restaurants offer coupons they will receive free ads on our site for the first day of their promotion. Additionally, restaurants that provide a link to tastensave.com from their website will receive 20% off advertisements on our site. Customers who frequently review restaurants will earn the privilege to get access to exclusive coupons. An example would be that they receive a 50% off coupon while regular users only get 25%. Checking in with Foursquare and posting about Taste Nâ€™ Save on Facebook will also earn customers this privilege.
Advertising To start Taste Nâ€™ save will only advertise on Facebook targeting customers in the geographic regions we are looking to develop. For the first 6 months after our site launches we will spend $25 a day on Facebook advertisements. After 6 months the geographic regions will be tailored and will spend gradually spend less on Facebook ads.
Promotional Plan Social Media Facebook- Taste N’ Save will have a Facebook page. The Facebook page will explain what Taste N’ Save is, how it works, and provide links to our site. On the Facebook page users can interact with each other and talk about the great deals they have received. Users can use their Facebook accounts to access and login to Taste N’ Save instead of creating a whole new account. Also through our site users can update their profile with a status showing their friends the great deal they received on Taste N’ Save. Foursquare- Users can check in using Foursquare when they are at the restaurant using their coupon. Restaurants can use Foursquare to allow customers to earn better coupons.
Mobile A specially formatted mobile version of TasteNSave.com will be available to allow users to access restaurant reviews and coupons wherever they are.
Budget *Estimated budget of 6-month
$2,500 Facebook Ads
$4,500 Ad Words
$9,000 Start-Up Costs
Total: $23,500 *
Website Mock-up 1 Home Page
2 City Page
Website Flow Chart