Category: MGT 5985-Product

To gauge customer interest, for our MVP, Elina and I believe that a landing page is the best way to assess whether our target customer will be interested in our product. Our landing page will consist of a short summary of our solution, as well as an email sign-up form. Customers can input their emails if they are interested, and if our idea comes into fruition, we can email them with updates. Based on the number of students who input their emails, we can get a rough estimate of how many people would be interested. 

For the actual landing page, we plan to use Wix. The reason we chose Wix is because of their free platform that is incredibly easy to use. It is easy to create a clean and professional website. With this in mind, we can easily create an MVP without putting in extensive effort or money. We believe that Facebook is the best platform to advertise on because more that 85% of our target customers use Facebook. Instagram is a great place to advertise as well, so we will use this platform as well. To narrow our scope, we plan to only advertise to those between the ages of 18 and 30. Since both males and females (and everyone in between) struggle with mental health issues, financial issues, and other issues, we choose not to target a specific gender. 

For my ad design, I chose to focus on the mental health aspect of our website. Elina, on the other hand, will focus on the financial aspect of our website.  Below I have added an example of what I have in mind. In the ad, I chose to add a silhouette of a girl with crazy swirling lines around her. These scribbles represent anxious thoughts. I want to make the customer know that they are not alone, which is why I decided to put the quote at the top. I also want the customer to know that solutions are available to them, which I made clear in the ad. Lastly, I put our logo in the corner for brand recognition.

Here is the link to our landing page: https://bestofmeresources.wixsite.com/mysite

(Also, the Baruch version of WordPress doesn’t allow us to upload videos, so I added the ad as a Youtube link)

Primary Research Takeaways

• There is no one place where students can gain access to all of the resources that are available to them 
• There are plenty of resources available for students 
• Many businesses want to gain access to students so they can expand their target market

Secondary Research Takeaways

• Many people actively search for resources that they need 
• Anxiety surrounding access to food, rent payments, and more has increased during the pandemic
• Students are unaware of what resources are available to them 

For our idea, Elina and I did extensive research to find out who our competitors are, and who our target customer is. We came to the realization that we do not have one direct competitor that collects all available student resources in one area. We did, however, realize that we have multiple secondary competitors. One competitor is a student’s academic advisor, who should have some knowledge about resources available to students. However, it is impossible for just one advisor to know about every single resource out there, so we know that our idea has value. Another indirect competitor is the Baruch Advisement page, and other pages similar to it. The Baruch Advisement page posts helpful information that is solely relevant to Baruch students. Although this page does post relevant information, most of the information revolves around Baruch administrative tasks, such as registering for classes. For our business, we would incorporate resources that relate to the daily life of a Baruch student. For example, we would include financial, legal, and mental health resources, among others. 

For our target customers, we assume that the early adopters will be college students. Specifically, college students who come from households with an income that falls below the poverty line. From our research, we also found that students of color are more likely to be plagued with responsibilities outside of school that add to anxiety and depression. Because of this, we speculate that our early adopters will be students of color who come from households with incomes below the poverty line. 

From our research, we also know that there is value in our idea. There are hundreds of resources available to students, however, many students are unaware of what is offered to them. We also know that thousands of people look up resources on Google. Phrases such as “food banks near me” are extremely common in the search engine. If Elina and I made a website where all of these student resources were listed, with guides on how to take advantage of them, we really think we could create value for our customers. 

Lastly, we plan to pursue the hidden revenue business model. Students have enough on their plate as is, so we want to make sure that our service is free. Since we need funds to maintain the website, we plan to partner with companies who are looking to tap into the student market. For example, we can partner with a bank that offers resources to students. Since we have the most direct access to the undergraduate population, we can help the bank tap into the student market.  

For our competitive landscape diagram, Elina and I decided to do a SWOT Analysis. Since we want to create a website that hosts a list of resources available to students, we knew that our main strength is that we are students ourselves. This gives us a unique perspective in trying to solve our customers’ problems. Additionally, we plan to make this website completely free to use, giving us a competitive advantage. The fact that we would be the first-movers in this field will also give us a unique edge. Since this service takes place online, costs are kept relatively low. Lastly, we plan to collect resources from many different areas of expertise, not just one. This makes it incredibly easy for fellow students to find everything they are looking for all in one place. 

For our weaknesses, we recognize that the website will need to be constantly updated and maintained. New resources become available for students every day, so it is our job to find them and combine them all in one place. Additionally, this requires a lot of human capital. It takes a lot of work to find these resources, understand them and guide others on how to take advantage of them. Rules are also constantly changing, so all of this means that we need to keep a very close eye on our website. 

For future opportunities, we would love to partner with different academic and financial institutions. Since our service is completely free, we need a way to bring in money to cover costs. If we get donations from various banks and universities, we get to cover costs, and they get to tap into a new customer segment. Many of these institutions do not do a great job of catering to the every-day college student. 

Finally, there are some competitors in this field that we can consider threats. The college’s Student Affairs center is our top competitor since it is their job to make students’ lives easier. Also, academic advisors act as a source of information for students. Students are encouraged to forward any and every question to their advisor, meaning that advisors need to have knowledge of different student resources. Lastly, since we want to include mental health resources, as well as financial resources, on our websites, different mental health companies and banks can pose a threat to us. However, if we partner with all of the above competitors, we can eliminate them as a threat.

Primary Research

For my new idea with Elina, we are making one online platform filled with dozens of helpful resources for students. Our focus will include finance, food security, financial aid, mental health resources, and so much more. Really, this will be a one-stop-shop for students to see what benefits they qualify for. There are so many resources out there for us, but trying to track them down can be incredibly overwhelming.

For our expert interview, I reached out to an Orientation Leader Manager and Social Media Coordinator of the Baruch Advisement Instagram page. Her position falls under the Baruch Department of Undergrad Advisement and Orientation, and she is also a student, so she is very aware of the needs of a Baruch student. Because she leads the Instagram page, which is filled with student resources, I thought it would be a good idea to ask her some questions. 

What was your team’s biggest hurdle in trying to attract new students and viewers? 

• “The way that we mainly get followers on our page is on the day of orientation, we plug our Instagram. All of the services that we provide on our Instagram page are an extension of orientation information. For students who have questions after orientation, we tell them they can reach out to us through our website, but also our Instagram. We tell them that we are active on Instagram and will answer their DMs. The hard part is getting them to read the content and also getting followers who are already students at Baruch. People are less likely to read wordy posts. They would much rather send a DM and get a live answer instead of going back through the posts. Sometimes, when a student asks a question, we just send them a link to a previous post, which makes it easier for them.
  We also stopped making posts with excessive slides in order to increase engagement. Recently, we are making more video posts so that people can go along at their own pace. Also, we keep our posts straight and to the point. We don’t tell students why they should do something, but instead, tell them how to do it.” 

How did you attempt to make a comprehensive digital resource center? 

• “We believed that social media was the best way to get in contact with students. The reason that we created this was because we realized that students engage with Instagram a lot, so it was best for our department to have a presence on Instagram. It allowed us to get information out there without having students go through many different links. All of the information is in the same place. We are also able to direct students to other departments that are also on Instagram. Social media seems to make everything more interconnected, whereas a website might make things more separate.” 

What was the most important change that your team had to implement in order to gain more followers? Was this change difficult to acclimate to? 

• “We started the Instagram page a year ago, so the biggest change was just creating it. To get more followers, we implemented our Instagram in our orientation presentation and throughout the day we would tell staff to keep mentioning it. Also, if there were questions that we already had a post on, I would share the post and ask if it answered their question. If they still had more questions, then I would provide a more personal approach. Being able to be live on orientation, I observed what questions were most frequently asked by students. If I sent them a post, and I saw that it was well-received, then I knew to make more posts like that. If it wasn’t received as well, then I knew to avoid them. For example, students loved the videos, so we made more video posts. Also, we got a lot of good feedback on Wellness Wednesdays, where we post quotes from different staff members. At first, we were just so motivated, and our boss let us work on this project ourselves. We wanted to make our department more visible, so we tried all of these different methods to increase communication. We got about 600 followers in our first three months, and we just wanted to make sure that we maintain relevance without becoming a nuisance. We had to create a calendar of when to post information, so although all of the information was relevant, we strategically posted information at times when students would most need it. For example, during registration, we keep our posts very registration-focused. Priority registration begins April 5th, by the way, in case anyone needs to know that.” 

Is there anything that you wish you did differently? 

• “At first, it was more doing than planning, so I wish we started out the planning a little bit earlier. We ended up posting a lot, and not being strategic about it. Because of this, we had to repost information that students needed at a later time. Other than that, it has gone pretty well.” 

What was the most successful project that your team has undertaken? 

• “The Instagram page, in general, was the most successful. It was a big hit. We also released a series of newsletters written by our staff. Sometimes we convert the information from the newsletter into posts because some students prefer the social media approach, while others prefer having it in one newsletter. Both projects have received good feedback.”

Make sure to follow their page: @baruch.advisement

The OL manager confirmed a lot of information for me. For example, I knew that students prefer to have everything in one place, versus having to filter through dozens of links. Something I found fascinating was how her team made it a point to collaborate with other Baruch departments that are also on Instagram. This is a great way of conglomerating a large amount of information for a specific audience, even though all of the resources are separate. The expert was very open and willing to answer my questions. Because she is a student herself, she was super engaged and even said that she had fun. 

I still believe that this is a good idea to pursue. Students need a free platform that collects various information in one place. As far as I know, there is no single website that hosts a variety of student resources, so I do feel like this is a real problem that needs to be addressed. After my interview, I believe it would be a good idea to maintain a social media presence, as well as maintaining a website. Also, the Baruch advisement page is specific to Baruch resources. For our idea, Elina and I would like to include student resources from many different areas. For example, we want to include free mental health resources, financial resources, information about getting a mortgage, etc.  

I decided to scrap my old idea after realizing that it wasn’t as successful as I thought.
For this new idea, Elina and I decided to partner and come up with a free resource platform for CUNY Students. Especially with the onset of the pandemic, students are dealing with more anxiety than ever. There are many resources out there to help students, but it is hard to find them. Our free-to-use platform will have all this information in one place, making it easy for students to find access to resources that are available to them.

Below I have attached of a PDF of our new Lean Canvas.

For the past two weeks, I have reached out to various companies and startups through email, contact forms, Facebook, and Twitter. Getting someone to respond to me has been so much harder than I thought it would be. Unfortunately, none of the below companies have gotten back to me. I even reached out to a Founder on Twitter, who ignored my mention, even though he has been active on the platform. To his defense, he has no obligation to reply to me.  From this experience, however, I have noticed that many startups with similar ideas to mine have failed. The Founders of these various ideas attempted to launch their restaurant wait time software, but now, their websites and emails are no longer valid. This makes me wonder what made them scrap the idea. Was it too hard to get off the ground? Was there not enough interest? I had hoped to interview these past companies to see what went wrong but received no response. 

People/Companies I reached out to 

1. OpenTable
2. Seamless
3. GrubHub
4. Ritual
5. Caviar 
6. UpFront 
7. QLess 
8. StoreWaits 
9. Bryan Edelman
10. FoodJunky
11. DoorDash 
12. Density

Problem

In cities across the country, but particularly in New York City, college students have an unlimited number of options when it comes to ordering food. As amazing as this is, it can also be incredibly challenging. When a student only has 30 minutes in between class, finding a place to eat is not a super easy task. Restaurants have unpredictable lines and wait times, which can range anywhere from 5 minutes to over an hour. This makes it really difficult for students to pick a place to eat in their limited time. Oftentimes, students order the same quick and easy meal. 

Solution

Busy students need a way to see all of their food options in one easy place. Many apps and websites that provide this service currently exist, however, there are few, if any, that provide information on wait times, crowd level, restaurant deals, and more. This could be especially helpful during the Covid pandemic. It would also be helpful to know if a restaurant offers outdoor seating, Covid-safe tables, disinfected tables, etc.  A place that conglomerates all of this information and allows users to order ahead ensures that their time is used efficiently. 

Unique Value Proposition 

To my knowledge, no other application contains all of this information in one place. This solution would include a map of nearby restaurants, wait times, menus, discounts and offers, crowd levels, safety ratings, ordering options, an indication of outdoor seating, and covid protocols. Students only have a limited amount of time between classes, and having all of this information in one place reduces anxiety and increases time-efficiency. Students can even order ahead and know exactly how long it will take them to get to the restaurant, pick up their food, and walk back to their school. 

Unfair Advantage 

There is no doubt that there are many food-ordering apps and websites, however, many of these companies do not solve all of the users’ problems. While ordering food online has become easier, the process can definitely be improved. In addition to consolidating all of the above-mentioned information, this solution would also allow users to input waiting times, reviews, and more in exchange for different discounts. Perhaps restaurants can even offer “end of the day” deals instead of throwing out perfectly good meals. There can even be a daily “spin-the-wheel” feature that gives users the chance to win different offers. Everything combined gives this solution a unique edge when compared to other food ordering options.

Customer Segment 

This potential solution mostly targets college students in city areas, specifically Baruch students in New York City. Given that I am most familiar with the problems of Baruch students, this is my target audience. Baruch students have very busy class schedules and often have limited time between their classes. In addition to this, we might as well take advantage of the fact that we reside in one of the most diverse cities in the world. Rather than ordering the same fast and easy meal multiple times a week, this solution enables students to pick from a diverse array of food while remaining punctual for each of their classes. 

Existing Alternatives 

There are plenty of food-ordering alternatives on the market. Many of these options only allow users to order food for pick-up or delivery without providing any additional information about the restaurant. Seamless is one of the most popular food-ordering solutions. Although this app/website is widely used, many restaurants hike up their menu prices on Seamless because the company takes a large cut from their check. Another option is Ritual, which vows that users will never have to pay more on their app than they do in-store. This is another great option, however, it does not indicate wait times, a map of nearby places, and other features that would elevate the process of ordering food. 

Key Metrics 

Since this is a solution for ordering food, it would be most wise to measure success by the number of orders placed on the app. This will give an accurate calculation of how many users are interested in using the application. With this, we can also see how many frequent users there are. The more frequent users, the more satisfied customers there are. In addition, we can measure success by the number of app referrals there are. If users send referral links that successfully acquire another customer, they would receive a discount offer. The more users that send referral links, the more popular the solution is. 

High-Level Concept 

There are many food ordering apps, however, there is currently no app that combines all of the above-mentioned information in one place. This means that my potential solution is a one-stop-shop for food ordering. This would make it extremely easy for users to get everything in one place, without having to flip around different apps for reviews, menu prices, Covid protocols, and more. When I usually order food from a new place, I would have to visit Yelp, Seamless, Grubhub, the restaurant’s website, and other places before I decide. A one-stop-shop would save so much time and effort.  

Channels 

The most effective channel for this solution is a website or an app. A website allows users that are connected to WiFi to plan out their meals effectively. However, an app may be even more efficient. An app enables users to order on the go, whether stuck on a Baruch escalator, or on a delayed subway train (with service, of course). A mobile app also means that the map of nearby restaurants automatically updates with users’ movement. With an app, users are able to see what restaurants are open around them at any moment in time. 

Early Adopters 

Though this solution can definitely gain some tracking with working professionals in New York City, I assume that its early adopters will mostly be city college students with smartphones. College students tend to be some of the more tech-savvy residents of NYC, which makes them the perfect users. Also, busy college students are always out and about in the city, meaning that they frequently order food.  Although using an app to order food may not be super difficult, it can prove challenging for older generations. This means that it may take some time for this particular solution to become popular with older generations. 

Assumptions

There are a few assumptions that must be true in order for this solution to be successful:

• Ordering food through the app is just as easy as ordering food on a different app
• Restaurants are willing to use this food app to sell their menu 
• People are willing to leave reviews and other important information in exchange for potential discounts and offers

As a student at Baruch, I always loved the idea of having the city as my campus. Since Baruch is in the heart of the Gramercy District, I am never limited by my options. Whether it be for grabbing a quick meal or stopping at a clothing store, I could walk one block in any direction and find something of interest. Before the pandemic, I would often grab lunch with friends between classes, whether to dine-in or take-out. Planning my time was a very delicate game, especially if I had less than 30 minutes before my next class. This was a very big problem for me, particularly because I am a very punctual person and being late makes me anxious. 

When trying to pick a restaurant to grab lunch from, I would always consider how much time I actually have to spare. Before I decided on a restaurant, I would have to take into account the fact that there may or may not be a line outside the restaurant. This usually meant that I would settle on something fast and easy each time since I didn’t want to risk being late to class. Because of this, I would generally get the same meal each time. In addition, ordering ahead was not always a possibility since some Professors frowned upon technology use in class. Spending time ordering lunch during a lecture would also take away from important class time. 

This problem is worth solving for me because it would save me a lot of anxiety and time. A potential solution for this would be having a way to know how crowded a restaurant is before you go to it. If there was a way to know how long the line is, that would make settling on a place for lunch much faster. This idea may also be especially helpful now because of the pandemic. By seeing exactly how crowded a restaurant is, people can decide whether or not they want to dine-in, take-out, or choose a new place altogether. Perhaps an app would be the best way to target this problem. An efficient app would include a map of restaurants nearby, a way to see line times, crowd level, seating times, menus, and even a way to order ahead.