The following is a list of my venture's advantages:
- Social Interaction
This is a key aspect to the creation of a social network. Social Networks are very specific creations which only serve specific purposes. Given that I will be able to bend those specific purposes to my advantage puts me in a market with little competition.
- Grassroots Reach
With my venture starting out at a local level, I believe it to be essential that I mold it so that it can reach as many locals as possible. While other products or companies may aim towards a larger more general population, I will specifically get to know and target locals.
- Small Cost to Consumers
When compared to certain services and products already out there, the usage of a social network seems an infinitely smaller cost when you compare an App to a new kind of TV.
- Humanitarian Appeal
This kind of appeal relies on people's emotional side, by helping lost pets reconnect with their owners, people in the community will feel they have done a great deed.
- Interactive Elements
As with pretty much any app out there, interactive elements can make or break a venture. While many apps offer high interactive services, few of them are related to a social network. This is where I plan to differentiate myself from competitors.
- Inexpensive Maintenance
The low cost of maintenance for upping a social network will be one of the key money savers in our venture. Compared to manufacturing/marketing/selling costs other might face, by making our product online and interactive we can greatly save on maintenance.
- Low Fixed Costs
Due to the lack of physical facility to store or manufacture our product, fixed costs (which accounting has taught me can be a huge pain in the ass) can be avoided, therefore savings us thousands.
- Easy To Use
Where many apps fail is the level of easy in which a user can navigate and explore the many things the app has to offer, User interface is challenging because is isn't always easy to create a beautiful, easy to use, informative app. Nevertheless, I feel we can mold our social network to encompass the basics and grow it from there with plenty of user feedback.
- Local Appeal
The local pet community here in Gainesville has voiced their interest in a way to not only communicate and get to know other pet owners, but as a resource to help others or themselves find their respective pet.
- Growth Potential
The growth potential for a brand can always be big, when done right, revenue from sales, popularity, advertising and sponsoring can be a big part of our income.
After much thought and consideration, I have concluded that my top resources are the low cost that it will bring to consumers compared to the high benefit and also the ease with which users will be able to navigate and utilize our app. By designing and inexpensive, efficient and elegant app, we can bring together the pet community of Gainesville and eventually expand to new heights and reaches.
Hi Andres,
ReplyDeleteInteresting idea! Great job on identifying your strong points and analyzing which of these factors will help most in the creation of your social media app.
Some things to consider:
1.) Try analyzing each of your factors with the VRIN analysis method. This will help you better identify how unique or impactful a specific strength is
2.) Narrow your strength to one factor. While it's inevitable to have several strong factors, I think the process of narrowing down your factors will help in truly identifying the factor that will provide a competitive edge.
3.) I'm not sure if you have experience with app development or user design, but these areas are usually more complicated that most people think. I think it will help you to do your research or talk with someone who has experience in app development in order to avoid common pitfalls. Without programming/development experience of some kind it will be hard to bring this idea to fruition.
Best of luck!
Please check out my post when you have the opportunity:
http://justslothin.blogspot.com/2016/03/my-unfair-advantage.html