Recently, one of my long term partner in business brought up an idea and wanted to collaborate with me to launch a new product. It is not the first time anyone wanted me to “be the technical co-founder”. More often than not, I will hear the person out and then dismiss the idea; either because the product simple does not solve a problem or the team lacks a little something that makes it work. This time, I love the product and the team. Here’s why.
If there is one thing that makes a start-up works, it will be the team. Although a team of newbies in the field might have great ideas, it will often take them more than just hard work to get it working. I’m not saying that it is impossible. It’s just that the odds are against them. Compare that with a group of people who are professionals in their field, have an extensive network, their individual client bases and a different level of maturity, I believe the latter has a better chance at it.
So, what will be the match-up for my team? It will be a B2B sales veteran and a geek (yes, that me). One to create the product, one to sell the product. One to earn the money, one to spend the money.
A Product-Market fit is important. Many products fail to establish themselves by finding a snuggly corner in the market where they can thrive. Many does not solve a problem. Having worked with the partner before, we have helped many business owners solve their problems. In fact, many of his clients want this product even before it was conceptualised.
So, what is the product? It’s nothing revolutionary actually. It’s just something like a reward card.
Wait, A Reward Card?
Don’t be mistaken, it is not any reward card. But it is THE reward card. Except, it is not a card.
Oh you know of something similar in concept? Perx you mean? No it is not an app too. I hate apps. My Xiaomi doesn’t even allow me to install apps anymore.
So what is it exactly?
It is a way to reward the customers without letting them go through the trouble with keeping track of physical cards or downloading an useless app that they never use. They don’t even need to remember the reward system existed.
It is a way for merchants to boost customer retention by continuously bringing existing customers back for more reward and signing new customers up at the snap of their fingers. No messy process.
It is a way for merchants to track their interactions with their customer. Metrics important for judging the customer retention rate, such as customer lifetime value, time between purchases and repeat customer rate, will be made available. All without hefty investment or complex technology infrastructure.
It is a way for merchants to continuously reach out to their customers in the most intimate way. Campaigns can be crafted and sent to carefully segmented sets of customers.
I Still Don’t Know Much About the Product
Glad you have mentioned that. I’m just piquing your interest. The prototype for the product is ready but is yet to be ready for public scrutiny. If you are interested in knowing more about how the product can help your business, talk to me.