GetWyred is a social discovery app that will act as a social city guide for new events in your area. The app will suggest locations and events that you and your friends would love most with photos and videos shared in real time. The current mission of GetWyred is to eliminate the fear of missing out (“FOMO”) on your favourite events by “wyring” or checking people in together for the most interactive nights of their lives. GetWyred is a technology company that specializes in mobile app development in the social discovery market. Our target customers will want to download our app and use the services we provide through it because it will allow them to find out the best events happening in their area. These events will all be catered to the user therefore making them extremely organic and in a non-advertised way. 19-25-year-old college students who are into partying, music, and sporting events will use it as a way to keep in better touch with their friends throughout the night. The value that GetWyred is providing over other companies like Dojo, Yplan, and Velocity is the capability to have a social network that physically brings people together offline more than online, with a live tracking system that keeps users updated on where their friends are located, and using photos and videos with tagged locations as the main way of identifying people and activities around them.
What separates GetWyred from the competitors in our space is that we are learning about our users physical activity while they use the platform. Unlike other platforms who learn about browsing history, etc. We learn about what it is that makes our users tick. We will know that John Doe went to a country bar in Kingston, bought a tequila shot in Ottawa, and so when he arrives to Toronto we can now suggest to John that he goes to the country bar in town that serves cheap tequila drinks. Through Artificial Intelligence along with Machine Learning we plan to solve the most frequently asked question in the world among friend groups- What should we do tonight?!
From Sept 1st, 2017
Total Budget - $51,000
With the proposed investment of $150,000 into GetWyred, 17% of the investment will go towards a marketing budget that will cover around $25,500.
The first $15,000 will go towards hiring student photographers and videographers to collaborate with the GetWyred team in building a social media campaign across Facebook, YouTube, and Instagram for the Frosh Week college campus tour from Sept. 7th-14th, 2017. The social media campaign will begin developing as early as May 1st, 2017 to leave plenty of time for the photographers and videographers to come up with creative content that will suck people in and be drawn to GetWyred’s story as it prepares its journey across Ontario. At the end of the campaign, GetWyred will have the student photographer, videographer, and brand ambassadors accompany the GetWyred team across Toronto, Ottawa, London, and other cities.
The following $10,500 will go towards the other marketing materials and expenses needed for the college campus tour including $1000 in GetWyred apparel, $5950 in renting a Deluxe Charter Greyhound Bus for one week, and $3550 in hosting the first college campus party, which will cover 70% of the cost for the first college campus party.
Ad Revenue Stream:
Delivered by May 1st, 2017
Total Cost - $20,000
In conjunction with the development of the next phase of development, we will be implementing the advertising capabilities of the app. This will allow partnered venues to promote directly to customers. The pricing of this is based on an advertising bid system. According to google AdWords, the average bar spends between $2.5 and $5.5 per click on an advert, with a monthly ad spend of approximately $500. By building the advertising platform for partnered venues, we hope to become a key part of their customer acquisition spend, providing more qualified customers than any other platform.
By launching within the Toronto area, and aiming to gain saturation amongst the student demographic, we hope to have approximately 60,000 users by then end of Q2. This is based on a coverage of 20% amongst Toronto’s 300,000 students. We estimate that we will have at least 10% active user coverage, resulting in 6000 daily active users. If 10% of these users interact with the advert in the app, this would give us 600 ad click per day and a revenue of at least $1,200 per day. This revenue will be spread across all of our advertisers. Therefore, we feel this is a very reasonable expectation. The average bar-goer spends $40 meaning only 1 in 20 users who interact with an advert has to visit the venue for them to break even.
Our advertising platform is being developed to promote the most number of interactions possible. By placing the adverts at the top of venue lists and featuring them as recommended venues, we are maximizing our user-click and thus our potential revenue.
Frosh Week Parties:
From Sept. 7th-14th, 2017
Total Cost - $5,000/campus
Our goal is to launch in each city with the help of the student unions at each school. We will be able to cut costs if we host house parties for students, however we have already proven nightclubs are a viable option as we had success from our beta launch. Out Launch parties will be held across Canada, in Toronto, Ottawa, Kingston, London and Waterloo. Since there are 16 major campuses for Toronto, Ottawa, Barrie, Kingston, Waterloo, and London, with each Frosh Week Party on campus costing approximately $5000, the expected cost of a complete Frosh Week Party campus tour would be at least $89,000.
Outbound Sales Team:
Capacity - Full Time from Sept. 2017
Total Cost - $100,000+
Hiring a full time sales team will be critical to our success. We plan to start establishing this team as early as September 2017 with goals to reach into the U.S. and U.K. prior to the New Year.
Capacity - Full Time from Sept. 2017
Total Cost - $50,000
We will strategically position Brand Ambassadors throughout North America and the UK. There will be incentives as well as payments for the acquisition of new users through their personal campaigns. This has been proven by many former applications as a viable strategy to achieve new users.