my travel club - a business plan
DESCRIPTION
A business plan for MyTravelClub.com, an innovate social network built specifically for travelers. Instead of getting reviews and opinions from strangers, get your information from friends and family directly from My Travel Club. Interested in making My Travel Club a reality? Email [email protected]TRANSCRIPT
My Travel Club
A Social Network for Travelers
What We Do
• A platform to document travel experiences:
1. Interactive Maps
2. Ratings & Reviews
3. Top 5 or Top 10 Lists
4. Travel Journals/Blogs
5. User-Generated Content on Homepage
What We Do• A travel social network:
1. Friend Notifications
2. Introduction to a Broader Network
3. Mobile Check-ins with Gaming Incentives
4. Facebook Application & Integration
5. On-Demand Travel Guides Built from photos, maps, reviews, and lists from within your social network
Goals
• Become the first site a traveler visits while planning a trip and the first site they visit upon returning.
• Provide a fun and rewarding user experience
• Built on goal of connecting people who love to travel
Competition
• TripAdvisor.com
• Frommers.com
• Lonely Planet.com
• Fodors.com
• Igougo.com
• VirtualTourist.com
• TripIt.com
Demographics
Source: United States Department of Commerce
Where Users Get Travel Information
61.5 million Americans traveled overseas for vacation in 2009
Where Users Get Travel Information
Source: United States Department of Commerce
61.5 million Americans traveled overseas for vacation in 2009
We want to reach
Our Advantage
“Ah, TripAdvisor...you have to wonder sometimes about the (a) motivations and (b) IQs of some of the reviewers.”
From the Washington Post
“I felt like I had been dropped on Lord of The Flies…when we finally got to our rooms, we were nonplussed*.”
An Example from Ko Phi Phi, Thailand
“I felt like I had been dropped on Lord of The Flies…when we finally got to our rooms, we were nonplussed*.”
*
Nonplussed by this view?
A Review by my Friend, Ken
A Review by my Friend, Ken
“This is the greatest place in the world”
SWOT
eaknesses
trengths
pportunities
hreats
S•Personalized Experience•Strong User Experience•Innovative Thinking•Technological Skills•Social Media Knowledge•Customer Service/Relationship•Management: Young, Loves Travel
Strengths
Weaknesses W•No Existing Brand Identity•New to Travel Industry•No Existing Customer Base•Minimal Business Experience•Minimal Initial Funding
Opportunities O•New Network of Trusted Reviews•Redefine Online Travel Guides•New Genre of Print Travel Guides•Create a Brand Built on Trust•Make the Experience Fun for Users•Integration with Social Media
Threats T•Already Busy Travel Market•U.S. Travel Decreasing•TripAdvisor.com Expanding•New Start-Ups Competing•Difficulty Developing for Facebook
7.4 Million Monthly U.S. VisitorsTripAdvisor.com
+
6.3 Million Monthly U.S. VisitorsOther Competitors
=
13.7 Million Monthly U.S. VisitorsTotal Competitors Traffic
Year One Traffic Goal
411,000 Monthly U.S. VisitorsMyTravelClub.com
=
3 percent of all of our competitors monthly U.S. visitors
Technology & Costs
• Website & Mobile Application - $60,000
• Facebook Application - $10,000
http://apps.digijeff.com/
Staffing Costs
• Founder, CEO, Utility Worker - $75,000
• Two Marketing & Sales Staff - $100,000
• Digital Communications Manager - $60,000
Total Staffing Costs - $235,000
How to Build an Audience• Facebook integration, easy sharing capabilities
• Facebook targeted advertising ($1,500 per month)
• Social media marketing & customer relations
• Google AdWords ($3,685 per month)
• Travel Conventions
• SXSW Conference
• Jumping Pictures - Viral Contest
Revenue
• Display Advertising 3 ads x 411,000 monthly visitors x 12 months x $7.50 CMP = $110,000
• Affiliate Advertising w/ Living Social Escapes
• Business Listings
• Travel Guide Printing on Demand 411,000 monthly visitors x 12 months x .01 (1 percent) x $3.50 = $172,620
Projected FinancialsYear 1 Year 3
RevenueDisplay Ads $110,000 $258,930
Affiliate Marketing w/ Living Social $90,360 $210,000
Business Listing Program $90,000 $270,000
Travel Guide Printing $172,620 $402,780
REVENUE TOTALS $462,980 $1,141,710
ExpensesDevelopment $80,000 $10,000
Staffing $235,000 $300,000
Marketing $67,800 $150,000
EXPENSE TOTALS $382,800 $460,000
NET EARNINGS $80,180 $681,710
Stepping into the Blind Spot
No more reading reviews by nonplussed anonymous people online, Harvard students, or stuffy travel writers.
Build your online travel guide around the people you trust.