Dating Sites Analysis - Essay Example

BUSINESS PLAN FOR A DATING SITE (APAMS BLISS) EXECUTIVE SUMMARY Dating sites have continued to gain prominence in the recent past. A number of people are constantly turning to social media to find the one person who can meet their expectations of a lover. Professionals are ever engaged with their work to the extent that they are not able to get time to socialize because it is only through that they are able to get a lover. It is against this background that a dating plan is to be developed. The basis of this business plan is to develop a virtual augmentation in dating site with an application. Key considerations in this business plan will be a mission statement, company information, summarized market research, identified opportunity which includes gap in market, size and value, projected growth, financial figures, costs and Return on Investment summarized future plans, market strategy, promotion and exit strategy. 1.1. Products and services The major target for this website to be developed are the professionals. Professionals under normal circumstances never have time to date due to their job constraints. In effect, they find limited time to meet people or go to social functions where they can meet a person of their choice. The website will be developed through virtual augmentation (Shumaker, 2011 p. 267). Under this process, there will be a website coined together with an application that can be downloaded on mobile phones. The mode of communication under this arrangement will be based on a face-to-face kind of a thing. It is critical to note that this application will be developed in a manner that they can work with any iPhone or android platform. For those who will be downloading the applications, there will be a fee expected to be paid so that the application can be allowed. On the other hand, there would be no abuse of information found on the application, as there will be a level of strictness that the company will institute in order to protect people’s privacy. On the application, there will be a button that will be put in place in order to let the application users to agree to the respective terms and conditions of operations. Complaints will be directed to the support based how much they are not able to appropriately use the application or an abuse of data. 1.2 Mission statement The mission of the dating site is to become a global network where people from different backgrounds can meet and transform their lives through a love relationship. Connecting people from all around the globe is at the center of the center the development of the dating website. 2.0 COMPANY INFORMATION The basis of the company is to start a dating site that will connect people from around the globe. This company has never existed anywhere and will be the first of its kind in the market. The company name will be known as APAM BLISS. This company will have patent rights attached to it to the extent that it will be illegal to reproduce any material or image without the full discretion of the company. Throughout, the company will have a clear basis of operation to the extent that there will be a clear chain of management from the top management to the last person in the company. The company will have its platform accessible to any region provided it is within the required jurisdiction. 3.0 MARKET RESEARCH In the recent past, a number of dating sites have been developed with the sole aim of connecting people. According to the Google research data, the statistics showed that in every five websites, one was a dating site. It also showed how many people visit that the social media sites. Before then, there were a few websites that barely for dating. Consequently, there were no mobile applications for the dating sites. Today, the social media is a buzz with a number of activities. Market research indicates that a number of websites have particular fees attached to them. Different dating sites have different payment modes. While some people pay through the credit cards, other pay directly to the individual companies (In Sappleton 2013 p. 179). Research that has been done indicate that a large number of professionals check the Internet for lovers. Office hours were established at the time when a number of people visit the websites. This was indicative of the fact that many professionals visit the websites to find people who meet their match. Market research has constantly showed that the ages of people who engage dating sites on a serious basis are between the ages of 25 and 50 years. This means that the young people are not so much into dating sites. People who use the individual websites have always been found to be people who are clear in their minds on what they want. For instance, many people who engage the dating sites are always willing to part with some cash in order to acquire the services. Dating sites are a recent phenomenon in the market is, therefore a vibrant market for anyone who wants to go into business. 4.0 MARKET OPPORTUNITIES 4.1 Gap in the market There are a number of gaps that exist in the gap in so far as dating sites are concerned. One of such includes the use of mobile applications downloaded directly from the website. Moreover, the gap is experienced in so far as virtual augmentation is concerned. Many of the websites are not developed with the use of the virtual augmentation and this makes it difficult for people to have a one on one communication model. On the other hand, there are no considerations for professionals. Professionals are a potential market and therefore, and not one of the dating sites have ever thought of the professionals as people who are potential customers who can prove to be a turn around in the dating website. 4.2 Market size and value The market size of the dating sites cannot be over emphasized. Over the years, the size of the market has grown significantly. A number of people, both in the middle age and older age use the dating sites on a frequent basis to find that one person who meets their expectation of a lover. Before then, people were not really into online dating for the simple reason that there were serious criticisms about online are dating. On the value side, things have changed significantly on how people use the dating sites. In fact, people value so much the use of dating sites. Prominence of dating sites has gone to a new level to the extent that people no longer fear the use of dating sites. Professionals are constantly using the dating sites as a solution to dealing with gaps in their social lives. 5.0 PROJECTED GROWTH The dating sites as a market is projected to grow to new levels in the recent years to come. This can be attributed to the fact that there are a number people who are turning to the dating sites as a solution for their social deficiencies. Case in point is that a number of professionals are constantly busy carrying out their professional duties. Constant engagements make it difficult for them to socialize. These engagements are to make the professionals to turn to the dating sites. It is projected that many people will be using the dating sites more than it has been seen. 5.1 Growth strategy As a growth strategy, the APAM BLISS dating site will seek to come up with a number of programs to ensure that more people get to use the website and the application. APAM BLISS will use a number of incentives to ensure that the company emerges as a critical site of choice. To ensure that the APAM BLISS dating company meets its achievement for growth, the following will be considered (Kumar, 2010 p.34). Premium membership will be offered 20% discount Gold membership would get a 30% discount Silver membership would get a 5% discount Those downloading the application for the first time would get 3% discount 6.0 FINANCIAL FIGURES 6.1 Costs The company needs to invest heavily on the dating websites and the mobile application. To have the programs working as appropriate, the company will invest 100, 000 dollars as a start up to ensure that the company meets its objectives. The website will be built at a cost of 20, 000 dollars with up to date features. The mobile application will be developed in 30, 000 dollars depending on the technicality that relates to the building of that program. The other bit of the money will be used to pay the engineers who will be developing the softwares and maintaining the applications on different occasions. 6.2 Return on investments The APAM BLISS is set to reap a number of benefits in terms of finances. Through the first few months, the company is set to make close to 200, 000 dollars in profit if the laid down procedures are effected. This will almost be double the amount invested in the business. In about two years in the job, the company is set to achieve the break-even point. This will be a significant financial achievement of APAM BLISS as a dating company. 7.0 MARKET STRATEGY There are a number of strategies that different market players are using in the market due to the rising competition. A number of techniques are used to make the dating sites more effective one of such instruments is Tango. A number of dating sites presently established in the market use advertisements to make inroads in the market. Through advertisements, dating sites are gaining prominence to a large extent. Over the years through advertisements, dating sites have gained almost 30 million members. On the other hand, there are a number of people who like the free social sites and take the advantage to side step the paid dating sites. A number of dating sites user cheap and easy dating methods by introducing easy love matches. This makes it possible for people to get it easy in getting the people they want to get into relationships (Capon & Hulbert 2007, p. 12). APAM BLISS will introduce the algorithms that make it easy people to get their matches. Consequently, there will be support from the staff to help people go through the dating process by giving credits to those whose memberships are in in jeopardy. To this extent, there are a number of incentives that the company will out into focus as measure to meet the objectives. 7.1 Promotion Promotion is a very critical issue that can either propel the company or downgrade the company. In this case, APAM BLISS will use the market mix approach in order to reach the people as appropriate. There will be a vibrant advertising strategy that will ensure that the company reaches out to a number of people. Consequently, there will be a price penetration strategy that is fair to the customers. This will include lowering the membership cost downwards so as to allow the people to get the services at relatively lower prices. The website will also be made easily accessible to the people wherever they are located. The platform will be developed to make it possible for the people to get value for their money. 8.0 PROJECTIONS Growth in the dating industry is set to grow to significant levels. APAM BLISS is set to make maximum profits from the growth that is expected in the market in the recent years to come. The membership is set to grow to significant levels. The APAM BLISS is set to make profits that will help in improving the systems of the company. In the event that the company meets the profit objectives, there will be an exit strategy. 9.0 EXIT STRATEGY The business is projected to reach the break-even point just after two years in business. After the two years, if the company does well, the business will be sold to a prospective company for a better return on investment (Hawkey 2002, p. 35). The company expects to reap more benefits from the sale of the company. This will be a significant achievement that the company will have enhanced. 10.0 Bi chart Nottingham for APAM BLISS on Costs Bibliographies: Capon, N., & Hulbert, J. M. (2007). Managing marketing in the 21st century: Developing and implementing the market strategy. Bronxville, N.Y: Wessex Inc. Hawkey, J. (2002). Exit strategy planning: Grooming your business for sale or succession. Aldershot: Gower Pub. In Sappleton, N. (2013). Advancing research methods with new technologies. Hershey PA: Information Science Reference. Kumar, D. (2010). Enterprise Growth Strategy: Vision, Planning and Execution. Farnham: Ashgate Pub. Shumaker, Randall. (2011). Virtual and Mixed Reality - New Trends: International Conference, Virtual and Mixed Reality 2011, Held As Part of Hci International 2011, Orlando, Fl, USA, July 9-14, 2011, Proceedings. Springer Verlag. Read More