In this blog article, we will be articulating the proponents of technology through a unique case study of a startup company. This analysis would probably lead to setting a tone for technology as a hero that offers the much-needed leverage to present-day incubating start-ups. So without further ado, let’s get started with our topic for today centered on Snackpass.
A. About Snackpass
Snackpass is emerging as one of the contemporary leaders in its niche segment of social startups. Having started with a very humble beginning in the year 2017, by three technology enthusiasts Kevin Tan, Jamie Marshall, and Jonathon Cameron, the company has made big within such a short span of time.
Snackpass was conceived as a social food commerce platform that would render its services of ordering food at a place and skipping the line for takeout orders through a mobile application. What distinguishes Snackpass from its contemporaries is that the former lays greater emphasis on takeout requests than on delivery, while others may still be grappling with delivery orders. The buzz around the startup can be gauged from the very fact that it managed to amass 500,000 users since its formation, as well as its valuation, rose to $400 million.
Upon looking at the business model of Snackpass, the only way the company kept its demand afloat is through its unique strategy of loyalty points. The concept of getting loyalty points for redeeming your free takeout order with friends has managed to strike a chord with the masses. Moreover, the founders were also wary of the fact that around 80% of the food aggregator market was solely catering to the food delivery line while the element of social interaction was slowly waning out.
B. Technologies harnessed
The task of scrutinizing the optimal technology products for meeting one’s business requirements turns out to be one of the key strategic areas that need to be reckoned with in the first place. This brings us to our yet another proposition for the nature of technologies consumed by the million-dollar startup company. In this light, there is a total of 6 front-end technologies deployed on its website that include Viewport Meta, IPhone or mobile compatible, and SPF among others. In addition to this, Google Analytics, HTML 5, and Google fonts are some of the technology products that engender the marvel reflected through the mobile app.
Didn’t it stir up curiosity within you that how a startup company became a money-spinner with only a handful of resources? The answer to this is the ability to integrate tech leverage within one’s organization, which conferred the company with the ability to evolve at a faster pace that too with scant resources. Cutting down operational costs on the delivery expenses and replicating them with freebies in the form of loyalty points has offered a shot in the arm to its business processes, is one such instance of leveraging technology.
Had there not been a visible temperament for technology, all the efforts laid out by the company would have been thwarted by those already in the fray. Hence, technology stood no less than a magic wand for the startup which, unlike others who were taming it as a mere object of a gimmick, crafted its predefined segment of the marketplace that would turn out to be a fertile ground for the company. What transpires at the core of Snackpass’s success is its maneuverability with technology claiming technology as the new hero of the present day.
C. Early Investors and Marketing Strategy
The outpouring of investors’ faith in an early startup is an indicator of its success and widespread appeal to the target consumers of service. Hence, it didn’t come as a surprise when big stalwarts such as Uber, Square, and Dropbox forayed into realizing the exponential growth of the startup. In this light, investors played a pivotal role in crowdfunding capital to the score of 2 $million for enabling expansion of business to new campuses outside San Francisco. It brings us to yet another question, what worked well in favoring the marketing efforts of the company?
The answer to the above question lies in the genesis of the company itself since it is positioned as a social commerce platform aimed at fostering the notion of social engagement while dining out. Hence, the company’s marketing strategy hovers around eliminating the time overhead subsumed while waiting in long queues for placing one’s order. Additionally, starting its business operations from the college campuses has in itself created the buzz through simple word of mouth branding. In the meanwhile, by positioning them as above they not only intrigued the college generations but also the millennials who preferred dining out with their close acquaintances.
D. Future Trends
As showcased in the above discussions, the company sustained its business offerings by identifying the vacuum in the existing food delivery platforms including the exorbitant delivery charges and waiting time. In the same likelihood, the company has chalked out a blueprint for the loyalty-based program aimed at incentivizing the local restaurants.