What is your target market?
- Men (90%) and women (10%)
- Ages: 18-45 years old.
- Soccer fans.
- Financial status/level: B+, B and C+.
- Residence or lived in: Colombia (Bogota, Medellin, Cali, Barranquilla) or Mexico (Mexico DF, Monterrey, Guadalajara).
- Occupancy: university students, employed workers independent workers, small and medium size company owners.
What steps have you taken to validate the market?
We have talked directly to potential users in Colombia. We interviewed soccer fans and ask them how they feel about their teams, what problems do they have, and how are they dealing with them.
The most frequent comments we received were related about the frustration they had when the team made a decision they don't like and they can't do anything about it. If the team has a good performance they are happy enough, however they feel they need something else.
Competition: write down competitors and explain
- Socios.com: It is an app where soccer fans can buy and exchange tokens from their teams, vote on polls and be rewarded.
- Team owner: you can invest in a small soccer team in Spain with 50 Euro.
- Nostragramus: sports betting platform on India.
- Seattle Sounders "Alliance". They set up a system for Fan involvement with the Alliance. It is conformed by fans who bought the season tickets and they have vote on different topic of the team like.
Who are your competitors and how are you different?
- Socios.com: platform where fans can buy tokens and vote in some club's decisions. We are different in: better subscription process (buying tokens process is confusing), better UX (easier and intuitive), we will have challenges where fans can demonstrate their knowledge and win points (higher level -> more important polls). They are app only, Hyncha will be app, web and SMS.
- Team Owner: opportunity to buy shares of a small Spanish soccer team with only 50€.
- Nostragamus: betting platform.
What progress have you made in the last six months?
1) Design Sprint: we did it within 8 days. We stressed the idea, the business model and as a final result we made the screens of the app in the Marvel app.
2) Video showing how it will work.
2) MVP progress at 40%.
3) Online market research Colombia: Online surveys of soccer fans in Bogota and Medellin to validate the idea.
4) Design of the graphic line, purchase of the website domain and social media.
5) Business plan with its respective financial details.
6) Landing page with CTA.
What is your monthly growth rate?
0, we haven't launched yet but we expect that we grow at least 10% per month in subscriptions (paying users)
Describe traction
- Active users: an active user votes on 50% of the polls and play 50% of the challenges available in 1 month.
- Revenue: monthly revenue for subscription payments and in-app purchases.
Sinc we haven't launched yet, the KPIs are zero to date.