Since we started REYEDR; from end last year, we have conducted several rounds of validation through a series of online surveys and have received over 400 responses. During the lab, we are now in our 4th round and have spread the net further than just the NZ & Aus motorcycle forums to include the Harley and Ulysses riding clubs. We have also been able to reach riders overseas through our network.
During the lab we have already conducted twenty one, 1to1 interviews and 37 riders have signed up to R.A.G. (Reyedr Advisory Group) to assist us during product development. Of the 78 respondents from the 4th round online surveys and 1to1 interviews, we have received 39 EOI (Expressions of Interest) for the REYEDR App and 36 for the REYEDR HUD.
To be able to connect emotionally with our customers will require a solid brand. Our brand qualities will revolve around safety, reliability and innovation for a trustworthy identity that will resonate with our customers. Our brand promise and values will be broadcast through multiple social media channels; we will encourage customer engagement which will form the core of our strategy and the basis of the entire UX.
To take the REYEDR HUD to our B2C customers; we will use a multi-channel strategy. Initially focussing on online sales channels such as company website, crowdfunding and social media ecommerce sites (e.g. facebook, twitter). To provide a perception of increased value, the HUD will make its debut through crowdfunding with subsequent batches available through pre-order only; with customer priority in the waiting list determined by their contribution to the REYEDR community through our App which will be available for download through our website and app stores. Regular contribution of routes and POI, plus active participation in forums and posts, will help them climb the list.
No sooner that we are able to assess demand then we would need to secure additional investment for bulk manufacturing; and will also offer the HUD to retail channels.
We will mainly use Inbound Marketing to attract users and encourage them to buy the HUD online. Marketing initiatives will extend to PR in special interest media; brand ambassadors and early adopters affiliated to riding clubs; demos at Rallies and Bike shows.
To encourage regular use of the App and retain users, we will devise a system of loyalty points which can be used to offset fees or purchase discounted products and services through partners. The strategy for acquiring advertising customers (bike related businesses and others at POI), will require a different value proposition. These will be acquired through direct email marketing and in-market business development manager/s.
MVP1 App is on schedule and nearly complete; to be given to Mentors on Monday for testing.
Nice design of tiles in our App (good work from Troy – labtech). Progress in app appearance!
Red Bull fridge – awesome (for Jens)!
Learning curve for development is steep, Jens has to get faster and spend more time on it.
Realisation that the fund raising takes much too long!
Waiting for answer from ATEED regarding status of Getting Started Grant.
Week 1: What is REYEDR?
Frayne is an Auckland-based entrepreneur and businessman with interests in telecommunications, media, e-commerce, telemedicine and healthcare. Having a technical mind with a commercial focus, he pursued an entrepreneurial path early, having conceptualised, designed and commercialised products from bottled water and telecommunications, to mobile and e-commerce.
With wide-ranging experience in early-stage ventures and product commercialisation, Frayne has presided over several successful exits and continues to invest and operate in early-stage companies via his private equity vehicle, Kalyne Capital.
Frayne holds a degree in mechanical, electronics and computer systems engineering, with post-graduate business administration and corporate finance. He has domain expertise in lean startups, product commercialisation, creative business model development and finding and extracting value within established businesses.