By: Elika Mahdavi
Date: January 22, 2012
Post RE: CUSTOMER UNDERSTANDING
After our discussion with our mentor VC, we got to thinking about the reason why we had focused on the middle-east in the first place. It was obvious that we had a deep knowledge base about the customer, and their specific needs-afterall we had experienced their pain-point ourselves and knew what exactly the value-add would be to the consumer. In addition to being one of the world’s highest growth markets.
Looking deeper into the characteristics of the consumer, we tallied the following customer attributes:
1) Young: (because they must be internet and social media savvy)
2) Affluent: (to have enough disposable income to initiate frequent travel)
3) Ex-patriot: (living outside of own country makes it easier to access the customer because they would already have banking/credit/passport barriers taken care of. No travel barriers exist with respect to online purchase and visa issues)
4) Have spent some part of their life in home-country: (This means they have a a network of loyal and trusted friends back home that follow their every move on Facebook. This IS CRUCIAL to helping us cross the chasm from the Early Adopters to Early Majority).
5) Reference: (This group references all of their activity with their network of friends. If someone tries something innovative, they must ALL try it to keep up with their friends) HUGE POTENTIAL FOR NETWORK EFFECT.