Transforming FragNebenan into a cutting-edge social media platform
Wintersemester 2018/19 - Uniqa Ventures
The venture capital firm UNIQA Ventures was consulted by a student team regarding one of their investments – the hyperlocal social media platform FragNebenan that aims to connect neighbors seeks to increase user growth and cash flows.
Accelerating growth and delivering new revenue streams through a compelling expansion model was the main objective of the student team.
Throughout the project, the team analyzed 40 academic papers, executed a market and competition analysis and conducted a user survey with approx. 380 participants. Based on their findings the team designed recommendations for action. These recommendations were validated and further developed through scenario analysis and a co-creation workshop attended by both current and potential users.
Extensive testing of the hyperlocal social media platform quickly displayed major technical potential. An improvement of the platform´s response rate and an update of the interface as well as the launch of a mobile app would strengthen FragNebenan’s position in the highly competitive social media market substantially. Hence, exploiting the platform´s technical opportunities is an inevitable milestone towards superior user experience.
However, only a platform that grasps cutting-edge opportunities will stay competitive in the future. Therefore, the team also developed advanced features to master the skill of seizing such potential:
A progressive search engine makes recommendations from neighbours as local experts on various subjects like restaurants, bars and activities more accessible and boosts engagement.
A data-driven task feature revolutionizes FragNebenan's neighbourhood help by offering users a simple 3-step model to get their to-do lists done by either neighbours or peer-rated professionals from nearby.
Cooperation with local newspapers and authorities adds relevant content and potential revenue streams.
Furthermore, a highly profitable niche market was detected. Expanding into rural areas expedites FragNebenan’s user growth since suburbs are the fastest growing regions and the demand for community spirit is high.
Introducing a state-of-the-art platform, implementing advanced features and expanding into rural areas increases user growth and produces feasible revenue streams. More importantly, FragNebenan gains an edge on its competition.
UNIQA Ventures GmbH
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