Assignment:
RETENTION:
Our long-term success will be based on our ability to retain users. We have a retention plan for each target group:
Members:
In order to encourage buyers to submit requests, we plan to do the following:
Management Interface: Minorityfunding.com has built a management interface to help users easily manage contacting and rejecting vendors, making sure users have a positive experience.
Follow-Up Phone Calls: We will follow up with a percentage of our users to make sure they are satisfied.
Focus Groups: We will conduct focus groups each quarter to stay in contact with buyers and to find out how we can improve our service.
Sweepstakes: Each month we will give away a one-week vacation. Each time a buyer enters a request, he or she will have an additional chance to win. For example, if they enter six requests in a month; they will have six chances to win in that particular month.
Market Research: We will provide buyers with information about what products and services are most bought through our service and what is the range and average of those prices.
Advisory Board: We will create an advisory board made up of 12 of our users. This group will be charged with advising on how to improve our content and services and what new services and categories we should be adding. The board will be changed every two years.
Market Research: We will provide members with monthly statistics on traffic, advertising, and revenue earned.
Ongoing Analysis: We will provide ongoing analysis and feedback to help members earn more revenue.
User Retention:
Focus on Requests: Management believes that to retain users we need to get more requests. Therefore we have to focus on getting corporations and public entities that target providing minority vendor's opportunities to join.
Education: We try to educate vendors to help them focus their efforts and write good replies.
Focus Groups: We will conduct semiannual online and offline focus groups to determine how we can improve the process.
Winner Information: We will post information on which companies had won contracts. Vendors need to know that the system works.