Coupon site offers consumer engagement
Our social feeds are inundated with ads and irrelevant posts. The number of “likes,” which people typically click passively, doesn’t equate to authentic engagement.
More and more businesses are therefore looking for creative ways to engage consumers as they realize this.
New Calgary startup Kwiddi addressed this issue by combining gamification and savings.
Kwiddi is an online coupon site where members obtain and trade deals in a unique and entertaining format. Consumers sign up and surf deals posted by businesses in the locations that they follow. When users find something they like, they request a deal and “virtually scratch” to reveal its value. If you don’t get the deal you were hoping for, you can trade it among other members of the site for a different deal from another business. Everything is saved on your smartphone and you receive reminders to use your deal when you’re near the offering store. Business owners receive detailed analytics in real time, including customer demographics.
Here’s more from our conversation with Kwiddi founders Jon Stringham, Steven Tulissi and Ken Miller:
How did you come up with the idea for your startup? Was there an “ah-ha” moment?
By talking to several businesses using daily deal sites. Businesses barely break even based on the terms offered by these sites. However, you do not need to offer upwards of 50 per cent in discounts to drive sales. We thought there had to be a better way and this led to the creation of Kwiddi.
What has been the biggest challenge so far? What have
you done to solve it?
The death knell of any organization is groupthink. To avoid this we’ve built a team of individuals with diverse backgrounds and everyone is encouraged to voice their opinions. This can make for some interesting conversations. Although at times decisions may take longer to make, in the end we know we’re better as a team for it.
Are there any key individuals outside of your organization that have been of great help to
your startup?
Henning Moe, co-founder and CEO of Troglo Inc. has been invaluable.
What advice would you like to share with others just starting out?
Passion is a huge motivator. It was this passion that allowed us to attract a seasoned marketing professional and a senior software developer who could have commanded top dollar, but have been compensated largely through equity at this point.
Build a strong founding team where individuals are experts in their respective fields, are capable of working well together and complement each other’s skill sets.
Perform thorough research and analysis of your market and talk to potential customers so you’re building something that the market needs. Customer acquisition is one of the biggest challenges startups face. Put strong sales and marketing processes in place from the get go. And track and measure everything.
What made you choose to go down the path of entrepreneurship?
We’re entrepreneurs at heart and passionate about creating something useful and fun for people.
What are your thoughts on our startup ecosystem?
Traditionally, startups in the tech sector in Alberta have somewhat struggled if not focused exclusively on energy. However, as of late, the tech sector in the province appears to be garnering more steam and interest among prospective investors. The amount of capital and support available in Calgary for launching startups is on the rise.
What do you and your startup need help with?
If you are a local business in Canada looking to boost your sales or an investor looking to get involved with an innovative startup, please check out kwiddi.com and connect with us at sales@kwiddi.com. LLOYED LOBO COVERS TECHNOLOGY STARTUPS IN ALBERTA. HE IS A PARTNER AT BOAST CAPITAL AND A BOARD MEMBER AT STARTUP CALGARY. IF YOU’D LIKE TO BE FEATURED, PLEASE EMAIL LLOBO@BOASTCAPITAL.COM.