FitBuddiesOur vision is to create an app that connects people who want to do exercise. FitBuddies connects those who have similar workout interests in their area. There are many people who want to exercise but need the motivation of others to actually start, FitBuddies will connect people who can get exercise together and hold each other accountable. FitBuddies would support and encourage citizens in Davis to get exercise as well as support local businesses such as gyms.
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Business Description
What is the product? An app will match people with others with like-minded fitness goals Fitness goals and challenges Communication network |
Viability and Value No physical location Most development will be outsourced, and devs can work from home Cost- Opportunity cost. Without a physical location, we can’t host our own servers. Slight loss in productivity without a physical location Benefit- Save money |
Executive Summary
Cameron McGinnis- Sales Representative - Cameron is an experienced businesswoman who has served as a Davis School Board representative. She is well versed in effective communication.
McKenna Lincoln- Financial Analyst - McKenna, having served as treasurer for the Da Vinci High School ASB, knows how to handle money. She is knowledgeable in several mathematical fields such as Statistics and Calculus. Carter Luck- Product Developer - Carter is a programming veteran. He has several years of experience as a software developer and manager on the robotics team Citrus Circuits. Kyle Vaughn- Market Analyst - Kyle is a valuable researcher, having written research papers on various subjects of international concern. |
Mission To connect individuals, to inspire personal fitness, and to fight apathy regarding health |
Vision A thriving community of individuals dedicated to achieving fitness goals connected through their shared passion for living a healthy lifestyle |
Value Integrity, Passion, Collaboration, Encouragement, and Excellence |
Industry Outlook
- The industry of social media programs and services is massive, with Facebook alone reporting that their services attract 2.9 billion unique users monthly. (Statista)
- According to Smart Insights, the global total for unique users has risen to 3.484 billion, which is a 9% increase from 2019 and accounts for 45% of people globally. (Smart Insights)
- In the United States, according to the Pew Research Center 7 in 10 people interact with social media. (Pew Research Center)
- It is clear that the Average American is in need of better fitness.
- Less than 5% of adults participate in 30 minutes of physical activity a day. (HHS.gov)
- The market growth for wearables and fitness apps is projected at 4%. (Statista)
- While the market is highly saturated globally, we believe that our product will succeed where others won’t in specialization.
- We are attracting a specific but large group that has a demand for a specialized app.
- Additionally,
- Advertisements online have seen a massive growth, with total expenditures estimated at $107.5 billion.
- $36 billion more than traditional TV advertisements.
- (PwC)
- It is clear that the market is trending towards online advertisements, and almost half of the total population use social media on a regular basis.
Customer Profile
The College Student
Looking for a reason to exercise
Searching for connections to community
Learning to manage work and life
The Suburban Mom
Interested in keeping healthy
Invested in local community
Looking to make connections
The Elderly
Needs activity to keep busy
Looking to keep healthy in old age
Looking for social bonds
The College Student
Looking for a reason to exercise
Searching for connections to community
Learning to manage work and life
The Suburban Mom
Interested in keeping healthy
Invested in local community
Looking to make connections
The Elderly
Needs activity to keep busy
Looking to keep healthy in old age
Looking for social bonds
Proposed Community Connections
- Partner with local gyms or exercise clubs
- Davis based exercise events (ex. Bicycle races)
- FitBuddies promotes other fitness businesses in Davis
- Davis example: The Fleet Feet Walk Crew
- Hosts a walking group for Davis community members (Fleet Feet)
Promotion & Marketing
Our logo is an image of two hands reaching out to each other. It represents our goal of connecting our users. Our slogan, "Find Your Fit," has a double meaning. The service is intended to help users stay in shape, hence the idea of "finding fitness," but it's also intended to connect people to form long time bonds. We plan to launch in Davis, California to begin. We can cut advertising costs and improve effectiveness by targeting our promotional material to a specific target group. |
Pricing Strategy & Position
Gyms provide a similar service as our app, as having a gym membership motivates people to go to the gym Our app is different because it focuses on building a community throughout your town/city It’s better because it’s free Adult monthly fee of $55 Instagram has social features that are similar to the functionality of our app Our app is more specialized than our competitors from this field It will be easier to use FitBuddies for its intended purpose than Instagram Both apps are free |
Competition
We recognize that there are a few businesses which provide services similar to those we are offering. For example: Strava: A running, hiking, exploring social media app which not only tracks exercise distance but also allows you to share your workouts and routes with other athletes. MeetUp: A company that connects companies, organizations, and groups to others with similar interests. |
Advertising