Forklyft Project Proposal
- 1. Forklyft Project Proposal for DIM Capstone Course Presented by: Jacklin Altman, Emily Arentz, Jenna Bonner, Jen Strock, Michelle Wilson and Salvin Varghese
- 2. Introducing Forklyft Forklyft is a technology company that focuses on the home-cook arena of the food space. The company’s mission is to leverage technology to make wholesome, delicious food readily available to everyone. 2 Note: The name Forklyft is subject to change.
- 3. The Problem Consumers need a way to easily find and purchase ingredients from the recipes displayed within their favorite content. ༝ Consumers want to prepare delicious food at home, but online home- delivered meal kits are expensive, difficult to manage and often lack options. ༝ Users love sharing and engaging with food content, but the engagement is typically disconnected from the actual purchase of ingredients. ○ Users may see and “like” a delicious-looking dish on social media, but there is no readily available way to break down the recipe/ingredients and order online. 3 Consumers need a way to quickly and digitally: ○ Save recipes they want to enjoy ○ Seamlessly order ingredients to make meals they see and like
- 4. The Opportunity Users ༝ Instantly get recipes seen on social media via email ༝ Seamlessly send grocery lists to preferred grocery delivery service(s) Social Media Influencers ༝ Generate supplemental income through sales made through the Forklift app Grocery Stores/ Manufacturers ༝ Generate additional sales through social media influencer referrals 4 There is a massive opportunity for three parties: Source: https://www.statista.com/statistics/253577/number-of-monthly-active-instagram- users/ Market Size: As of June 2018, Instagram has 1 billion active monthly users. Food Influencer Audience Sizes (specifically those who create recipes): halfbakedharvest - 554k; @rachaelray - 604k ; @julesfood- 224k ; @deliciouslyella- 1.3m ; @bobbyflay- 896k
- 5. SWOT Analysis 5 Strengths ● No comparable app out there in the food space ● Success of liketoknow.it shows validity of concept Weaknesses ● Specific to food only; not relevant in other niches ● Manual input required on influencer side ● Initially can’t cater to dietary restrictions Opportunities ● Large Instagram user base ● Integration of existing technologies (instagram/instacart) Threats ● Established service such as liketoknow.it could expand and include food ● Instagram could make integration an inherent feature
- 6. Proposed Solution ➔ Forklyft: an Instagram- integrated application that lets influencers share recipes and tag ingredients ➔ Followers (Instagram users) download recipes/ ingredient lists and push them directly to the grocery service of their choice (Amazon Prime Now, Instacart, etc) for instant gratification Users create meals from the recipes they see on Instagram. Influencers and Forklyft take a commission from every transaction.
- 7. The application must integrate directly with Instagram as well as the major online grocer platforms: Amazon Prime Now, Instacart, Amazon Pantry, Shipt (Target), Ship (Kroger, Walmart/Jet.com), etc. The design: A mobile application with option for a web interface. 7 Technology Integration
- 8. Marketing Ideas Initial Concepts ༝ Use influencers to promote the app in its launch phase. ༝ Initiate launch in major cities only (New York, Philadelphia, Boston, Los Angeles), then expand via Instagram advertisements. ༝ Participate in large Food Marketing Show (FMI, Expo West, etc.) to gain awareness with both marketing professionals, brands and influencers. 8
- 9. Project Schedule 9 Week 1 - 8/15 Initial Proposal/Feedback Week 2 - 8/24 Meet with Faculty Advisor to discuss project and field questions. Week 3 - 8/31 Begin work on project plan, company profile, brand profile, competitive analysis. Week 4 - 9/ 7 Submit rough drafts to project site creator. Week 5 - 9/14 Pages on project site to include rough drafts. Week 6 - 9/21 Virtual meeting with advisor and minutes posted on project site. Week 7 - 9/28 Work on digital analysis, data model, process model and submit rough draft to project site creator. Week 8 - 10/5 Pages created on Project Site to include rough drafts. Week 9 - 10/ 12 Virtual meeting with advisor, minutes posted on project site.
- 10. Project Schedule 10 Week 10 - 10/19 Work on prototype, company memo, and project deck. Week 11 - 10/ 26 Pages created on Project site for prototype, memo, project deck (by October 29). Week 12 - 11/ 2 Meet with virtual advisor and minutes posted to project site. Week 13 - 11/9 Work on second drafts of all deliverables. Week 14 - 11/16 Update pages on project site (due November 18). Week 15 - 11/23 Virtual meeting with advisor and minutes posted on project site (due November 28). Week 16 - 11/30 Perfect presentation and site pages and practice presentation. Week 17 - 12/ 7 Evaluate other teams’ submissions and email to advisor and other team (due December 7). Week 18 - 12/14 Pages should be in final submission stage by December 10 for Final Presentation on December 12.