For this week, my group mates and I did our business model canvas(BMC) and researched which companies are our business’s competitors and which companies are complements to our business. I focused on ElderCare.com, which is a part of CareGuide Inc.. At the first glance, I thought this company did not look legitimate just because the website is so plain and unattractive to use (their branding is good though!). However, after I looked closer, this CareGuide Inc.was founded in 2013, and ElderCare.com impressively has already 2,206,009 users across USA and Canada. Since our group is trying to do a roommate match service for seniors and connect them caregivers and nurses, this company would be our competitor because it is a service that connects seniors to all kinds of caregivers with different kinds of trainings, services, and availability. This company is definitely smart and there is so much to learn from them. They provide more selections for seekers than we thought of to choose from in order to get your best match. Their company even owns another service, HeartPayroll to help remove all the complications of payroll and taxes for employing caregivers–they come hand in hand. I also learned that they have freemium model for caregivers where a subscription could be bought to get unlimited texts and messages between their clients and potential clients–this is something we never thought about. Since they have relatively less information online, I cannot find whether they get commission from caregivers and seekers when they match and whether they do advertising to promote their business. But (there is always a but) I am going to call on Monday to get my answers. And I will meet my group to discuss our findings and see how would they change our own BMC. (I think freemium would be a good move!)
And I am the CMO from now on.