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What problem does your solution solve?
Every day, hundreds of private jet charters take off with empty seats and passengers paying overpriced ticket prices. The result are private jet charter operators losing thousands of dollars in possible streams of revenue, and customers who have to pay for seats they aren’t using during the flight.
What’s the market potential for your solution?
Private Jet Asia is entering a 15 billion dollar global market, and a 2.5 billion dollar regional market in Asia, growing at an annual rate of 4.5%. The Asian market has massive growth potential. We project yearly 45-50% growth for the first several years, respectively.
Who are your customers?
The critical mass of private jet users are successful business owners, families or groups happy to pay a premium for a better travel experience compared to commercial. And with the entry-level end of the private jet market becoming increasingly competitive, this is likely to become even more apparent.
How will you reach your customers?
Our marketing strategy will to first work to create customer awareness about our services, then grow the customer base, and work toward building customer loyalty and referrals. We will focus on two main avenues of digital marketing: organic and paid. We will use word and design based marketing on search engines which will allow us to target interested customers regardless of location. Search engines are usually the first place people to go to do their research, so taking advantage of ads and Search Engine Optimization is a key part of our marketing strategy.
The other aspect involves using Block Chain technology that considers Big Data and Artificial Intelligence to enable our company to achieve a hyper-personalized level of communication with our current clients and potential customers. This is cutting-edge technology that will give us a significant advantage in our customer relationship management that will help drive revenue and increase the efficiency of startup capital.
How will you make money?
We plan on multiple revenue streams such as freemium memberships, licensing partnerships and commissions. Our main source of revenue will be commissions we earn through reserve and on-demand streams. We expect our reserve flight service to generate the majority of our income from that area. Next, we will maintain income from licensing with operators and other brokers to collaborate with on our reserve platform. While all of our services can be accessed for free, frequent flyers, which most of our customers will be, can benefit from purchasing an annual membership which will lead to discounts on their flights among other benefits.
What kind of partners will you need to make, support and distribute your solution?
We plan on partnering with both operators of private jets, outsourcing companies for customer service and marketing, as well as smaller brokers to collaborate with our online marketplace.
What will your expenses include?
We will use these funds mainly for marketing and advertising to drive growth as well to acquire partnerships. In addition, funds will be used to maintain operations of the company until we gain traction. We already have an MVP so design and development will be only a small expenditure.
Who is your competition and how do you differ?
Many of our competitors, such as Super First Class or Victor Jet, have exorbitant sign-on prices, with high commissions and poor service. Other brokers are known for not emphasizing on safety, a big priority for many customers. Other empty-leg repositories are only in Chinese and limited in their offerings. The competition in the Asia-pacific is fragmented and no company is offering the innovative blend of cost, convenience, reliability, and service that we are.