In a conversation with Restaurant India, Aditya Jindal, Founder & CEO at DealMonk speaks about his aim to expand operations to 12 metro cities.
DealMonk App is a real-time discount app that allows users to search and discover discounts at that point of time. The app is based on the concept of real-time dynamic discounts and solely focuses on the restaurants segment. The gamut of services will potentially be extended to underserved markets such as florists, gift stores, operas, theatres, cinemas, museums etc.
Using the insights from Big Data driven customer analytics, merchants can pitch customized deals in a way that they think is the best to attract and retain consumers. And conversely, customers get the best deals, which suit their needs.
You are aiming to expand your operations to 12 metros cities in the country by December, 2016. How does the plan looks like?
DealMonk’s immediate goal is to onboard about 5,000 plus merchants across Delhi-NCR in the next three months, develop Delhi-NCR as a replicable model, scale up infrastructure, acquire new customers, build the sales and marketing teams and expand into 12 Indian metros by Dec-2016.
From a vertical point of view, DealMonk is currently working with restaurants and are looking to expand into other sectors such as theatres, hotels, gyms, resorts etc. in the coming months. DealMonk is targeting a market of around one billion dollar in India over the next five years.
What are the special deals or offers your app provides to the customers?
The free app serves the consumers with discounts that are available “Right Here Right Now” which is scarce to find on other discount platforms. Its real-time concept makes it extremely easy for app users to find discounts by providing nearby discounts that are available at that exact point of time. The consumer can book a table for free and avail a discount at the restaurant within minutes. It basically acts as a platform where restaurants can constantly bribe their customers with real-time deals and promotions.
There are many apps today. How much competition do you see with them?
We have a very simple approach to competition. We have mapped our competitors based on their value propositions, number of users and other metrics and closely monitor any developments in the market.
As far as DealMonk is concerned, is it a highly differentiated product as we are working towards a marketplace model instead of the conventional listing model other companies are working on. We are essentially trying to connect merchants directly to their customers. We are the first platform in India that allows merchants to interact with their customers and pitch real-time deals.
What are the challenges you face in the operation?
Since, we have more than five years of experience of the restaurant/hospitality industry; we have designed our operational processes based on our leanings and insights from the industry. Hence, we have fortunately very smooth operations till date.
What is your method of working at the time when you get numerous orders?
We apply an extremely systematic and process-driven approach to operations. Whatever department it might be, we constantly innovate and rethink the various small processes involved and try to automate the processes through use of technology. This makes management of operations/orders much simpler and efficient.
What is the unique marketing strategy of yours to survive in this market?
We have an extremely well planned go-to-market strategy. Instead of burning cash by promoting to larger and scattered audiences, we have applied numerous segmentation techniques based on data and run highly targeted campaigns to reach the right customer segments. This lowers our customer acquisition costs and also makes sure that we have a high retention rate. We have worked closely with our partner restaurants to which we provide data insights and localized marketing services. They also promote DealMonk at their restaurants in return.
Where do you see yourself today in terms of revenue?
We have started with a very simple revenue model wherein restaurants pay us approx 10 per cent commission per guest. At present we are getting around 30-40 transactions per day at our partner restaurants.