A Case of Expansion to the EU Market: A Technological Startup
In the dynamic world of tech startups, Reservble stands out as a pioneer in the online restaurant booking sector. Hailing from Ukraine, this innovative startup has taken a fresh approach by incorporating ChatGPT, an AI-driven chatbot, into its platform. This clever integration not only enriches user interactions but also simplifies the booking procedure. Building on its success at home, Reservble has its sights on venturing into the European Union market, aiming to bring its unique services to a broader audience.
Client Overview: Reservble
Startup Name: Reservble (Individual Entrepreneur - Volodymyr Mykolayovych Nosenko)
https://www.facebook.com/cudjoeee
Years in Operation: Less than 1 year
Key Personnel: Volodymyr Nosenko and technical co-founders, Denis Bohdanov and Andriy Kozulia
Reservble, a startup from Ukraine, is leading a big change in online restaurant booking. They use a smart chatbot powered by ChatGPT to make booking easy and personal. Even though they are set on growing well in Ukraine, they need smart plans and advice to expand to the EU market.
Business Challenges
Reservble operates in a dynamic landscape and recognizes the urgency of refining its sales strategies and organizational structure. A key challenge is the development of effective sales processes and personnel motivation strategies. Reservble identifies itself as a technological service provider, aiming to simplify table reservations and guest management for restaurants. The incorporation of AI technology is a strategic move to set themselves apart globally.
Critical Business Aspects
Central to Reservble's business model is its technology, offering a user-friendly tool that efficiently manages table reservations and guest arrangements. The imminent integration of AI has the potential to elevate this service, positioning it above both local and international competitors.
In their pursuit of market expansion, Reservble actively seeks valuable partnerships. Their vision includes collaborations with restaurant consultants, influencers, and driven restaurant personnel, all aimed at bolstering their presence.
Looking towards growth, Reservble is considering the concept of franchising as a means to expand their impact and extend their reach.
Operational Dynamics
In terms of business planning, Reservble has a roadmap set for the next 2 years, but they're still working on putting together a formal business plan and getting their operations in order. Right now, their main focus is on improving how they handle sales and sales management.
Reservble's main customers are businesses in the restaurant industry. They offer a solution that simplifies booking, guest management, and communication for them. To get the word out, Reservble is active on their website and social media. This is where they connect with customers and share what they can offer.
Like any journey, there are challenges. Despite their growth, Reservble faces potential roadblocks like regulations affecting the restaurant industry, or restaurant owners and managers used to the old ways of booking, which is bulkier but more familiar, and investments dynamics in Ukraine.
Future Vision
Reservble looks forward to growing step by step, thanks to their easy-to-use platform and AI features. Their drive to innovate and use unique tech shows their determination to make a mark in the restaurant industry.
As they aim to expand, Reservble plans to learn from experts and forward-thinkers. This will help them refine their plans, face challenges, and find their own space in the market.
By combining advanced tech with smart strategies, Reservble's journey reflects the energy of modern startups. They're showing how startups can shake up even well-established industries.
The current challenge facing this startup is to ensure optimal traction in Ukraine and a seamless expansion into the EU market. Being a hands-on entrepreneur, Volodymyr is reaching out for help from different available sources. He's explored the option of tapping into the KSE consultation, which is a helpful free resource for Ukrainian SMEs wanting to boost their growth. This initiative, backed by IOM, is all about assisting small businesses in Ukraine to hire more people and make a positive impact on local employment.
Building the Foundation for Success
The KSE experts Oleg Zubchenok and Mykola Ossichuk, recognized experts in the tech.industry, addressed the following objectives during their consultation sessions.
KPI Framework: A meticulous KPI framework tailored for sales managers was crafted, complete with a calculation file. This framework now empowers Reservble to ensure responsibility and acknowledge outstanding performance.
International Market Entry Strategy: Drawing insights from Poland's experiences and considering the right timing, Reservble gained a well-informed strategy for entering new markets.
Investor Relations: The intricacies of handling investor relationships were explored in-depth, enabling Reservble to adeptly navigate external funding sources.
Sales Personnel Acquisition: Strategies for finding skilled sales personnel were explored, with a focus on building a capable team to propel growth.
Effective CRM: The development of a customer relationship management (CRM) system within Trello was deliberated, equipping Reservble to manage customer interactions and monitor progress seamlessly.
Key insights from the consultations, that can be used by any Ukrainian (and non-Ukrainian) SME
Market Strategy and Expansion
International Market Entry: Consider registering the business in a favorable international market to overcome barriers and enhance credibility.
Also New Market Entry: Plan comprehensive market entry strategies to avoid pitfalls and ensure success in new markets.
Diversification: Explore related industries for expansion, adapting your solution to various sectors.
Tailored Approach to Clients: Prioritize potential clients based on specific criteria to save time and effort in the sales process.
Value Proposition Clarity: Define clear value propositions for different customer segments, addressing their unique pain points.
Effective CRM Solutions: Implement user-friendly CRM tools like Trello to streamline customer relationship management.
Sales and Marketing
Timely Responses Matter: Swiftly respond to customer inquiries to avoid missed opportunities and dissatisfaction.
Showcase Success Stories: Highlight successful case studies and testimonials in various formats to build credibility.
Monetization Strategy: Charge segments that gain the most from your solution, ensuring your pricing aligns with value delivery.
KPIs and Bonus Structures: Establish clear KPIs and bonus structures for the sales team to drive performance and motivation.
In-Person Engagement: Adapt your approach to engage clients personally, especially in industries where face-to-face interaction matters.
Customer-Centric Approach: Tailor your product's features to provide maximum value and address customers' needs.
Flexible Monetization: Offer limited-time or limited-usage free services to encourage trial and jump-start expansion.
Financial Management
Quantify Value Proposition: When pitching the potential clients, demonstrate tangible benefits through calculations to showcase monetary gains and time-saving advantages.
Balanced Monetization: Charge only segments that benefit most from your solution to enhance customer satisfaction and retention.
Partnering: Partner with consulting firms or networking associations specializing in your target market.
Human Resources and Operations
Hiring Sales Personnel: Adapt to market trends and consider candidates with relevant skills for sales roles.
Prioritize High-Quality Leads: Differentiate between potential clients based on criteria to focus on leads with higher conversion potential.
Expert Consultation
Consult Experts: Seek advice from industry experts and consultants to gain valuable perspectives and insights.
SWOT Analysis and Strategy
SWOT Analysis: Conduct comprehensive SWOT analysis to identify areas for improvement, growth, and risk mitigation. Use SWOT not only to snap-shot your current state, but plan the next steps.
Practical advice to startups, based on Reservble consultations:
Tackling Talent Shortages: When finding skilled staff gets tough, consider setting up a rewards system based on goals. This can help promote and retain great team members.
New Markets, Smart Moves: Expanding? Learn from successful market entry models to make your growth into new regions smoother. Research industry trends and ask advice from leaders.
Quick Customer Onboarding: Speed up the process of getting customers onboard by creating step-by-step instructions and set up videos with friendly explanations. It builds trust and confidence when they quickly experience what you offer.
Home vs. Abroad: Thinking of expanding? Decide if it's better to start from where you are or explore new locations. In case of Ukraine, starting in Ukraine while noble, may not be helpful, as most of the industries are in recovery mode, rather than active growth. Go to a neighbouring country when ready, look for investors and start your growth there.
Fresh Angles for Growth: Sometimes, shifting focus from one industry to another can open up exciting new opportunities. For example, same booking platform as Reservble, can be quickly adapted and used in beauty sector, dental clinics, etc.
Learning from Experts: Inviting experienced professionals to share insights can give your team fresh perspectives and ideas. Use available workshops, read books, go to meetings with industry experts. Fresh ideas and perspectives are useful, and not only in the growth state. Established businesses can take advantage of these opportunities as well.
Concluding our discussion, Reservble can take advantage of these valuable offerings from KSE experts:
"Platform Revolution" Book: This recommended read by expert Mykola Osiichuk is deemed so valuable that Mykola gifted a copy to Volodymyr, the entrepreneur behind Reservble.
Bonus Consultation: Reservble can look forward to an additional consultation over Zoom with Taras Potichny. Taras, known for his roles as the former Country Manager of Bolt Ukraine, former vice president of Ліки24, and now Independent Director at Uklon, is ready to offer an hour of guidance within the next two weeks.
Networking Opportunities: Beyond these resources, Reservble can seize the chance to broaden their network through the KSE consulting initiative. This presents an opportunity to connect with like-minded professionals and potential collaborators.
