VCNC
Mr Edward Lee, one of the co founder of VCNC developed a couple application called. Between. It aims to provide a private chat room for couples to have a intimate and enclosed space to share memories between the couple. Edward gave a very good explanation on the company’s direction and what they are going to do in the future. Their company believed in transparency between workers and focus and be the best at one good function to cater to their users. I totally agreed with Edward that if we focus too many functions and not on one function we will fail to provide a good user experience. The application also provides the privacy issue that many other social media platform failed to do so. Currently they generate their profits via 3 channels, cute stickers for users to use, relevant advertisement to be pushed out to the users and mobile commerce.
Memebox
Beauty and cosmetic has a big market in Korea. Regardless or male or female, they are willing to spend money to have good skin complexion and make up product. Memebox provided the convenient for users to purchase their products online where it cut down the waiting time for user in the brick and mortar shop. Another differentiator is that they provide various full size samples for their user to try. Their marketing strategy was rather cheap where they focus on celebrity to try out their products and they will be able to share Memebox products online to their fans and reach out to a bigger market. Fans of the celebrity will then write more reviews and share it to their friends. This just justify the success of the growth and expansion for Memebox. What I have learnt is that company should focus on strategic marketing strategy and allow relevant influential people to promote for their business. In this case they know that celebrity will need makeup sets and cosmetic before they go on show. In this way, Memebox identified it and able to spread their name fast to the market.
Flitto
This is the company that I am in charge of! They just moved over to the new office called Manu180. Flitto is an online crowdsource application for user to translate audio, text and even images from the local! Mr Simon Lee, one of the co founders together with Ms Min Hee, head of Global Sales and Marketing hosted us for his trip. We had a tour at Manu180 where companies can spend their time during their incubation program. What is interesting about Flitto is that they spent $0 marketing effort and they have more than 3 million users registered and more than 170 countries worldwide. In allow stickiness effect for their current users they also include gamification on their application. They received numerous findings from the government and that is why they do not have any major plans for monetizing policy for it. I am really interested in the future where people are looking for translation and they will say “Let’s Flitto it!”
TSM14 