7. Competitor analysis
Presently, there are no services that offer a consolidated solution for users in Taiwan aimed at both locals and foreigners. There are services that focus and specialise on some of the sectors that CompareMe operates within and therefore we will analyse these in order to ascertain the level of competition present within the market currently as well as means CompareMe will take in order to differentiate itself from the market presently.
7.1. Insurance Competitors
The biggest competition CompareMe faces on the Insurance marketplace is the companies themselves whom often have Field Sales agents who try to sell insurance to prospective customers. CompareMe hopes to counter this as it is a passive solution for Sales and Marketing for Insurance companies therefore it will not have to pay staff salaries or
commissions, instead only pay for commissions for the successful sales through the platform.
This can in-tune work with the Insurance company sales representatives which is a more direct and aggressive sales tactic.
7.2. Travel Service Competitors
For travel services that are able to compete with CompareMe there are two start-ups which are attaining a strong level of success, they are KKDay, Klook and Skyscanner.
KKDay is a Taipei based travel-start-up founded by Ming Cheng in 2014. This is an e-commerce travel platform that connects travellers with authentic local tours & activities.
KKDay focuses more on the outbound market of tourists from Asia that are travelling to either other parts of Asia or the world. It also possesses a commission structure with its partners for each successful sale made through the platform. The company is somewhat of a direct competitor for CompareMe for its travel arm of business. However, CompareMe at its initial stage will focus more on the inbound tourists to Taiwan rather than outbound tourists out of Taiwan. KKDay has multiple offices in Asia and appears that its growth strategy is to
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expand to further countries and continue specializing in the travel field rather diversify with its service offering mix.
Klook is a similar platform to that of KKDay, founded in Hong Kong in 2014, it provides technology for exploring and booking travel experiences online and on mobile. It teams up directly with operators offering various travel experiences, such as specialty activities, food-themed excursions and adventure expeditions, shows, and various modes of transport, as well as sightseeing tours and iconic attractions.
Skyscanner is a world-famous platform which has thrived in the comparison of flight prices, it also has a “Hire car” section on its website which is less known. Skyscanner can be a threat to CompareMe for its car hire services as foreigners who are looking to holiday in Taiwan could potentially book their flights using Skyscanner and then choose to use the “Car Hire”
portion of the Skyscanner platform to try to hire a car. Fortunately, CompareMe will both offer Scooter and Car Hire services with local providers around the island rather than just the larger commercial providers such as Avis or Hertz.
7.3. Classifieds competitors
For the classifieds section, there are various Facebook groups where foreigners currently post items to buy and sell, however, CompareMe plans to offer this service as an addition to its overall offerings more so to assist rather than to compete with existing entrants. It’s pure an information only service where the transfer of information is processed through the platform, which is the medium.
There are also various web platforms for classifieds such as Craigslist, Carousell as well as others which have dedicated mobile applications, but given CompareMe’s approach to this segment and there being very little Financial incentive, there is no real intention to compete
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head on head with these enterprises which have dedicated their sole existence to serving this market specifically.
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CompareMe is a platform, hence without partners, the platform would simply not work as intended. The following identifies the key partners and their functions in relation to the success of CompareMe.
8.1. Government Agencies
It is known very broadly that Taiwan has suffered a substantial drain of talent whereby educated professional aged men and women how opted to further their careers outside of Taiwan. Often, Taiwanese locals have chosen to go to China in the search of higher salaries and further career growth. This has lead to extensive skills shortages in various areas amongst the Taiwan economy. Government agencies have taken an effort to use some of their
resources in order to rectify this.
8.2. Service Providers
Without the collaboration with Service Providers, CompareMe’s goal and philosophy will be underutilised. The platform depends heavily on Service Providers seeing the value that CompareMe brings. All service providers on CompareMe have marketing budgets and investing in the commission paid to CompareMe is to be viewed as a spectrum of introducing their product to new markets
8.3. Universities
Universities can assist CompareMe target the foreign student crowd in Taiwan through collaboration and sponsorship arrangements which will get the word out of the benefits of the platform. Taiwan is a very popular destination for foreign students who wish to learn
Mandarin Chinese. Therefore, given that most of the students when they are newly arrived, they will not be able to read Chinese characters, it would be highly beneficial for them to be using an all-English platform.