Clearly identify how Critical Success Factors (CSFs) can be derived from the market analysis. Explain how you would prioritise the CSFs. (500 words)
Date of Entry – 3/7/2016
In order to identify your Critical Success Factors from your market analysis I would start by measuring your strengths against your threats and your weakness against your opportunities. Then once you’ve identified at least three major CSFs that need to be addressed you should prioritise them. Prioritising your CSFs in ranking from one to three should be related to your business’ main aim for example.If the business’ main goal is profit for shareholders then you should rank each one on the amount of profit they will bring in or the smallest amount of profit loss.
The three main CSFs I have identified with Tinder were; the safety of its users, its pricing strategy and providing a unique feature to differentiate itself from its competitors. Safety online has become such a focus point with online apps today, and especially dating apps. Unfortunately Tinder’s security has been subject to criticism as there have been many cases in which the Facebook age of an over 18 year old can simply be changed to between seventeen and thirteen to access younger profiles, causing inappropriate matches with predators or pedophiles. I have ranked this at the top of my critical success factors because if cases like this continue to happen then current Tinder users will look to other dating apps with much better safety settings, since nobody wants to match with someone who is not who they say they are. This will also deter future users from downloading the app in the first place, costing Tinder a loss of revenue. This CSF show be tackled by using some proof of identification so thirteen to seventeen year olds can only match with each other, avoiding inappropriate matches.
Tinder’s pricing strategy was another critical success factor which had to be assessed by looking at my market research, because one of Tinder’s strengths is that the majority of its service is all free. However they charge for more features such as the ‘superlike’ and by doing this two problems occur; it puts people off using the feature as they know they will run out of subscription quicker and so will have to provide additional funds, therefore limiting their experience on the app. It also opens Tinder up to its competitors as they will now be looking for ways to make services that they charge themselves free to their users. Ultimately Tinder will need to find a way to either drop the prices of these extra features or get rid of charges altogether to make sure they do not lose any of their consumers to their competitors.
Finally, the majority of Tinder’s threats were due to their competitors providing a different tool to make the experience more personal to the user. By incorporating a small questionnaire at the start of every use of the app, asking three quick fire questions about dating, and then correlating the answers to possible matches in the area with similarly chosen answers, this should provide a unique feature ultimately making matches more compatible.