Rethinking traditional surveying with TruVu Data.

Winner

Zack Feser
CIE Systems
Waukee, IA
Organizations have used the same method of surveying their audience forever; send a list of questions and hope people take the time to answer them all. The issue is, people don't have the time, so TruVu Data has created a unique survey software to connect with an audience on their time.
TruVu Data is an online surveying/research software geared towards creating a more powerful form of two-way communication with an audience. This software utilizes a unique one-question-at-a-time email surveying system designed to maximize response and engagement rates. (Engagement rate is the number of unique users who will answer at least one question). The question, responses, and explanation of the survey are built directly into the body of the email, and these emails are purposely designed with minimal information to make answering take seconds. This software has proven its ability to improve the validity of data and increase the engagement of an audience.

The online surveying industry is one with relatively few players. These companies administer surveys the same way they have been done forever. A link is sent to the respondents to click on, all the questions have to be answered, and then the connection with the respondents is lost. The problem with this is, no matter the length of the survey, most people are not willing to spend the time to complete it. The software TruVu Data employs creates a much simpler system which makes respondents much more likely to answer.

Our initial target markets have been Chambers of Commerce and Economic Development organizations because they have large membership lists who have a vested interest in the programming provided. We recently started expanding outside of the initial market into colleges and grocery stores as well. Our clients have seen response rates of 25-75% and engagement rates of 35-85%. These rates are significantly higher than the average electronic survey rates of 5-15%. Also, all respondents to campaigns that have used TruVu Data have stated they are more willing to answer our software than others.

Key Partners:
The EMERGE program at Simpson College has connected key students with TruVu Data to generate new ideas and create marketing material.
Our email delivery service SendGrid, provides exceptional email delivery rates and response analysis.
A Small Orange hosts our website and provide extremely fast and reliable web hosting.
We leverage all of our current clients to provide valuable feedback regarding what additional services and options would be beneficial.

Key Activities:
Front and back end website development.
Software development, we are consistently adding enhancements according to the feedback received.
TruVu Data currently works with outside groups to create marketing materials.

Key Resources:
Intellectual property in the form of software code.
Zack Feser works on client acquisition and overall project development and Jared Bearss has developed the software and website.
Strong relationships with current and potential customers have been key to our current growth.
Advisory council members representing multiple industries provide feedback and connections.

Value Proposition:
For any organization looking to reach out to an audience and gather information about product/services, the issue has always been the amount of time it takes to answer a survey. The options are limited so many organizations use the same survey methods that aren't effective. TruVu Data changes the dynamic of the typical electronic survey by sending out one-question-at-a-time. Our survey method breaks a survey down into one short question asked at regular intervals. The question and responses are built within the email instead of having to follow a link. This whole process takes seconds out of respondents day. Our survey method has seen response rates average 25-75% which is 10%+ higher than average survey response rates. TruVu Data gives organizations piece of mind knowing their data accurately represents their population.
An exciting secondary effect of TruVu Data is its ability to build a stronger relationship with an organizations' audience. A typical organization working with us sends 1 question per week. This type of consistent, non-invasive questioning builds a relationship where the customers are looking for and expecting questions.

Relationships:
TruVu Data has developed relationships with entrepreneurship groups in the Des Moines area such as 1 Million Cups and Gravitate.
Close connections with individuals at organizations like Leadership Iowa University have led to prospective clients and partners.
Also, a very close relationship has been built with Simpson College and their EMERGE program to provide students with the opportunity to bring their expertise to different aspects of the business.

These relationships are maintained through attendance of events and regular phone and email communication.

Channels:
Indirect connections made by people within my network.
Word of mouth marketing. (No large scale marketing yet)
Phone calls and emails to potential clients.
Economic Development and Chamber of Commerce meetings.

Customer Segment:
Economic Development organizations
Chambers of Commerce
Colleges
Grocery stores

Cost Structure:
TruVu Data incurs direct costs from three sources. We are charged for each email we send, web hosting, and we also incur costs for time spent creating consulting material and data analysis.

Revenue Streams:
Email marketing service charges by amount of emails sent in a campaign.
5,000 or less emails - $25
5,001 – 50,000 emails - $5.00 per thousand sends
50,001 – 100,000 emails - $4.50 per thousand sends
100,001 – 150,000 emails - $4.00 per thousand sends
150,001 or more emails - $2.50 per thousand sends
TruVu Data is looking to add consulting services to assist organizations with development and analysis of questions and responses. With this service will come analysis materials. We are valuing the consulting services at $150/hr, but our current model is to provide the consulting services free of charge.
The next stage of our revenue stream model is to charge for the consulting services. We are currently working with all of our active clients to build a consulting package that will be equivalent in value to the cost.
We are applying for the grant in order to make necessary enhancements to the TruVu Data website and software. This one-question-at-a-time system has gotten a lot of positive feedback from our current clients and their respondents, so we feel we are ready to market this tool to a wider audience. We have recently implemented a new website and software enhancements, but in order to be prepared form more clients we need complete/update this new development. With the funds we will create an electronic payment system, complete the redesign of our front end website, and add features to the client portal. Accounting for issues that will come up these enhancements will take all of the funding. If any additional funds are available they will go towards the creation of an infographic, as well as other marketing materials. These funds will put TruVu Data in a position to market to the entire industry and bring in the early adopters.

Current Rank

5

Number of Votes

53
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