Wayfarer Points is a portal that connects travelers with
non-public deals. Its app allows users to compare and track loyalty program points
in a fun and social way.
In addition to a free membership plan, there is also a premium
option that promises greater savings, more luxury hotels and an expert zone.
Describe both the business and technology aspects of your startup.
We are a consumer insights-driven company, helping our partners gain a holistic view of their customers’ full wallet spend (inexpensively).
We offer a platform for B2C, B2B and B2B2C markets. We gamify loyalty programs in travel and non-travel
categories, and offer exceptional deals to consumers who use our platform.
Our expert zone and group features can be leveraged to better tell our partners’ stories and increase engagement with consumers.
Hong Kong, Chicago, Toronto, London
What inspired you to create this company?
Sitting in airport boarding areas, number six on the upgrade list, got me to thinking about the social dynamic of loyalty programs and the pecking order of those of us who are somewhat and completely loyal to brands.
I soon came to realize
I was not alone.
As a lifelong creative product developer, with a number of consumer innovations under my belt and on a mission to drive positive change, I began to develop Wayfarer Points.
Turns out there are many people who think
the way we do, and did not know how to turn these ideas into a product (and service).
Give us your SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the company.
Strengths: Innovation, strong team, high integrity.
Weaknesses: Growing company in a field of giants.
Opportunities: Partnerships with any and all loyalty programs and related businesses; collaborating with billion-dollar brands to help them get more for less using our novel, proven approach to drive incremental purchases from their consumers.
Threats: Potential partners fearing change, or realizing the power, value and growth availed when trying something new.
What are the travel pain points you are trying to alleviate from both the customer and the industry perspective?
For customers, we are working to avail high-quality, money and/or time saving opportunities.
a) Money-saving travel deals
b) Bridging the gap between the miles/points experts and average consumers (like me) who are leaving significant value on
the table by not spending points and/or currency as wisely as we should.
For the industry, we recognize the opportunity to avail a low-cost approach to gaining a horizontal and vertical share of wallets to attract and/or retain customers.
So you’ve got the product, now how will you get lots of customers?
By partnering with the biggest brands, which are recognizing the value of what we have developed.
Tell us what process you’ve gone through to establish a genuine need for your company and the size of the addressable market.
We are all competitive at some level. Most of us like to save money within our regular spending patterns.
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For us, the issue is not necessary establishing a need, but more to remind our potential partners what they already know and may have forgotten: take a risk, try something different with a new partner and behold the value that is created – both personally
and professionally between you, us and your consumers.
How and when will you make money?
Working with partners who understand and appreciate our engine.
What are the backgrounds and previous achievements of the founding team, and why do you have what it takes to succeed with this business?
Personally, I have driven many innovations in different consumer markets. Most recently, I drove the Corning glass mobile phone screen protectors sold by two of the world’s biggest retailers.
We have developed products and services for some of the world’s biggest consumer brands; we have attracted team members from Microsoft, Comarch, Poland’s largest software company and loyalty program expert, Hilton, Hyatt, Expedia/Hotels.com, American Express
What’s been the most difficult part of founding the business so far?
Needing to be more patient and allowing our customers to grow with us.
Generally, travel startups face a fairly tough time making an impact – so why are you going to be one of lucky ones?
Perseverance, great team, great product. Lots of luck and support from the travel ecosystem, welcoming our approach and allowing us to help them to try a novel approach to increase their metrics, and ours.