How to market TimeTec Smart Township Solution?

Thursday, June 30, 2022 TimeTec 0 Comments


The SaaS model is part of our sustainable long-term plan to market the TimeTec Smart Building Ecosystem.  We listed a few approaches here from A to E below for our partners to adopt, which we think are quite flexible to ensure our solutions are reaching the market more effectively.

A. Bottom-Up Approach
There are some main components in building management - Parking Management, Tenant Management, CMMS Equipment Management & Staff Management. Among the four, Parking & Tenant management will be the cash cow for building management to generate revenue and the management will be willing to upgrade to a smarter system to optimize the revenue collection. Hence, we are using mainly Parking & Tenant solutions as the forefront system to entice the management to adopt our solutions, then all other modules like CMMS, Staff Workforce Management, Near Field Commerce etc will be upsold. If building management enquires other solutions like visitor management, Time Attendance for staff etc, we will surely pitch to them our total Smart Building Ecosystem. And this is called Bottom-Up Approach. Different buildings/townships have different needs, and clients can pick and choose from all our components (18 cloud solutions & IoT hardware) to fit their building/township needs. This will give the customers the flexibility to optimize their business processes with our solutions and IoT hardware. In short, we can market our solutions separately as standalone modules or more modules combined without a significant ecosystem, up another level to combine almost everything together for a larger building and further up another level to include multiple buildings (or multiple types of buildings) as a smart township ecosystem. Single module > multiple modules > Smart building ecosystem > Smart Township Ecosystem > Smart City Ecosystem.

B. Top-Down Approach
This approach is the opposite of the Bottom-Up Approach. It focuses on a larger-scale property development project or mixed development project, The Property Management would like the idea of having all modules under one roof (Super App) to improve efficiency and productivity for internal operation, and also to engage users (shoppers, visitors, clients etc), hence more data will be accumulated and analyzed for better user experience and future monetization purpose. Smart City Ecosystem > Smart Township Ecosystem > Smart Building Ecosystem > Multiple Modules > Single Module

Opportunities & Approach
 

To enhance the sustainability of the ecosystem, we will encourage customers to strengthen Near Field Commerce, and the built-in Data Analytics module to engage users with further monetization of their own ecosystem. 
 
C.Product Bundling
Product bundling strategy is our strength and improves stickiness and reduces churn rate for our cloud subscription model. For example, building management integrates with the advertisement module, when the barrier gate is lifted up, the advertisement will be pushed to the designated shoppers (based on their history of shopping activities).  With this, if the clients change their parking equipment after 5 years of wear and tear, it is difficult to engage other vendors, as the commerce module is well connected with our parking module.

D. Data Analytics (Data Accumulation)
To improve user experience in the long term. Built-in with automation capabilities for data mining and crunching, furnished customers with 360-degree data visualization that allow customization of the dynamic dashboard. Data Analytics covers Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics & Pre-emptive Analytics to achieve:

i. Optimize operation and near field commerce
ii. Maximize near-field commerce and parking revenue streams by right-sizing product offerings
iii. Identify dynamic pricing opportunities that enhance near-field commerce strategy
iv. Make period-over-period comparisons
v. Identify successes and pinpoint areas for improvement.

E. Near Field Commerce - Next Phase of Growth (B2C)
Near Field Commerce represents a certain mix of online and offline operations just like O2O, to connect buyers and sellers but within the same geographical area, which promotes community values, reducing time and cost, cutting waste and reducing carbon emissions to a minimum.
 
Smart Commerce is the next phase of growth. More near-field commerce modules can be invented and plugged into the super app if user-based reaches its critical mass. For examples:
i. Group buy - With multiple purchases and one delivery because the buyers work or live in the same geographical area. 
ii. Yard Sale - To connect sellers and buyers living and working in the same area to sell used items to one another without transportation costs.   
iii. Enhanced home service - Plumbing, electrical work etc can be enhanced with added value by our preventive maintenance module. 
iv. Advertisement -  With data analytics, the ad can be more targeted based on user trackable activities. For example, the loyalty point purchase record to prompt the targeted ad.

TimeTec can monetize the next phase of growth with the following charging models:
i. Extra subscription fee for different Near Field Commerce modules subscribed by the property owner.
ii. Profit sharing on transactions if payment via the super app.
iii. Charge a fixed price per transaction
iv. Self-operate and offer some Near Field Commerce services via our customers' Super App.
v. Others

The charging models vary depending on different requirements, modules and circumstances, all centred around the Near Field Commerce.  



About Author:
Teh Hon Seng, Group CEO of TimeTec Group of Companies. Prior to forming TimeTec, Teh led PUC Founder (MSC) Bhd to be listed on MESDAQ (ACE) market of Bursa Malaysia in 2002. Teh initiated the R&D in fingerprint technology in 2000, which later developed into a renowned global brand for commercial fingerprint product known as FingerTec. In 2008, he foresaw the trend of cloud computing and mobile technology, and over the years, he had strategically diversified and transformed its biometric-focused products into a suite of cloud solutions that aimed at workforce management and security industries including smart communities and digital building system that centered around the cloud ecosystem. Teh has more than 20 patents to his name, and he is also a columnist in a local newspaper and a writer of several books.

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