GrooveBook App. on Shark Tank
Photo Flip Books - Episode 515 - 1/10/2013
Simply choose between 40 and 100 of your favorite picture's and then let the Groove Book do its magic creating you a 4.5" x 6.5" Photo Book for Free, just pay $2.99 shipping fee. Each photo is printed on glossy paper and perforated within the book to quickly remove if you ever choose.
O.K., I have to admit, it's been years since I've had pictures developed into photos, but I still remember it cost a whole lot more than 3 cents per print. Have you ever heard the saying "If it sounds too good to be true, it probably is?" Who in their right mind would start a business giving away a quality product and only charge for the shipping? Furthermore, what kind of an entrepreneur would come into the Shark Tank with such a small margin, they value on their product and expect to have any of the Sharks interested in investing in the success of the business? An Entrepreneur that chose to think outside the box and came up with a brand new way to change an entire industry would be the correct answer.
How can the Groove Book App possibly make enough of a profit to interest any of the Sharks when your total bill is only $2.99 for 100 high-quality glossy photos including the shipping? For starters, the $2.99 is a recurring monthly charge that will be charged to your credit card whether you submit more picture's for a new flip book the next month or not.
If you already have lots of pictures you would like to organize into photo flip books, then this has to be one of the Best Deals on the Internet. However, if you forget to send them between 40 and 100 photo's for your next photo album, you will still be charged the $2.99 for that month. Considering you couldn't touch another quality picture book with perforated sides for $20 including shipping, you could take six full months putting together your album and still come out ahead.
It's all in the Up-Sales that will make the Groove Book App a Major Success. They have first figured out a new creative new way to print high-quality photos at a fraction of the cost of the competition. A lot of customers might only make one new photo flip book every month or so, but what about those special occasions involving dozens if not hundreds of people? A great example would be a large wedding where you could make a photo book for your entire guests at a cost under $3.00 each. Another example might be a large business party or event involving hundreds of attendees that would appreciate this inexpensive gift and help build morale around the office.
Groove Book App before Shark Tank Update:
No doubt the GrooveBook App has a much different business model than any product ever seen on the Shark Tank. But geese, collecting only $2.99 from most of the customer's on a monthly basis sure doesn't seem like there would be enough profit to interest the Sharks. Unless of course they already have several thousands of established customers showing a good percentage of them do not make a new photo book each and every month. Because you can cancel your subscription at any time after you get your first photo book, I would also be very interested in the churn they are experiencing on the overall percentage every month.
The good news is I already know at least a few Sharks are interested in the Groove Book App, and they WILL get some offers during this episode. It's a great new product for consumers& that I will be subscribing to myself, and apparently, this business model has already proven to be successful enough to entice a few Sharks to invest in this App. How it all plays out, I have no idea, but this is one set of negotiations I'm very much looking forward to watching this Friday Night on the Shark Tank Show.
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