Findersfee is a new company setup by Steve Slyman and Neil Coogan with the aim of finding any product at the best possible price for people. Launched in January, the company has already completed over 300 searches for customers, returning some great savings.
We had a chat with Neil to find out more about the company.
Q1 Hi Neil. Can you tell me a bit more about your company and what service it is you offer?
Hi John. Our company is based on two main principles the first being that just because you can’t find the best price doesn’t mean you should be overpaying for your products. The second being our “No Find – No Fee” guarantee. We only charge a customer if we save them money.
We offer two services; we can find your product for you at the best price available or we can price check a product for you that you are buying elsewhere to make sure you are getting good value.
Recent studies have shown that only 21% of people who use price comparison sites in the UK are actually progressing onto buying the cheapest product. These sites often don’t compare like for like and they don’t include delivery charges. If you are buying from sites outside of the E.U. these sites don’t allow for taxes either and crucially these sites often display outdated prices.
Findersfee gives you the most up to date price including delivery to your door.
We also provide advice to customers who would normally buy their products in their local store and take bias advice of the sales person serving them. For example if someone is unsure of what laptop they want, we would engage with them and find out what they use it for and advise them on what suits them and what is the best price to buy it at. Sales people in stores are only there to sell what they have and might not necessarily be the best product for that particular customer.
Q2 Who would you say is your target market?
Our market research tells us we have a very wide consumer base. We had initially envisaged that our core customers would be those who were either time poor or non internet savvy but now that we are up and running we are seeing that our main customers are people aged 18-45 who are very tech savvy. This key demographic are our “early adopters” and as such our marketing is geared towards this segment of the market.
Q3 Can you tell me a bit more about the company. Who’s involved and when did you launch?
Our founders are Steve Slyman and Neil Coogan. Steve and Neil both took part in the UCD Innovation Academy post graduate course in Innovation, Entrepreneurship & Enterprise. Steve had entered the Innovation Academy, having spent some time in Australia, to work on the idea of Findersfee. Neil had entered the Academy from the construction industry and was seeking a new challenge.
It was there that Steve and Neil met for the first time and refined the idea of Findersfee. Having worked on Findersfee as a project and seeing the potential we decided to become a start up on completion of the Innovation Academy program. We opened our doors in Jan 2014 and although we are in our infancy we are getting very good feedback and a lot of inquires.
Q4 Can you explain how the process works for the consumer?
When the consumer decides they want to buy a product or search for the best price on a product they make contact with us.
We offer two services; price checking and finding the best price on products. With both services the customer has the option to either fill out the relevant forms on our website or to call us to let us know what service they are looking for. We will report back within one working day with our findings by the method the customer first contacted. It’s as simple as that!
Q5 How much does the service cost?
We are currently doing our searches for free and will be for the next few weeks but when the initial free period is over our charges will be as follows:
Price checking service – 25% of the savings made, for example if we save you €100.00 on an item we charge you €25.00, you save €75.00 on your original purchase.
Finding service – We charge 5% of the total value of the products. Non Standard searches for hard to find items will be priced individually.
Q6 What other research do you do to ensure people are getting a good deal from a reputable source?
We can’t possibly be experts on every product or every source on the internet so we take the time to read the reviews of people who have already purchased items from the suppliers we recommend. This is particularly relevant with electronics, clothing and accessories. If we can’t find reviews from a source we generally don’t recommend them. We air on the side of caution when recommending suppliers we are not familiar with.
Q7 On average, how much do you think people can save by using your service?
It has varied; the one constant is that having carried over 300 searches there has only been 4 searches that we haven’t been able to save the customer money. For electronics our average saving is €142 and all other searches combined the average is €73.
Q8 Are you solely targeting the consumer market or have you plans for expansion?
Businesses in Ireland spend seven times what consumers spend. The B2B market is too large for us to ignore. We are targeting the B2C market first and will be looking at the B2B market in year two.
Q9 What’s the best way for people to get in contact with you?
If you would like to have your company featured in the Irish Tech News Business Showcase get in contact with me on [email protected]