Peter Tripp is the Founder of Winefellow, a mobile wine ratings capture system that recommends wines you should try.
"Consumers often do not purchase the products best suited to their personal tastes. Why? Because two types of imperfect information exist in the marketplace. First, consumers have imperfect information about product markets. Because vast numbers of products exist, a consumer cannot hope to know them all. And second, consumers have imperfect information about their own taste preferences. Whether because they have not been exposed to enough products or because they simply forget products they tried and liked, consumers often do not understand their own tastes well enough to make the best consumption decisions for themselves.
Sifting through the sheer amount of information forces consumers to rely on external guides. Marketing campaigns, product experts and the advice of friends. But inherently, each of these sources of information is biased. The number one concern is not the consumer and his personal tastes.
Winefellow uses technology through social networking to collect consumer preference data and analyze and disseminate to help consumers make better consumption decisions and companies make better marketing decisions.
Winefellow solves the information deficiency by collecting real consumer market data in real-time at the point of non-biased consumption. The Winefellow platform allows consumers to record tasting preferences via mobile and internet technology for future consumption recommendations based on previous tasting preferences, the “wisdom of crowds” (i.e. leveraging the preferences of consumers with similar tastes) and what products are available at a given supermarket, restaurant or other retail point-of-sale. The platform also allows product manufacturers, distributors and retailers to use the consumer data to increase the effectiveness and decrease the cost of marketing their products to likely purchasers.
The traditional barriers of matching consumer tastes with the best products for those tastes are crumbling under the Winefellow platform. Historical personal consumption, along with analytical guidance from a broad spectrum of consumers with similar tastes, will determine which products best match a consumer’s personal tastes at any time and at any place.
Today Winefellow has conducted over 100 wine tastings throughout the US and Canada. They have done the Global CIO and CFO summit and have a proven ROI model for generating a client's revenue."
Launch profile for Winefellow in the Connectodex.
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October 12, 2009