Three Boston College graduates have found recent success in the Internet marketing industry through their new company, Swaptree.com.
Greg Boesel, BC '99, and Mark Hexamer, BC '99, are the co-founders of the Internet marketing site that allows users to directly trade media goods with each other, without money. The Web site specializes in the trading of print and digital media such as books, DVDs, CDs, and video games. Swaptree marketing specialist Jack O'Hurley, BC '08, recently began his work at Swaptree after graduating earlier this year.
Boesel, Hexamer, and O'Hurley said that they owe many of their workplace skills and success to their BC education. "The JD, MBA program at BC definitely helped me to accomplish a great deal after graduation … it's a great program," Boesel said.
O'Hurley also attributed much of his personal success to BC, stating that his experience in the Carroll School of Management has "greatly enhanced [his] work experience after graduation," giving him the tools necessary to deal with workplace demands. "The diverse education that I received at BC helps me to tackle different issues that I face on the job today," O'Hurley said. "I have to wear a different hat every day. … The job requires me to be versatile, and my BC experience helps me to deal with that."
Boesel, Hexamer, and O'Hurley also said that they continue to work closely with members of the BC faculty, who give assistance and consultation in the operation of Swaptree. "Some faculty members at BC, such as Michael Peters and Mary Cronin, have been a great help to us through their guidance and assistance, they're just a wealth of knowledge," Boesel said. Michael Peters is a professor in the marketing department in CSOM; May Cronin, also of CSOM, works in the Information Systems department.
Since its founding in 2004, Swaptree has been acclaimed for its simplicity, reliability, and low prices. Unlike other Internet firms such as eBay, an Internet auctioning site, Swaptree does not charge a transaction fee for trades made through the site. Users are only required to pay the shipping fee, which is $2.50 on average. These features, Boesel said, add to the appeal of Swaptree. "If you want to sell a book or video game, it's almost not worth it to sell it on other Web sites because of the extra charges … but our system allows people to get more value for the low-value trades," Boesel said.
Many of these benefits have not gone unnoticed. Since its founding, Swaptree has received attention in the national press arena. News sources such as The New York Times, Washington Post, and The Wall Street Journal have written reviews of the Web site. Swaptree has also been featured on television programs such as Good Morning America and The Today Show. Boesel expressed his excitement over the extensive press coverage received by Swaptree. "Our public relations has gotten an excellent response ... a lot of people are interested in this site, we have a pretty universal message … I mean, who doesn't like books, music, DVDs, and video games?" Boesel said.
In addition to the large degree of press coverage, Swaptree has benefited from a successful fundraising campaign. In September, the company raised $3.3 million from the financial firm Safeguard Scientifics. In total, the company has raised $5.6 million from private investments and firms.
Although the company has received considerable publicity and financial support, there is still an ongoing effort to promote the Web site, including the use of social networking Web sites such as Facebook, O'Hurley said. "We're really trying to reach out to students … they are one of our big target markets … we are going to be making greater use of the Internet and campus promotional events to get our name out." Boesel and Hexamer said that they believed that the Internet is a "crucial medium to bring attention to the Web site and that they will continue to make use of it.
"Since we are an Internet company, we will obviously use the Internet to promote our product. …We're always looking for new things, and we will be adding new media in the future to try to promote our system," Boesel said.
Students at BC are excited to see graduates finding success in the business world. Mark Zimowski, CSOM '12, said that he is "pleased to hear about the success of these graduates. It's really encouraging … knowing that these graduates are finding success applying the lessons we're learning today in the classroom," Zimowski said.
Other students have expressed interest in taking advantage of the Web site. Michael Boyarsky, A&S '12, said that he would "definitely be interested in looking into what the Web site can offer." He said, "I trade media all the time with my friend. It would be great to be able to find better deals online," Boyarsky said.
As Swaptree looks to the future, they expect to see continued growth and profits, Boesel said. "We definitely want to continue to expand ... and the time is coming to think about cost structure and monetary issues," he said. "We're playing around with ideas such as subscription services and perhaps a few small fees … but we'll see."
O'Hurley encourages students to watch for promotional events appearing within the near future. "People should keep an eye out for us," he said. "We are planning on promoting our site on campuses, and I think that students have a lot to gain by keeping an eye out."
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