business model pivot on example bike storage to self-storage boxes
TRANSCRIPT
BikeepCity bike storage
Problem
More convenient way of storage is needed
Value Proposition
Personal locker for bike storage
Customer SegmentCity and suburb residents, sportsmen
Local information (Lviv)
Our investigation
TAM 127 000SAM 78 100SOM 60 000
VALUE PROPOSI
TION
CUSTOMER SEGMENT /
/GAIN / PAIN
PRODUCT FIT
MVP
VALUE PROPOSITION
CHECK POINT INDICATOR PRICE
LOCATION
Business centers
UAH 500 per month
Residential complexes
No limits. Cooperation with Management Companies
City (Lviv) Ready to cooperate. Depends on needs of customers.
DELIVERY Individuals UAH 100 – 150 per order
PRODUCTION
Foreign companies
USD 3 000 for double locker
Ukrainian producers
Pending
Hypothesis investigated in Customer segment
Interviewed – 54E-mails received – 11People who have a problem with storage – 55%
DAY 3PIVOTS WORK!!! PLEASE MEET OUTSTORE
31 responses11 emails received
Customer ProfileMen and women (50% and 50%) - FamilyAge - 25-45
What do you want to keep there?Bicycle - 54 %Ski equipment - 22%Household goods - 50%Other - 29%
DAY 4
DO WHAT YOU HAVE NOT DONE YET!
OutStore Team
Responses received- 110E-mails received- 45
What do you want to keep there?Bicycle- 75%
Ski equipment -29%Household stuff- 48%
Other -18%
Customer relationship
Get Keep GrowOutdoor AdsSMM
Commercial offers for building companies
Loyalty Program
Partnership Rewards and discount
Related Services (cleaning, delivering)
Covering new markets
DAY 1 – DAY 4LESSONS WE’VE LEARNED
• Know customer problem. Know product features. You must be that person as your customer!
• Understand the problem – the solution will come next!
• Test your understanding! Check hypothesis!
• Oh my God, I thought I knew all abbreviations, but not – TAM, SAM, SOM, MVP, MKT, CAC, LTV, OEM, and you know, you are absolutely zero in understanding the meaning of IDLE, FAIL, END, NO
• Validate the problem, validate the solution!
• MVP is understanding of customer’s needs, pains and gains…
• Check hypothesis!
• Ask is there a problem? Why?
• Everything you do – measure! Metrics may save your start-up!
• Do not limit your challenge, challenge your limits!