The revenue drivers for my current concept are an hourly fee paid for by customers who come in and utilize the shop to complete their various home projects. Another revenue driver is the project of the week, where a customer comes in for a class where all supplies and tools are included, and walked through a project to completion.
• Describe what kind of product offering you believe should be next. What's the next thing your customers want?
I feel the next product offering would be tool kits that vary dependent upon the type of project that you are looking to complete. Part of the goal of this business is to give the people the confidence to do these projects in their homes, and tools specific to their needs would help.
• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?
I feel this next product would enhance existing service offerings by continually helping the individual to grow in their skills and abilities. As these abilities improve, so does their confidence to try new projects, which in turn would drive repeat business.
• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.
After searching amazon, I located a Black and Decker Project Kit. This kit included and 20 volt lithium drill with various bits and accessories for completing a variety of projects. It also included 66 various hand tools, accessories and a carrying bag to keep it all in.
• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?
Likes:
Durable, easy to use
Battery lasts all day on drill
Compact and light weight
Everything you need for most projects
Dislikes:
Storage bag is small
Does not offer any way to store all the drill bits
Not as powerful as other equipment
Bits not as sharp.
• Describe what design/usability changes you'd make to the product.
For my product, I would like to include a larger carry bag that would allow the individual and their tools to grow into overtime. I would also upgrade the drill bits to a more superior brand name and include some sort of storage/organizer for them. I would also look to provide a more powerful cordless drill, one that could handle heavier tasks as needed.
• Describe why you think this product would make a good addition to your current product/service offering.
I feel that this would make a good addition to my current service as part of what we are providing is education based. A tool kit like this, would allow individuals to take those skills home to perform a variety of tasks that we run across on a daily basis. This repetitive use would give the individual a desire to try something bigger which would bring them back to my business for that continued personal growth and experience.
Jim, I like this post. Your idea is very interesting and something I would consider using. I am not exactly a handyman so being able to learn how to do some DIY projects would be great. Selling tools is a no-brainer addition to that business.
ReplyDeletehttp://gainerent3003.blogspot.com/2016/03/the-amazon-whisper.html
Jim,
ReplyDeleteFirst off, your idea is one that I have not heard yet in this class. Every other idea seems to deal with media, clothing, technology, or food. Your idea is both innovative and helpful. To comment on your post, I think that its great you found a product similar to yours. Although there is competition present, you clearly identified what the differences are between your product and the amazon product and were able to describe why your product would be more successful. Overall, great job and keep up the good work! If you would like to check out my post here is a link: http://corallynnevans.blogspot.com/2016/03/amazon-whisperer.html