Existing Market
To provide an additional service to customers and make more money, I am contemplating adding a shutter removal package. The price would be the same amount that it cost for the shutters to be put up for each home. Prices may vary. All 3 customers I interviewed mentioned that they believe I should offer shutter removals. This would be convenient for the customers while being another way to generate quick and easy cash. They said that assuming my customers are happy with the shutter installation process, I would contacted by them to take down the shutters. Lastly, they really appreciated that I am looking to keep people safe and save them money. The feedback I received from my customers was similar to my expectations.
In terms of growing in my existing market, the first step would be to develop a strong online platform to promote my service to as many people as possible in Broward County.
A shutter removal service is another way my venture would grow in my existing market.
New Market
I do not think there is any other feasible market for my service. I put up shutters that are already purchased by homeowners. However, for the purpose of this exercise, I guess I could work for home depot and be an independent contractor. That would still be a B2C market though. I think I could create value for people in this market by reaching out to them at Home Depot when they are shopping. By initiating a relationship, I envision being contacted by numerous people regarding shutters. After interviewing 2 more people, I determined that my service will definitely help customers like them. They told me that they are always looking to save money on shutters and usually pay more than double the price of my service. To be successful in this market, they told me to get my name out to as many people as possible.
The market remained the same but a slightly different way of offering the service. Nothing really surprised me. I like my existing market plan better.
Hello James,
ReplyDeleteI am impressed by your work for both of two parts. It is a great idea to provide removal service, which is like a after-sale service. The customers will feel like they get two service for only one expense. It is actually making the price much lower and people will like that. It is also good to work for home depot since it creates more opportunity.
Hi James,
ReplyDeleteI think your idea to expand to a shutter removal service is really smart idea because you most likely are going to be able to keep your existing customers and potentially gain new ones to both services. Home Depot is a good location to try to talk to potential consumers. I agree that your existing market was better simply because it is probably wider and more necessary than the new market.
Hi James,
ReplyDeleteAs a Miami native, I can unequivocally attest that there is great need for shutter installation and removal in South Florida. Most services are super expensive so I think that the service you are offering is essential. In one of your previous posts, I expressed concern that your service is very seasonal. I think that including the removal could help alleviate this and spread out the timing of your work. I also really like the idea of reaching out to customers at Home Depot. I am sure by doing that you will attract customers who are in need of your services. You have presented some really great ideas in your posts. Great job!
Hey James,
ReplyDeleteI'm glad to see that you embraced the idea of adding the removal services in your idea. I would imagine that with all the different houses and builders for the homes you'll be applying these shutters to (Like DR Horton, Invitation and MI Homes to name a few), you'll become pretty savvy with the windows you're protecting, their measurements, quality, etc. Would you ever entertain going into the actual window business or look to contract with the builders for the new communities that are always going up? You'll already have the expertise.
Hello James,
ReplyDeleteI think you have a great future plan in front of you. I think having a shutter removal service is a great expansion service as people will need to eventually remove the shitters and the fact that you are pricing it similar to adding the shutters is great. I also agree that working for/with a major company such as home depot is a great way to expand business to a more national scale. Great post!
Hi James,
ReplyDeleteI think that this is still one of the best ideas yet. I live in South Florida so I definitely would be a customer of yours. I think that working with a big company such as the ones stated would be very beneficial to you since your main resource is having low prices. I know shutters are expensive and having to put work into it as well might hurt you in the future. However, I really like your concept and think you are nailing every point. Great job.
Hello James,
ReplyDeleteI agree with the feedback that people gave you. Developing a strong presence in an internet platform is extremely important because people are constantly being in social media and a lot of companies are using these tools to promote their products or services. Marketing strategies in social media seen to bee successful during these uncertain times because people are staying at home constantly on the internet. If customers have seen your product over the internet they will remember it and contact you.
Hi James,
ReplyDeleteI agree that it is kind of hard to think of a new market for your specific idea, but I think that creating a form of partnership with home depot may be a good route in the case your primary idea needs more help in reaching out to more people. I think that with Home Depot’s name you can get more people interested in your own company.