Our client came to us with a Start-Up Idea he was just getting off the ground and running manually. He wanted us to Identify Opportunities to Produce Value in the Customer Feedback Space to help him Develop his Service and better Define his Unique Value Offer to enable him to Build his Platform accordingly.
PROJECT VISION STATMENT
We wanted to define the Market Opportunity for our client to Develop a Service that Converts Customer Feedback into Actionable Insights.
We interviewed 12 Participants from 12 Small-Medium-Sized Businesses across various sectors for 60 minutes. Each participant had an invested interest in customer feedback and sentiment within the business.
WE SPOKE ABOUT
· Current Interaction Channels
· Systems and Tools used to communicate with customers
· How Feedback is currently Collected, Analyzed and Used
· Current Platforms and Processes for customers to leave reviews and referrals
· Small to Medium-sized businesses had Varied Needs when it comes to the Collection and Analysis of Customer Feedback data, Dependent primarily on Business Type or Industry segment.
· Most have Effective Channels in place to Handle Complaints but Don’t Have the Tools and Capabilities to Solicit or make sense of General Feedback from their customers.
· While several businesses recognized the need to collect data, they felt they Lacked the Understanding of what and How to Analyze it to Generate Value for the business. “You’re asking people for information and then nothing comes of it.”
· Businesses with multiple touchpoints have Difficulty Coordinating and Centralizing the communication process so as not to annoy customers. “How can we coordinate the messaging, frequency and timing of communication to customers without annoying them” (real estate Operations Manager)
Our research into Established Players in the space found that they had Huge Capability and Complexity, this meant that they Required a lot of Time, Financial Resources, manpower, and know-how to Operate. We also found Free existing Survey and Analytics tools but these were often Not Used by small businesses as they Lacked the Know-How or Manpower to use them. From these findings, combined with our research interviews, we established that our opportunity area was to Create a Service with 3 Key Features.
· Tailored to the business or industry segments needs
SETBACKS AND CHALLENGES
The client was very focused on what they thought they knew about the opportunity space but this was coming from a fully Assumption-Based Understanding. It took serval conversations where we Presented the Evidence and Insights Discovered in our Qualitative and Desk Research to open his mind up to look at the Opportunity Space from a Different Angle.
With our learnings from stage one in mind, we Began an Ideation of ways we could solve the problems these businesses were facing as well as Identification of which Business Segments would obtain the Most Value from our Service.
Our research showed a good focus area for the Initial Service Offering was Property Management. Our research showed Property Management has Many Touchpoints and Multiple Stakeholders making feedback and Communication a Complex and Time-Consuming process. The current Manual communication Channels also caused a Range of Pain Points for those in the industry that we could look to address.
· Property Managers feel like they are “Firefighting” and can only be Reactive and Never Proactive
· They are Time-Poor and are often unable to follow up
· They are Unsure How/ What/ When they should be asking customers
· There is a feeling of Overwhelm with the Data they Receive through Multiple Channels
· Simple and Accessible
· Questions and dashboard Tailored to customer segment
· Transparency to reduce noise
· Automated to reduce the number of tasks
PROTOTYPING & TESTING
We Tested our Service Offer on 5 Property Managers walking them through the Storyboards of our service to facilitate a conversation. We found that the service offering Addresses some Key Pain Points and generated some enthusiasm with the favorite features being Ease of use and Transparency. We also tested low fi Wireframes of how the service might be Received by Tenants in terms of format, ease of use, and motivation to engage with the service. We found that Many, but not all, Tenants would be Willing to Engage with the service in general if it was Quick and Easy.
ORIGINAL BUSINESS MODEL CANVAS
This canvas was Assumption-Driven and Untested. It Lacked a clear Value Proposition and Customer Segment.
UPDATED BUSINESS MODEL CANVAS
The updated business model canvas has a Clearly Identified Value Proposition and Market Segment. Our client's service offer is a Simple Digital Platform for Property Management Businesses to Manage and Track Feedback and Communication with Tenants and Landlords to build relationships in a transparent and proactive way.
Our client came to us with a Concept for an Opportunity Area that was largely Assumption-Based without a clear direction. After the project, they now have a Tested Understanding of where the Opportunity lies and an outline of a Service Offering to Meet the Need in that space. We hope that they will continue to build and test the service offering and have recommended they partner with a business or industry body in the identified target market space in order to do this successfully.