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MenuWhat is the best way to validate and monetize this idea?
A platform where brands can browse hospitality spaces and send a booking request to have their products featured in the area or book the area for a product demo/talk etc.
In a way it's similar to Appear Here but not limited to retail stores
Spaces we're targeting: spas, coworking spaces, coliving spaces, vacation rentals.
Answers
Validation and monetization - two great questions.
See some great tips on how to do validation in this answer: https://clarity.fm/questions/6423/how-do-you-do-market-research (happy to help you plan your specific validation process)
Regarding monetization - the most suitable business models in this case would be commission / intermediate fee taken from either the advertisers or the owners of the advertising spaces (spas, coworking spaces) or both of them.
Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david
Offer your services to an hospitality chain and create a proof of concept at one of their locations. A key element in this equation would be an application (ideally a web app) enabling the target hospitality chain to monitor brand booking requests. Successful proof of concept would then lead to stage 2, meaning scaling the strategy to more locations of the target hospitality chain.
Monetizing the business model could involve fixed monthly fees to use the application, or a royalty based model factoring in the proceeds from brands seeking to advertise.
Keep in mind that many hospitality chains are making a substantial part of their turnover from side businesses that you can help them market amongst their own clientele. For instance an upmarket hotel could make up to 1/3 of its turnover from its in-house restaurants, spas, etc.
Here are few tips, I’d recommend reading this!
1. Find a Profitable Niche (That You Care About)
2. Leverage Your Strengths and Outsource Your Weaknesses
3. Create an Early Feedback Group
4. Have One-on-One Conversations With Your Target Market
5. Develop a Competitive Advantage
6. Grow Your Email List
7. Build a Proof of Concept
8. Launch and Get Pre-Orders From Your Email List
9. Continue Building and Tweaking With Feedback
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Hello, I am setting up a marketing co-op for tradesmen, wondering how to validate this locally. Any suggestions?
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What are some signs my startup may be "too niche" to ever become mainstream?
The easiest answer to this is something a mentor told me a few years ago when I was working on a niche app....she said "do you honestly feel like you could be passionate about this for the next 10 years"? That may not sound like it's relevant but it is...honestly that's the only thing that matters when starting a compay (besides the obvious of is this valuable)...That's the first thing to figure out. Then when I answered and said maybe, she said "do you think that this is the biggest thing you could be doing with your time? Why stop at helping a few thousand people, why not pour 10 years of your life into something that can help millions".....so reframe your question, is my product only helping a few people? Is there something else I could be doing that will help more people? If the answers are obvious then you know what you need to do...back to the drawing board.Andrew Lee MillerAL
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How do I approach potential clients to give me feedback on my product?
Hi, I've worked for years in business to business sales and consulting. You need to find out who works or makes decisions in a company in the area that your potential product could be useful, ie customer service. LinkedIn could be useful for this. Call them on the telephone. Don't e-mail. Open the conversation by asking for help, 'Hi, I'm wondering if you could help me find the person who would be responsible for customer service? I'm looking to get feedback on an innovative new idea I'm considering developing that may be useful to your company.' The most important thing you could ask them during the call is whether they've ever identified the problem that you're proposing to solve as an issue themselves. If they've never noticed, or don't care, then your new product will have a more challenging sales cycle since you'll have to do a lot of education. If they already know they have a problem, you'll need to act quickly because they may be already looking for a solution. Best of luck. David BarnettDavid C BarnettDC
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Would hotels be interested in branching out into domestic staffing services?
My family is in the hotel business. I can tell that we would have absolutely no interest in doing this. We make sure out employees look after our property and provide great customer service. We do not have down time for them. We run a tight ship. The liability and other headaches that come with what you propose is incredible. The only thing we would consider doing is using one of our banquet facility rooms as a senior day-care center from 9am to 2pm Mon-Friday because a company would be paying us for the space and food. Everything else is on them.Trishul PatelTP
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