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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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