Outlining the Service-To-Product-Based Business Model

May 20, 2018

Interested in learning more about the Service-to-Product-Based Business Model?  
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Problem Statement
Investigate determining a possible standalone product that might transform a service business into a service-to-product business using the following method:

  1. Find a service business in your community in which individuals deliver the service (or an idea for one), but not a retail business.
  2. Make a short list of the main services it offers
  3. Consider which of these offerings might be turned into a product that could be delivered on a standalone basis with essentially no service support.
  4. Identify who the customer would be, i.e. your current customers, current competitors, customers from a different segment than presently served.
  5. Identify what the ideal product offering would be.
  6. Repeat this with two more services businesses.

Response
Three business ideas are profiled below. 

Idea #1

  1. Business: 
    1. Real Estate Agency
  2. List of Main Services it offers:
    1. Keeps up with local and regional market activity and industry news
    2. Researches active, pending, and sold listings and reviews the daily MLS Hot Sheet or Activity Report
    3. Completes, submits, and files paperwork, such as real estate documents, agreements, and records with the proper state agencies
    4. Plans and coordinates appointments, open houses, showings, and meetings with clients and other real estate agents
    5. Develops marketing plans for listings and creates fliers, newsletters, and other promotional collateral
    6. Responds to incoming emails and phone calls
    7. Update websites, social media profiles, and blogs
  3. Product Opportunities:
    1. Artificial Intelligence/Machine Learning application to automate (filter & focus) local and regional market activity and industry news
    2. Artificial Intelligence/Machine Learning application to automate (filter & focus) active, pending, and sold listings
    3. Blockchain application to completes, submits, and files paperwork
    4. Online calendar application to better Plans and coordinates appointments, open houses, showings, and meetings with clients and other real estate agents
    5. Virtual Reality / Augmented Reality tour of the home
  1. Customers & Competitors:
    1. Current Customers:
      1. Those interested in selling
    2. Competitors:
      1. Other local real estate agencies
      2. Inertia
    3. New Customers:
      1. Proactively connect with home owners who would benefit from selling their home
  2. Ideal Product Offering
    1. Artificial Intelligence/Machine Learning application to automate (filter & focus) active, pending, and sold listings could help to identify non-sellers who an agent could connect with to at the very least establish a relationship with.

Idea #2

  1. Business: 
    1. Interior Design Agency
  2. List of Main Services it offers:
    1. Follow-up with existing or previous clients to determine new needs
    2. Market their services to prospective clients
    3. Confer with clients to determine needs
    4. Estimate costs for projects or productions
    5. Present work to clients for approval
    6. Select materials or props
    7. Coordinate construction or installation activities
    8. Maintain inventories of materials, equipment, or products
  3. Product Opportunities:
    1. Artificial Intelligence/Machine Learning application to automate marketing activities
    2. Virtual Reality / Augmented Reality tour of the proposed solution
  4. Customers & Competitors:
    1. Current Customers:    
      1. Those interested in redesigning the interior of their homes
    2. Competitors:
      1. Other local real estate agencies
      2. Inertia (home owners avoiding the task of updating their home interiors)
    3. New Customers:
      1. Proactively connect with home owners who would benefit from remodeling their interiors
  5. Ideal Product Offering
    1. Virtual Reality / Augmented Reality tour of the proposed solution as I think this would help buyers better understand the proposed interior solution.  It would also help automate some of the solution proposal process

Idea #3

  1. Business: 
    1. Management Consulting Firm
    2. Strategic Business Consultancy
    3. Business Advisory Services Firm
  2. List of Main Services it offers:
    1. Problem Solving:  Management consultants help businesses improve their performance and grow by solving problems and finding new and better ways of doing things.
    2. Market Sizing
    3. Competitive Research
    4. Business Transformation
  3. Product Opportunities:
    1. Artificial Intelligence/Machine Learning application to automate (filter & focus) competitive research
    2. Business Sphere which is a dedicated studio or boardroom which includes dashboards on all the information a client needs
    3. Artificial Intelligence/Machine Learning application to automate (filter & focus) a business’ current state, future state options, blueprint and transformation roadmap.
  4. Customers & Competitors:
    1. Current Customers:
      1. Fortune 500 CEO
    2. Competitors:
      1. Other Corporate Consulting Firms
      2. Corporate strategy teams (e.g., in house advisory)
    3. New Customers:
      1. Proactively connect with small-medium sized business executives who don’t have the funds and/time to invest in traditional management consulting engagements
  5. Ideal Product Offering
    1. Artificial Intelligence/Machine Learning application to automate (filter & focus) a business’ current state, future state options, blueprint and transformation roadmap.

References

  1. https://www.kapre.com/resources/real-estate/just-what-does-a-real-estate-agent-do/
  2. https://www.bls.gov/ooh/arts-and-design/interior-designers.htm