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How will you analyse market ?

Will it be on Marketplace model or inventory based model ? Why ?
asked in Product Launch by (40 points) | 294 views

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I assume the goal of the app is to give the people to book beauty services, e.g. maniquere, haircut, waxing, and the beautician will come to their home to their home to do the service.

I will now go through three main points: 

1. Product

2. Launch Goal

3. Launch Design


1. Product

I assume we are going to launch the product for the first time, and it is not about launching a new feature.

The product has 2 main stake holders:

1. the beauticians

2. the end customers who want to book a service

So I need to make sure that at each step I take care of both stake holders and I do not forget one of them.

What worries me most about this product are two things:

1. I need to make sure that there are enough beauticians for the end-customers who want to use my app

2. I need to encourage end customers to change their behaviour from going to the beauty salon to have the salon coming to their home.

Talking about beauty salons, I should remember that they are my main competition. In addition, other apps and websites on which beauty services can be booked are also my competition.


2. Launch Goal:

To define the launch Goal, I need to clarify which user segment is going to be my focus of launch and accordingly define what their pain points are.  

I can think of the follwoing segments who are interested in a beauty service:

1. elderly: 

PPs: They cannot go out of home often, they cannot afford to pay much for their beauty

2. Working women:

PPs: They are busy working during the day, and when they are at home they need to take care of home. They earn money, so they don't mind to pay for beauty services

3. non-working women who has just moved to an area:

PPs: They don't know the beauticians in the area and don't know who is good or who is bad.

4. School kids, men, etc

I choose working women as my target segment because they have the money to spend, but have limited in time to go to the beauty salons.


I define the user goal and the business goals as following:

BIZ Goal:

1. revenue

2. Exceptional user experience


User Goal:

1. [end user] To book a trusted beautician with minimum effort and minimum waiting

 2. [beautician] To find more customers and make more money


Launch Goal:

1. Is the product profitable

2. Is the product fulfilling the needs of the user?

Metrics I define to measure the above are as follows:

  • Acquisition: %of users who created an account
  • Activation: %users who ordered a service
  • Retention: %users who booked a service again in 1 month
  • Recommendation: %users who recommended the service to a friend

3. Launch Design:

I need to build one MVP which is a market place on which end-users can find beauty services. I build a mobile app for it as I assume working women might not have time to turn on private laptops.

I also build a mobile app for beauticians. The beauticians has 3 main needs:

1. receive and answer msgs from customers, know if a customer has a special wish/need

2. Know for what slots she is booked

3. Know how much time she/he needs to get from one customer to the next one

4. Track the amount of money they earned on the app

To fulfil these needs, my app has two main parts:

  • A messaging section
  • A calendar with booked slots. Each slot also has the type of service, and address, and the amount of time it takes the beauticians to get there.

For the MVP, we can have the money transferred to us and then transferred to the beauticians. This way he/she is only paid if the service is done and there is no major complaint. 

To guarantee customer satisfaction, I calculate the ETA+a buffer (traffic, service took longer, etc) between booking slots and customers cannot book slots that are next to each other, so beautician has time to get to the next customer.


As a pre-launch activity, I should find enough beauticians. I will find them through 

  • online pages that already offer such services ===> You should find trusted ppl ==> app gives you rating ==> I find ppl with a high rating.,
  • from beauticians who have a physical shop and want to find customers at their low traffic times of day/year,
  • freelancers. I can find such freelancers for example on among ppl on Instagram who show examples on their work. 
  • Get in touch with cosmetic companies and ask them to introduce beauticians


I also keep the range of services to services that are very frequently uses by women, which are haircut and waxing.

At launch time, I will start in a certain regions in one big city, and begin partnering with companies. I can give special offers to women working in these companies. I can distribute brochours, put advertisements on the board of the company, and show demos.


I also make sure I have enough beauticians in the areas that these women are working. To create buzz, I can arrange one day as "get haircut at work" in which beauticians coming to the company and do the haircut for women. The employees can book a haircut with 20% discount and have it done at work. That creates a lot of awareness among employees.

I will keep the number of the first test user set limited to be able to accurately analyse the feedbacks from users and then I will iterate on a larger.

I will be tightly in touch with beauticians and try to understand what worked good and what not.

I will get in touch directly with end-customer with a phone call or an interview to understand what problems they had ===> Improve next release


Risks:

Make sure who goes to the users home? The beauticians should be registered on the app with a picture, so the user knows who is knocking on their door.

An stranger is going to the customer’s home ===> Only on-board beauticians which are proofed to be authentic

How to satisfy the unhappy users? —> Users should be able to raise a concern ==> Customer care to contact

Privacy: Sharing user’s address and phone number with the beautician ===> consent of the user to share this information


Post launch:

analysis of metrics, refining funnel and features, interviewing/feedback forms for both stakeholders

Promotion program ===> Referral Programs 

I extend to other services and more regions

I extend my traffic acquisition channels to social media and search engines and analyse which channel can bring more traffic.Also beauty bloggers and influencers (e.g. on Instagram) can write about our app.


Monetisation:

I begin with setting a fixed price and then 10% of the price goes into my pocket.

It would be straight-forward for the user.

The price of haircut is also almost the same in all places

To summarise, the goal of my app is best user experience in booking and having a beauty service. The goal of my launch is to see if the product is profitable and if I can fulfil the market needs. I identified two main concerns, creating a network with beauticians and also changing the mindset of end users. I identified channels to find beauticians and I decided to target working women who are most tight in time. I decided to reach to these women via their companies. I will build 1 mobile app for end-users and one for beauticians. I will make sure I safety and trust are put first as the app sends beauticians to the home of the customer.

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answered by (82 points)

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