iHomeRegistry
PROBL​​​​EM:
iHomeRegistry was an early-stage, pre-funded startup who had an idea they wanted to bring to market but they had no idea if the idea was valuable or what people would be willing to pay for their service. Originally they wanted to be a Pinterest for new home owners, helping them find and select furniture, creating an online repository of design options for their new space.
- MARKET VALIDATION
- COMPETITIVE ANALYSIS
- FINANCIAL MODELING
- PITCH DECK
- MARKETING STRATEGY
SOLUTION FOR IHOMEREGISTRY:
We were brought in as pre-launch startup advisors for iHomeRegistry, to help them validate their product and prepare them for a consumer-facing launch and to raise investment capital.
STEP 1: MARKET VALIDATION
We jumped in an quickly did a market validation for iHomeRegistry, talking to people who were in the process of buying a new home, remodeling an existing home, and building a new construction home. Overwhelmingly they didn’t want another Pinterest-type solution to help them with their design needs, they wanted to visualize a 2-D plan in 3-D and visualize how the space would look and flow and help them resolve issues with visual spatial acuity, a skill most homeowners don’t possess but building professionals have fine-tuned with experience. Some respondents indicated that their architects offered the service but it was cost-prohibitive, they wanted a more affordable option.
STEP 2: COMPETITIVE ASSESSMENT
After shifting the product focus to resolving the pain of translating floorplans into a tangible visual space, we started assessing the marketplace to determine the primary competitors. In doing so we found a competitor who was offering white label solutions. iHomeRegistry negotiated a white label deal for the 3-D modeling technology which turned into the foundation of their product.
STEP 2: FINANCIAL MODELING
We worked with iHomeRegistry to develop a pricing model which would bring them to break even quickly and efficiently, while providing an attainable product for individual homeowners. We also recommended a pricing multiplier model for volume-based clients and provided detailed backend requirements and forecasting.
IHOMEREGISTRY RESULTS:
- Optimized, consumer-ready product
- White label technology provider
- Complete financial modeling
- Fundraising-ready