Find Answers to Critical Business Questions Using Design Sprints Jameel Somji, CFA | Founder & CEO of SpiNovation Labs SpiNovation Labs SpiNovation Labs
Target Customer Profile Demographic Age: Primary: 55-75 Working or recently retired Household income: $40k+ Married or widowed Live in large home and children have left. Living in an old apartment Active & healthy 21 Location Primary: Niagara Falls Secondary: Niagara on the Lake, St. Catherines, Grimsby, Lincoln, Port Colburn Motivations Looking to move to a modern residence with little to no maintenance required. Sell home to access equity to fund retirement
Customer Journey Map SpiNovation Labs 22 1. See ad 2. Visit website 3. Phone agent for tour or more info 4. Agent follow-up 5. Client talks to family members 6. Make decision to rent 7. Submit deposit to secure rental unit (1 months rent) 8. Sell their own property (takes 6-12 months) 9. Move in 2 years later 10. Enjoy new home
Conduct research interviews with experts SpiNovation Labs 23 Real Estate Agents: ● Apartment rental availability 1% ● 90% of housing options multi-story Seniors Moving Company ● 30% of residents are Seniors ● Downsizing a reality Local Seniors home: ● 200 person waiting list at senior homes. ● Pricing ● Competition Commercial Banker: ● Financing City hall - Urban planner ● Competition ● Government incentives Senior Recreation Centre: ● Location ● Marketing ● Seniors to test prototype with
Critical business questions to answer in Sprint Will Seniors rent a unit? Price affordable? Demand for 1, 2 or 3 bedroom units? Unit design, layout & finishings desirable? Location desirable? SpiNovation Labs 25
Why is the Elgin right for Customers? The newest property in Niagara, close to the falls and priced right. Senior Community Private backyards/decks and patios Rightsizing - 1500 to 1000 Main floor bedroom Lawn, snow and property maintenance included Value Prop
Answers to critical business questions Would Seniors rent a unit? No Stairs No underground parking, Price affordable? Yes Demand for 1, 2 or 3 bedroom units? 2 bedrooms Unit design, layout & finishings desirable? Yes Location desirable? Yes SpiNovation Labs 38
Design challenges SpiNovation Labs 42 Design Issues Mitigation Feasible (engineering) Profitable Stairs Add Elevators or other solution Yes No No Underground Parking Add underground parking or other solution Yes No
Answers to critical business questions Would Professionals rent a unit? No Competition Price affordable? Barely Unit Preference? 1-2 bedrooms Unit design, layout & finishings desirable? Yes Location desirable? Yes SpiNovation Labs 45
50 SpiNovation Labs New Target Market Company decided to sell condos to investors who are priced out of the Toronto real estate market and were looking for a more affordable place to invest. Price of Condo Town homes Toronto, Canada Niagara, Canada $1-2 Million $0.2-0.5 Million
51 SpiNovation Labs Outcome (ROI) All condo units sold out within 6 weeks of opening pre-construction sales. The project is currently under construction and is expected to be completed by 2022.
When not to sprint? -Have clear product direction -> just need time to build -Don’t have leadership buy-in -Don’t have the right team SpiNovation Labs Source: Google
Sprint ROI -Compress 3-6 months of work into a few days -Get product to market faster -Prototype costs <5% of building the wrong thing. SpiNovation Labs
Additional Sprint Resources SpiNovation Labs Google Design Sprint Toolkit Lightening Decision Jam -a great way to introduce sprint methods into your organization Sprint Book by Jake Knapp
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