As a new business we are going to attempt to penetrate the ring and fashion shop industry, in a customer centric way, emphasizing on our customer strategy, and in essence creating a dual process of value.
First of all, we’ve divided people into two groups of customers describing their needs and current situations. The information is gathered trough a conducted research at these types of customers:
1. Unique/authenticity seeker(s)
> Searches for rings at the accessory or fashion stores or browse the Internet
> Looks for uniqueness, authenticity and creativity
> Does not want to spend a lot of money and effort on it
> Appreciates service but has her own opinion
> Is aware she cant get high quality for a relative low price
> Worth to wait a while for the right product
Current possible situations and their current scores according to the customer
> Want to fulfill their business goals
> Low risks and costs are preferable
> Want to sell customized products
> Would like to have a unique shop
> Want to earn money
> They would like to do this beside their current job, so it should cost to much effort
> Low knowledge or skills in starting an own business
Our business idea: ‘Begin a Ring’
‘Begin a Ring’ is a platform with a toolkit where the customer can manually create unique rings that are relatively inexpensive. We extend this value chain by giving the customers the tools to open their own web shop where they can sell their designs of rings. This enhances the value dynamics (model 1).
Investments and efforts
‘Begin a Ring’
- Create website, toolkit, community forum and web-shop system support
- Buy machinery for ring production
- Hire sales managers
- Provide maximum efficiency and build fast delivery system
- Create ring design
- Purchase order
- Subscribe or register
- Participate in community activities (optional)
- Open and manage web-shop (Entrepreneurial spirits)
- Invest money for plant
The toolkit has 4 steps.
Step 1: We provide three ring standards with average prices (basic, advanced, premium). This way the customers knows what price to expect and the toolkit customizes the possible attributes to this choice. The prices will not be shown on the list of options not to disturb the customer’s imagination.
Step 2: After customer chose his ring standard, he goes to the next step and chooses ring type from the list of options.
Step 3: Designing starts, changing ring color, metal type, different motifs, diamond shape and color and some other features. There will be a visual example of the ring that is being created with a 360° rotation option.
Step 4: Final creation is shown including the total price. Its possible to back in the steps to customize things when the customer is not satisfied. Next to purchasing the ring you have the possibility to start your web-shop. Besides this, there are bookmark option, registration form and discount possibilities.
Community is useful for different reasons: users can help each other with different problems both related and not to the main topic (ring design and web-shops), meet in real life, part of out audience likes to talk about their outfit, discuss clothes, besides this through communication there can be found some improvements for the toolkit or for the whole business.
We will work with famous fashion magazines such as Vogue, Cosmopolitan and etc. Moreover we will put our stands in large salons and of course use social media to tell the world about ourselves. Finally, we want to collect evaluations from people about our business to make it better and better.
“Begin a Ring” – be the artist!