Software Offering for the Hospitality Industry
Situation
Our client was an early-stage start-up looking to develop a software offering for the hospitality industry.
Phase I – Feasibility & Industry Assessment
Objective
The objective was to assess the technical feasibility as well as the required datasets to build such a software offering.
Our Work
10EQS assessed the market opportunity, risks, competitive landscape, voice of the customer insights, technological requirements, and feasibility. 10EQS conducted interviews with data scientists that are specialized in the hospitality industry, as well as with former executives from companies offering a similar business model in adjacent industries, and B2B customers of competitive solution offerings.
Project Team
- Senior Management Consultant with extensive experience working with start-ups and developing go-to-market strategies
- 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
- 6 industry experts
Industry Experts (sample)
- Co-Founder – Hospitality Software Company
- Founder & CEO – B2B Customer
- Senior Financial Analyst – Tech Company (Tech Expert)
- Head of Operations – B2B Customer
- VP Sales – Hospitality Software Company
- General Manager – B2B Customer
Results
With this phase I, 10EQS validated the technical feasibility and market opportunity for the potential solution.
Phase II – Consumer Survey
Objective
The objective of Phase II was to test the market receptivity and assess whether consumers would be interested in such a software solution.
Our Work
10EQS conducted a B2C survey covering different demographics and assessed consumers’ dining habits and customer segmentation, as well as their interest in the technology solution and their openness to the actual usage of such an offering.
Project Team
- Senior Management Consultant with extensive experience working with start-ups and developing go-to-market strategies
- 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
- 560 survey respondents
Survey Methodology
- >1900 responses collected
- ~1000 responses eliminated
- ~900 responses left for further QC
- ~300 responses eliminated
- 560 qualified responses to be analyzed
Results
The insights validated the market & consumer receptiveness of the developed concept which was to be further tested with the B2B customer segment in phase III.
Phase III – Customer Interviews & Feasibility Deep Dive
Objective
The objective of this phase was 1) to better understand the operations of potential customers and their interest in the solution, and 2) to delve deeper into the technological feasibility of the software and what the approach would look like to build an MVP.
Our Work
- First, 10EQS set up in-person meetings between potential customers and the client to explore how the solution would integrate into current work processes of customers. The client also presented a prototype of the solution to customers to assess their interest.
- 10EQS then conducted interviews with data scientists to assess the feasibility & effectiveness of the algorithm, as well as integration requirements and how to execute the MVP.
Project Team
- Senior Management Consultant with extensive experience working with start-ups and developing go-to-market strategies
- 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
- 7 Industry Experts
- 3 Potential Customers
Industry Experts (sample)
- Data Scientist & Consultant – Delivery Platform Provider; Financial Services Company
- Director, Data Science, Pricing – E-commerce Company
- Senior Director of Product Management – Hospitality Software Start-up; Ridesharing Provider
- Restaurant Owner – Restaurant in NYC
- Restaurant Manager – Restaurant in NYC
Results
The insights confirmed the technical feasibility of the solution and particularly of the developed prototype. Further, the in-person discussions validated the interest of customers and their willingness to participate in a pilot.