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Idea Napkin 1

1) As a Customer Service Staff at Publix, it is my job to handle money in a few of its forms,  including in the way of debit and credit cards. I see every day the frustration that customers and cashiers have when a card does not work or takes multiple tries to go through. For my business, I would like the new style of cards to be implemented at a few of the local banks first and then the larger ones to spread my customer base. I would like for customers to bee able to get rid of the frustration of having a card not work due to damage. 

2) I am offering a card made out of titanium that gives customers the peace of mind that it will not get damaged or break before it expires. As of now, customers experience a high number of card issues that could be fixed with this titanium card.

3) The product I am offering will not be offered directly to customers, but instead to banks and credit union first then to individual customers. Once a bank has contracted with my company, they can offer the product to their current and future customers.

4) For the bank (my customer), this should reduce their costs in the long run by reducing the amount of cards they have to replace. It will be an initial investment to get started with my company and switch their customers over to the new style of card, after that, once they are established, their costs should start to decrease.

5) As far as I know, this is not an idea being done yet, this is how I am set apart from others. I would work to make my idea different enough from others that it is more beneficial to banks to partner with me instead of other similar businesses. To me, the thing that I have that others may not, is a personal. relationship with customers themselves where I can talk to them about what changes they would like to see from their banks.

To be honest, I think that my business idea could be a lot stronger, however I'm not sure how. To me, a new card that cuts down on the number of replacement cards handed out as well as the number of frustrated customers with broken cards. I think that my idea for the actual product isn't as strong as my implementation ideas. 

Comments

  1. Jasmin PatelFebruary 23, 2020 at 5:48 PM

    Hey Riley,

    I that having experience in Publix and seeing first hand the need you customers have is a great addition to your idea napkin. Furthermore, it is good that you noted that your business plan can get stronger, this demonstrates that there is room for improvement and that your business can get better. I think noting that your customer is the banks themselves gets rid of any confusion that investors of anyone else looking at this has. Overall, your idea napkin is well thought out.

    ReplyDelete
  2. Maria SlateFebruary 23, 2020 at 6:30 PM

    Hi Riley. It was very interesting to read about your idea coming to life. I have been following your idea along in the past few blog posts and I like what direction you are going in. I agree that you need to start with selling your product to banks and credit unions which will them implement them to customers. I think the most important thing you need to do is really convince customers and bank owners that people really have this problem. Informing your market about their needs and how your product is an improvement will help a lot.

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