Hello Everyone,
How are you all doing?
I finished ready MFL 5 days ago and I have to say it completely blew my mind, it was common sense with direction, a complete change from the usual stuff I read. Anyway, it fired me up to carry on with an idea that I came up with a few months ago after reading Think and Grow Rich but never took action on it.
Well, NOW is the time I take action.
The Idea
I’m not going to give too much away for obvious reasons however I’ll try and outline the general outline of it without being to specific. I’m not sure if you guys in the US have heard of compare the market, or go compare? They are basically comparison sites for car insurance, credit cards etc. My idea is to set up something similar but is an industry where no one is doing it and where it is time consuming to get multiple quotes however I know that people do.
My idea is based on peoples insatiable need to get the best deal and best price which should generate a huge interest, I have ran the idea past a few friends who can’t believe that it hasn’t been done yet and always speak to a few companies to get the best deal. That is need 1, the consumers
To make this a 2 pronged attack I have focused on the suppliers needs. In the industry that I am targeting there are around 7000 suppliers in the UK alone, these suppliers make their money through selling to the consumers however it is not a simple product such as car insurance or a mobile phone contract and as such is very difficult to compare quickly or easily. The product can vary massively and every aspect of the product can be sourced from literally 100’s of 3rd parties with multiple variations. (I hope I haven’t lost you just yet!)
Now here is the kicker, there are very very few suppliers who have enough leads and like any sales company, you can never have enough leads! Furthermore the advertising for the the product is highly competitive such as “luxury …..”, “cheap …..”, “bargain…..” however if you type “compare ……. Prices” or “compare …… deals” all that shows are non-relevant websites or a few direct suppliers.
My plan is to provide a website where consumers can log on and submit their requirements to which these suppliers can pay to pick them up and then work them.
Need – Consumers need to get the best deal, suppliers need to get enough leads to work and convert.
Entry – There is no other website offering this service
Control – I will have complete control over this project
Scale – Potentially huge, every consumer who has one of these (I would say atleast 60% of the population), every supplier that wants to increase their sales or save money on their advertising
Time – Once up and running this should be pretty much automated, it may require a few IT guys to look after the database etc.
How will it generate income?
I’m yet to finalise this part however Im considering a subscription fee and then a pay per lead option which can be expanded into batches of leads.
How to get it up and running?
I’m just building a free website at the moment and then I’m going to launch a bit of a facebook campaign to target the people who look for the best deal. I can manage the leads for a while myself but once they get to a certain amount I will need to find another solution, the online database is a favourite however building this is going to cost money as I will have to hire someone to put it together.
I will need to cold call the suppliers to get a few on board and then will start marketing in industry specific publications and events.
So Where Now
Step One: Get a fully functional website up and running
Step Two: Get consumers interested via Facebook campaigns, Twitter, Linked-In etc.
Step Three: Get suppliers interested via Linked-In and cold calling.
Step Four: Start making money and then reinvesting it into the product. E.g. advertising and infrastructure
How are you all doing?
I finished ready MFL 5 days ago and I have to say it completely blew my mind, it was common sense with direction, a complete change from the usual stuff I read. Anyway, it fired me up to carry on with an idea that I came up with a few months ago after reading Think and Grow Rich but never took action on it.
Well, NOW is the time I take action.
The Idea
I’m not going to give too much away for obvious reasons however I’ll try and outline the general outline of it without being to specific. I’m not sure if you guys in the US have heard of compare the market, or go compare? They are basically comparison sites for car insurance, credit cards etc. My idea is to set up something similar but is an industry where no one is doing it and where it is time consuming to get multiple quotes however I know that people do.
My idea is based on peoples insatiable need to get the best deal and best price which should generate a huge interest, I have ran the idea past a few friends who can’t believe that it hasn’t been done yet and always speak to a few companies to get the best deal. That is need 1, the consumers
To make this a 2 pronged attack I have focused on the suppliers needs. In the industry that I am targeting there are around 7000 suppliers in the UK alone, these suppliers make their money through selling to the consumers however it is not a simple product such as car insurance or a mobile phone contract and as such is very difficult to compare quickly or easily. The product can vary massively and every aspect of the product can be sourced from literally 100’s of 3rd parties with multiple variations. (I hope I haven’t lost you just yet!)
Now here is the kicker, there are very very few suppliers who have enough leads and like any sales company, you can never have enough leads! Furthermore the advertising for the the product is highly competitive such as “luxury …..”, “cheap …..”, “bargain…..” however if you type “compare ……. Prices” or “compare …… deals” all that shows are non-relevant websites or a few direct suppliers.
My plan is to provide a website where consumers can log on and submit their requirements to which these suppliers can pay to pick them up and then work them.
Need – Consumers need to get the best deal, suppliers need to get enough leads to work and convert.
Entry – There is no other website offering this service
Control – I will have complete control over this project
Scale – Potentially huge, every consumer who has one of these (I would say atleast 60% of the population), every supplier that wants to increase their sales or save money on their advertising
Time – Once up and running this should be pretty much automated, it may require a few IT guys to look after the database etc.
How will it generate income?
I’m yet to finalise this part however Im considering a subscription fee and then a pay per lead option which can be expanded into batches of leads.
How to get it up and running?
I’m just building a free website at the moment and then I’m going to launch a bit of a facebook campaign to target the people who look for the best deal. I can manage the leads for a while myself but once they get to a certain amount I will need to find another solution, the online database is a favourite however building this is going to cost money as I will have to hire someone to put it together.
I will need to cold call the suppliers to get a few on board and then will start marketing in industry specific publications and events.
So Where Now
Step One: Get a fully functional website up and running
Step Two: Get consumers interested via Facebook campaigns, Twitter, Linked-In etc.
Step Three: Get suppliers interested via Linked-In and cold calling.
Step Four: Start making money and then reinvesting it into the product. E.g. advertising and infrastructure
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