Five Local Opportunities:
1. Title: “Home services turning unexpected virtual revenue”
Link: https://www.jacksonville.com/news/20200528/home-services-turning-unexpected-virtual-revenue
Story Synopsis: During the recent pandemic and subsequent stay-at-home orders, locals have been looking to update and upgrade their homes, both inside and out. This has caused a rise in sales for businesses like Pratt Guys, a home improvement store that focuses on helping customers transform their outdoor living spaces. The business has been able to parlay virtual design consultations into sales, with some customers looking to upgrade their living spaces even after summer ends. Similarly, interior home improvement shops like Tara Regan Interiors Inc. have also been able to transfer their design and consultation services online with successful results. Even beyond the current circumstances caused by the pandemic, some home improvement businesses will continue to use virtual consultations to connect with customers and help them design the home of their dreams.
Problem: The problem presented in this story is that home owners want to remodel their homes but need help to design and execute the remodel (or products to complete the remodel themselves). This need is most likely caused by people spending more time in their homes during the recent stay-at-home orders, which leads to them noticing things about their property they would like to change. This has created an opportunity for home design and improvement businesses to increase their sales during an economic downturn.
Who: In this story, the home owners have the problem. They are the ones in need of design advice, professional contractors, or physical products to improve their homes.
2. Title: “Car dealers in Jacksonville hope for sales demand as virus mandates lift”
Story Synopsis: Car dealerships are hoping that the easing of coronavirus related stay-at-home orders will bring customers back onto their sales floors. Despite local dealerships being declared as essential businesses and being allowed to remain open, customers have been reluctant to venture into showrooms. Nationally and locally, April sales revenues in the industry are down by as much as 50% compared to last year. Dealerships have tried different methods to assuage nervous customers, from disinfectants and masks to at-home test drives and home delivery of new cars. While the Small Business Administration’s Paycheck Protection Program has helped the dealerships keep their employees, they still are facing problems like probable product shortages as manufacturers shut down production to protect workers. The dealership owners hope that manufacturer financing incentives like zero percent interest and delayed payments will help entice customers onto their floors.
Problem: The problem in this story is that car dealerships are struggling to make sales. The recent pandemic has made people wary of both venturing out into public to shop for cars (due to health concerns) and of making a major long-term purchase (due to financial uncertainty).
Who: In this story, the car dealerships have the problem. Despite being declared essential businesses, stepping up coronavirus precautions, and trying to bring the cars to the customers, the dealerships are still struggling to generate sales.
3. Story: “Reopening Jacksonville: Cowford Chophouse and egg company donate 300,000 chicken eggs”
Story Synopsis: A local restaurant owner is working with a national egg producer to donate eggs to regional food banks. The 300,000 eggs that were donated are expected to be gone within a week, as the economic downturn has drastically increased the need for supplies from food banks. The restaurateur was motivated to help when he saw news reports of the long lines of people waiting at the food banks. He chose to help donate eggs not only because he is a former egg farmer himself but also because the food banks have a need for high protein food items. He hopes to donate at least one million eggs to the food bank by the end of the year, while the company he partnered with has already given away two million eggs since the beginning of the pandemic. The local food banks are struggling to feed the sharp rise in demand as they hand out 75% more food than normal due to the economic downturn.
Problem: There are two problems in this story. The first problem is that more people are economically struggling and in need of food from a food bank. The second problem is that the food bank is struggling to meet this rise in demand.
Who: People who have lost their jobs or are otherwise economically struggling have the first problem (need for food). The food banks have the second problem, as they struggle to feed all the people who need help during this time.
4. Story: “Kennedy Space Center Visitor Complex reopens, sold out for Saturday’s SpaceX launch”
Story Synopsis: The Kennedy Space Center (KSC) has sold out of tickets for Saturday, when SpaceX is scheduled to launch astronauts into space. After the initial launch was postponed due to inclement weather, the KSC sold out of tickets for Saturday’s launch within an hour. The KSC had to reduce the number of tickets and viewing opportunities offered for the shuttle launch due to coronavirus regulations.
Problem: COVID-19 regulations have forced the KSC to reduce its shuttle launch viewing options and overall maximum capacity, which has led to an acute shortage of tickets available for the day of the launch.
Who: The KSC has the problem, which is caused by a change in government regulations due to the recent pandemic. The regulations have limited the number of tickets, leading to a ticket shortage and decreased revenue for the KSC.
5. Story: “Local fitness center offers live training during quarantine”
Story Synopsis: A local gym has been providing live workouts twice a day to social media to help encourage its members to stay fit during the recent stay-at-home orders. The gym had only been open for a few months when the pandemic occurred and gyms across the state were shut down. To keep revenue up and customers engaged, they are offering customers a free two-week trial which gives them access to the live workouts and other interactive videos, like special kid-centered videos that attempt to recreate a PE class at home for parents with young children.
Problem: The problem in this story is that a new business was forced by the government to shut down due to the pandemic. This created economic pressure on the gym owners and prevented gym members from accessing the physical gym.
Who: In this story, the gym owners have the problem. They are trying to figure out how to keep their customers and make sales without being able to use their physical gym building. Customers also have a problem of not being able to utilize the equipment and classes that they pay the gym to access.
Good Morning,
ReplyDeleteI found your 2nd opportunity very insightful. I notice that many dealerships, such as Jeep, are offering crazy deals such as no payment for 3 months or a ridiculous price cut. It makes sense that they are doing this in order to attract customers to get some kind of cash flow within the business. I'm surprised the car industry hasn't blown up as much as the buying/selling market for homes have.