Building Interactive began as an idea for solving the problem of excess paper slipped under the door to communicate with tenants about various works, cleaning etc to be done in the apartment building. In its original form, a simple app and building management system was created for a single building management company to evolve the paper-based system to digital. After the prototype was a success, a single business model of selling a license fee for use to other managed buildings, was implemented yielding moderate success over a 3-year period. The technology company eventually changed shareholders who came to us for strategy and see what ways the app and the business model could be evolved to increase profitability.
We ran our multi session strategy workshop series over a three-month period, involving our head strategists with the executive team to evaluate all areas of the business, from technical, to business model, to brand, and value proposition. In turn, the evolution of the app with its technical additions were completed by our company.
Building Interactive went from a single business model of license fee, to 6 additional business models which involved creating markets and additional products and services within the app to not only service the needs of tenants, but to also provide an experience.
For example, joint ventures were created with needed service providers like furniture removalists and supported by a single click quote request for ease of use. This created an additional revenue stream for the business via commission which was tracked by the now capable back-end system we created. Similar joint ventures were created with financial institutions providing them advertising space for relevant products such as mortgage lending, also creating an additional revenue stream.
The brand and value proposition was shifted from feature based, a mere communication tool, to value based, anchoring the newly evolved app to the smart cities revolution, and a focus on the tenant experience, which now included internal marketplace, facilities booking system etc.
The results of these strategies led to Building Interactive receiving a $20 Million evaluation in 3 years.