My team and I have decided to give our project until mid-year.
Let's say June 30th. During the last three years, we tested several business concepts and had not, either, generated enough traction, or found (as of today), profitable ways to scale them fast.
Our primary area of focus is the restaurant and food & beverages industries. We expect the solution will apply to the retail industry, as well. We concentrate on these industries because of the amount of data produced on a daily basis. Every location dispensing food and drinks has a POS system and each item produced and sold is recorded.
We have interviewed, during the last year only, more than 150 individuals within the industry and have accumulated a wealth of knowledge that is invaluable. We are still developing, testing, and demoing, a solution to a fascinating problem, you can get a grasp of it on our website (roichecker.com), but I'd like to repeat it here.
Most restaurant operators struggle with inconsistent foot-traffic at some point. Other players speak of the challenges of anticipating customer behavior. Those are two faces of the same coin, one expressed from the Operations point of view, the other one from Marketing, per industry definitions. We believe we can make valuable contributions towards solving the problem by creating a layer of knowledge so far unseen in the industry.
One of our major roadblocks so far is talking to potential customers with the right level of decision-making ability. It has been challenging to get quality and volume within the timelines of a startup. We are active on LinkedIn, we have networked and continue to do so, but any advice on how to create these conversations is welcomed.
How do you approach your last efforts to make sure you did everything? We are not going "quietly into the night" and want to make sure we give these last weeks everything we can.
Lucas, probably what is missing is the bridge from promise to results. Basically, it is not clear what you are doing and how this will help any food & beverages place.
Probably you should talk to 2-3 places you know, and ask them to apply your methodology and record the results. It might be tricky for a restaurant to disclose its numbers, but if you can publish two-three case studies (before and after your involvement) in terms of traffic, average purchase per ticket, repeat clients, etc., etc., and what was the return on hypothetical investment in your services, you will get traction. And if your three case studies can cover different segments of restaurants in terms of turnover, type of service, location, etc., this might be a very good prove of concept.
Having in mind that impact measurement should be mid-term (not only the first month after implementing your system / suggestions), June seems a bit early to give up J.