ICP Table:
| Criteria | ICP 1: Urban Professionals | ICP 2: New Families/Couples | ICP 3: Design Conscious |
|---|---|---|---|
| Demographics | |||
| Age | 23-28 | 29-35 | 35+ |
| Gender | Male/Female | Male/Female | Male/Female |
| Marital Status | Single | Married | Single/Married |
| Income Level (Per Annum) | ₹8-12 Lacs | ₹18- 25 Lacs | ₹26 - 50 Lacs |
| Occupation | Product Analyst | Project Manager | VP of Marketing |
| Type of Residency | 2-3 BHK shared apartment | 1-2 BHK (shared with spouse) | 1 BHK not shared or 1-2 BHK shared with spouse |
| Living Situation | Rented | Rented/Owned | Rented/Owned |
| Household Size (number of people) | 2-3 | 2 | 1-2 |
| Geographic Location | Bangalore | Hyderabad | Mumbai |
| TAM | High | High | Low |
| Potential to capture share of wallet | High | High | Low |
| Influencers | Friends & Roommates | Spouse | Spouse & Friends |
| Behavioral | |||
| Loyalty with apps | Instagram, Zomato, Groww, Swiggy, Netflix, WhatsApp, Gmail, YouTube, Twitter, UrbanClap, Spotify | LinkedIn, Zepto, Blinkit, Instagram, Amazon, Groww, MMT, Zerodha, YouTube | LinkedIn, Reddit, Twitter, Product Hunt, YouTube long form, Kindle |
| Blockers and Influencers to rent/purchase | Blockers: Concerns over rental quality and durability; EMI purchases may be a cost-effective alternative. | ||
| Influencers: Uncertainty about long-term residence; Hassle-free moving and setup services; Low upfront investment; Shared rental costs amongst roommates | Blockers: Preference for owning items as they build their household; Concerns over rental quality and durability. | ||
| Influencers: Variety of good design furniture and premium appliances; Flexibility to change/swap items when needed; Flexibility to cancel subscription with changes in life circumstances (e.g., when moving to a new home). | Blockers: | ||
| Concerns over limited choices in design or customisation; | |||
| Perception that rental furniture may not meet high quality standards. | |||
| Influencers: | |||
| Access to premium furniture without ownership; | |||
| Option to refresh styles as tastes evolve or trends change (by swapping). | |||
| Benefits Sought by user | Convenience, Ease of use, Low upfront investment | Low upfront investment, Good collection, Ability to swap when they feel like | Good design & options, Interior design guidance, High quality & durable furniture |
| Attitude Towards Product | Positive, seeing Furlenco as a convenient, flexible solution that aligns with their living situation. They appreciate the ease of renting, quick setup, and the temporary nature of renting. However, they may find Furlenco expensive in the long run especially if their living situation becomes more permanent. | Positive, seeing Furlenco as a practical and flexible way to furnish their first home together, with the added benefit of changing or ending their subscription. However, they do see Furlenco as being premium in terms of pricing but worth it for their better quality design not found elsewhere (in the renting space) | Positive if Furlenco keeps up with trends, offering them access to stylish, designer furniture with the flexibility to keep swapping. However, they might expect a more personalized service and customization options. |
| Perception of Furniture/Appliances in their house | Furniture & Appliances are a functional need, that should be easy to acquire and return, with minimal hassle, to suit their short-term/uncertain living situations | Furniture is an investment in building a home; it needs to be stylish, durable, and potentially changeable, with the option to swap as their lifestyle or preferences change | Furniture is an important part of self-expression and lifestyle, requiring high-quality, aesthetically pleasing designs that are in line with current trends and personal taste. |
| Technology Adoption | Early Adopter | Early Adopter | Late Adopter |
| Propensity to change furniture | Low | Moderate | High |
| Interests and Hobbies | Likes to invest and track stocks, likes to travel (domestic), Likes to listen to music | Likes to travel, Shops on Amazon during deals, Likes to listen to music | Likes to invest and track stocks, Likes to buy watches, Likes to Travel |
| Psychographic Factors | Prefers to avoid uncertainty, Values convenience above all else, Expects more value for money | Aspirational, wants nice furniture, Likes to keep changing the vibe of the house to feel fresh | Values aesthetics above all else, Expects personalized service & guidance |
| JTBD & Product Preferences | |||
| Preference | Rent | Rent/Buy | Rent/Buy |
| Primary JTBD | Functional (Convenience) | Functional (Convenience) | Functional (Flexibility) |
| Secondary JTBD | Financial (Save Money) | Financial (Save Money) | Social (Wants Good Aesthetics) |
| Average Order Value (INR) | ₹1500 | ₹5300 | ₹6000 |
| First Product Entry point | Bed/Sofa/Washing Machine/Fridge | Bed/Sofa/Dining Table | UNLMTD |
| Products Rented | Sofa, Dining Table, Bed, Washing Machine, Fridge | UNLMTD | |
| Lite - 9 PRODUCTS - Sofa, Dining Table, Mattress, Bed, TV, Fridge, Cup board, | |||
| Washing Machine, Study Table | UNLMTD | ||
| Premium - 12 Products, Dining Table, Bed, Side table, workstation, Mattress, Cup board, Curtains, Washing Machine, Fridge, TV, Chair | |||
| Initial Rental Period | 1 year | 6 months | 1 year |
| Need | Quickly and conveniently set up a comfortable living space in a new city without the hassle of purchasing, transporting, or assembling furniture. | Cost-effective & good furniture options | Cost-effective & convenient options |
| Website Usage | Once a year | Once a month | Once a quarter |
| Pain Point & Challenges | Dealing with temporary or uncertain living situations, Budget is limited for upfront payments. | Low money to invest, Busy schedule, Wants the ability to swap later | Low money to invest, Busy schedule, Not willing to commit to a long-term arrangement |
| Furlenco Brand Awareness | High | High | Low |
| Perceived Value of Brand | Modern, Flexible, Trendy options | Trustworthy, Provides good value for money, Good product catalog | New, Provides Convenience, Good product catalog |
| Goals | They seek flexible, short-term solutions that offer quality, style, and functionality without the commitment of ownership. Additionally, they prioritize convenience, with a focus on fast delivery, easy setup, and hassle-free maintenance, allowing them to focus on their professional commitments rather than logistical challenges. | To furnish their entire apartment without spending too much upfront | To get important pieces of furniture and appliances quickly |
| Frequency of use case | Once only (mostly when they make a move) | Annual (only when they swap) | Semi-Annual (only when they swap) |
| Relevant Value Added Services | Insurance, Priority delivery | Insurance; Priority delivery; Personalized Interior Design Service | Personalized Interior Design Service, Priority Delivery |
| Acquisition Channels | Social media paid ads & influencers, WOM (Referral Program), Google Search & Display Ads | Social media paid ads & influencers, WOM (Referral Program), Google Search & Display Ads | YouTube paid ads & Influencers, WOM |
| Criteria | Frequency of use case | Appetite to Pay | Distribution Potential | TAM | Major Life Event |
|---|---|---|---|---|---|
| ICP 1: Urban Millennials | Once only | Low | High | High | Yes |
| ICP 2: New Families/Couples | Annual (only when they swap) | Moderate | High | High | Yes |
| ICP 3: Design Conscious | Semi-Annual (only when they swap) | Moderate to high | Low | Low | No |
| New Families/Couples | Urban Professionals | |
|---|---|---|
| Core Product | Rentals/UNLMTD | Rentals |
| Why are they chosen | TAM - High; Distribution Potential - High; High WOM potential | TAM - High; Distribution Potential - High; High WOM potential |
| Functional | Convenient service, High flexibility to change items; low upfront investment | Hassle free service; reduces uncertainty about the future; Low upfront investment; |
| Personal | Change the vibe of the place occasionally | low commitment; low effort |
| Social | Want to have a good set of furniture/appliances to host guests | |
| Financial | Want to save money by not having to invest upfront | Want to save money by not having to invest upfront & share cost with roommates |
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