We built MakeSpace’s logistics systems and customer applications (to see all of your items in storage in beautiful photography) in the first year. Then we launched our service in NYC and in just one year captured 2% of all new storage customers in our target demo in just one year with almost no marketing budget.
How did we achieve these initial results? We offered a service that has a net promoter score of 87 placing us higher than such great brands as USAA, Costco, Apple and Amazon. Our churn is incredibly low giving us a projected lifetime customer value that extends multiple years.
We have now announced that MakeSpace is available in Chicago and Washington D.C. with further markets being announced later in the year but plans to expand our facilities are already under way. In year one we cracked 7-figure ARR (annual recurring revenue) and we plan to approach 8-figures this year.
This has been a great start we wanted to push harder. If you’re already at 10 – where can you go from there? Where? What if we could turn the dial to 11?
We started by beta testing ephemeral photos. Sure, we already had a beautiful app that shows you your items in storage. But what if we could make those photos disappear like SnapChat? That tested well, but it seems the press liked SnapChat better.
So we began testing livestreaming your storage bins. Each bin could broadcast what it was doing in storage live at any time? If you stored things that might grow you could see their status? Your beloved dolls & toys in storage could feel like they were right next door. We initially launched this test as MeerSpace but people didn’t seem to get the reference. And it seems that most people weren’t storing living plants or animals.
And we needed to go to 11.
So we went peer-to-peer and launched a sharing-economy version of MakeSpace called UberSpace. We also tried SpaceLyft but that sounded a bit too much like FaceLyft and we didn’t want to get sued by Facebook. Anyways, at UberSpace people stored their items at other people’s houses. That was great because then we had zero costs! But people. Damn them if you can trust them to store other people’s items without having a peek.
And then the team cracked it. Nobody had done the IoT of Storage. IoT is great because it’s a TLA. They designed a device that you could strap to your head and help you remove bad thoughts & experiences. They would no longer just store physical baggage. They could also store emotional baggage.
And while physical storage is a $24 billion market in the
with no brand with more than 10% market share, emotional baggage is unlimited and has no competition. We could reach escape velocity before anybody else. We wouldn’t merely have to set our goals of being a unicorn to improve our hiring. Hell, we wouldn’t even be stopped at being a decacorn!
We. Would. Go. To. 11.
A hendecorn. And that’s when we knew we’d solved it.
The team at MakeSpace can now reveal their hendecorn plans with their new MakeSpace Emo product that will launch one-year from today. Please watch this short product announcement (or click on this MakeSpace Emo product link)