WillScot Mobile Mini Holdings Corp. (WSC): Business Model Canvas

Introduction

The modular space and storage solutions market is rapidly expanding in North America, with increasing demand for flexible and cost-efficient temporary office space, classrooms, and storage solutions. According to recent studies, the North American modular construction industry is expected to grow at a CAGR of 6.7% from 2020 to 2027, reaching a market size of nearly $36 billion by 2027. This growth can be attributed to the increasing adoption of modular construction methods across various industries and the growing importance of sustainable building practices.

One of the key players in this market is WillScot Mobile Mini Holdings Corp., a company that provides modular space and storage solutions to various industries across North America. Their unique value proposition lies in their ability to provide quick and easy access to temporary office space, classrooms, and storage facilities, while offering customized solutions and achieving cost-efficiency and sustainability.

In this blog post, we will take a deeper look into the business model canvas of WillScot Mobile Mini Holdings Corp., exploring their key activities, value proposition, customer segments, key resources, cost structure, and growth strategies. By understanding the inner workings of this successful business, we can gain insights into what makes a modular space and storage solutions provider truly exceptional.

Key Partnerships

WillScot Mobile Mini Holdings Corp. (WSC) understands the importance of building strong partnerships to enhance its business activities and create value for its stakeholders. These are the key partnerships that drive the success of WSC: Suppliers WSC collaborates with suppliers to ensure the timely delivery of high-quality products and services to meet the needs of its customers. Through strategic alliances and partnerships, WSC can leverage its supplier network to drive down costs and maximize its operational efficiency. Technology Partners WSC partners with technology companies to improve its digital infrastructure, develop new software solutions, and enhance its mobile rental platform. These partnerships enable WSC to provide innovative solutions to its customers and to stay competitive in the rapidly evolving digital landscape. Channel Partners WSC builds relationships with channel partners such as dealers, distributors, and agents to expand its market reach and increase its customer base. By leveraging the expertise and networks of these partners, WSC is able to offer its products and services in new markets and enhance its brand presence. Acquisition Partners WSC partners with other companies to acquire complementary businesses that can strengthen its market position and drive growth. These partnerships enable WSC to expand its product and service lines, improve its market share, and increase its revenues. WSC values its partnerships and believes that they are essential to achieving its business goals. By working together with its partners, WSC can enhance its competitive advantage and deliver value to its customers and shareholders.

Key Activities

The following are the key activities that WillScot Mobile Mini Holdings Corp. will undertake to deliver value to its customers and generate revenue:

• Manufacturing and Renovating Modular Buildings: As a leading provider of modular spaces, WSC will engage in the manufacturing, renting, and renovating of modular buildings to meet the unique needs of its customers. This activity involves using advanced construction technology and innovative designs to create durable and flexible building solutions.
• Transporting and Installation of Modular Buildings: WSC will also offer transportation and installation services to customers, ensuring that their modular buildings are delivered and installed safely and on time. This activity requires a competent logistics team and specialized equipment for moving and installing the buildings.
• Servicing and Maintaining Modular Buildings: Once the buildings are in use, WSC will provide ongoing maintenance and servicing to ensure that they remain functional and aesthetically appealing. This activity involves regular inspections, repairs, and replacements of components such as HVAC systems, flooring, and roofs.
• Sales and Marketing: To attract new customers and retain existing ones, WSC will engage in aggressive sales and marketing campaigns that showcase the benefits and unique features of their modular spaces. This requires a dedicated sales and marketing team that has a deep understanding of the target market and can effectively communicate the value proposition of the company.
• Research and Development: To stay ahead of the competition, WSC will continuously invest in research and development activities that explore new materials, construction techniques, and designs for modular buildings. This activity requires a highly skilled team of engineers and architects who can translate customer needs into innovative building solutions.
• Acquisitions and Mergers: Finally, WSC will explore opportunities for acquisitions and mergers with other companies in the modular building industry to expand its market reach and diversify its product offering. This activity requires a competent team of analysts and negotiators who can identify target companies, perform due diligence, and negotiate favorable terms for the acquisition or merger.

Overall, the key activities of WSC are geared towards providing high-quality modular solutions to customers with a focus on innovation, customer service, and value creation.

Key Resources

Human Resources

• Experienced management team
• Skilled employees in operations, sales, and marketing departments
• Experts in the field of logistics and supply chain management

Physical Resources

• State-of-the-art manufacturing facilities
• Fleet of mobile modular buildings and portable storage units
• Equipment for transportation and set-up of products
• IT infrastructure for tracking and managing inventory and logistics

Financial Resources

• Access to capital for expanding operations and acquiring new business lines
• A strong cash position to sustain operations during economic downturns
• Ability to generate steady cash flows and profits through long-term contracts and recurring revenue streams

Intellectual Resources

• Patents, trademarks, and other proprietary technologies that differentiate WillScot's products from its competitors
• Advanced research and development capabilities to create innovative products and solutions
• A culture of innovation that fosters creativity and continuous improvement

Value Propositions

WillScot Mobile Mini Holdings Corp. (WSC) offers unique value propositions that cater to the needs of businesses seeking reliable and cost-efficient solutions for their mobile office and storage requirements. Our value propositions include:

• Flexibility: WSC offers flexible rental terms and customized solutions to meet the specific needs of our clients. Our clients can choose from a wide variety of mobile office and storage products, including modular buildings, storage containers, and ground-level offices.
• Cost-effectiveness: WSC provides cost-effective solutions that help our clients save money on renting or owning their mobile office and storage facilities. Our products are designed to be energy-efficient, which means our clients get the same quality services as their traditional office and storage spaces at a fraction of the cost.
• Convenience: WSC offers on-demand and turnkey solutions that are designed to make the process of renting a mobile office or storage space easy and hassle-free for our clients. Our products are delivered and installed on site, and we take care of all the maintenance and repairs.
• Accessibility: WSC offers nationwide coverage and has over 120 locations across North America, which means our clients have access to our products and services no matter where they are located. We strive to provide convenient and timely services to all our clients.
• Quality: WSC offers high-quality and durable products that are designed to withstand harsh weather conditions and provide our clients with a safe and secure working environment. Our products are built to last, and we take pride in providing our clients with the best possible products and services.

Customer Relationships:

The success of WillScot Mobile Mini Holdings Corp. (WSC) depends greatly on the relationships it establishes and maintains with its customers. Our company prioritizes delivering an excellent customer experience by understanding and addressing their unique needs and expectations. The following are the key elements of our Customer Relationships:

• Personalization: We understand that each customer has unique needs, and personalized attention is necessary to meet their expectations. Therefore, we personalize our interactions with them to strengthen the relationship and build brand loyalty.
• Effective Communication: We maintain effective communication channels with our customers throughout the customer journey. Our customer communication is transparent, reliable, and friendly.
• Continuous Support: We provide consistent support to our customers by being available through various channels such as phone, email, and chat. Assistance is available even after the sale, addressing issues effectively and efficiently.
• Upselling Opportunities: We view our customers as long-term partners, and so we always look for opportunities to provide them extra value, even explore upselling of our services and products.

In summary, our company nurtures a strong Customer Relationship by focusing on personalization, effective communication, continuous support, and upselling opportunities. These efforts help us ensure long-term relationships and boosts our brand reputation making WSC the go-to solution for customers seeking Mobile and storage solutions.

Channels

WillScot Mobile Mini Holdings Corp. (WSC) leverages a diversified mix of channels to reach out to customers and grow its business. The channels include:

• Direct Sales: The company has a team of sales representatives who directly engage with customers, understand their needs, and create tailored solutions.
• Online: In today's digital era, the internet is a crucial channel for any business. WSC's website serves as a platform for customers to learn about the company's products and services, initiate sales inquiries, and request for quotes.
• Partnerships: WSC has established partnerships with other businesses in complementary industries to reach out to potential customers. For example, the company may partner with construction companies to offer modular space solutions to their clients.
• Rental Centers: WSC has a network of rental centers where customers can physically visit to view the products, get face-to-face advice, and make bookings.

Having multiple channels helps WSC to expand its reach and cater to different customer segments. It also enables the company to build strong customer relationships and deliver value that meets customer expectations.

Customer Segments

WillScot Mobile Mini Holdings Corp. (WSC) targets a wide range of customers who have varying needs for mobile offices and storage solutions. Our primary customer segments are: Construction and Industrial Customers: Our construction and industrial customers require mobile offices and storage containers to cater to their remote work locations. These customers need customized solutions that are sturdy, durable and secure. WSC provides them with mobile offices, storage containers, and modular buildings that meet their specific needs. Commercial Customers: We cater to small and large commercial customers who are looking for temporary mobile office spaces, changing room modules or customized storage solutions. We offer a variety of options that include standard mobile units, high-end custom office containers, and ground-level office units. Governmental Customers: Our governmental customers include federal, state, and local agencies that require temporary mobile offices to use as headquarters or field offices for specific projects. We have extensive experience working with government entities and we provide them with compliant custom solutions that meet their requirements. Residential Customers: WSC's residential customers require storage solutions that accommodate safekeeping of their household items during renovation or moving. Our residential customers are individuals who need temporary storage to manage their home contents during transitional periods. We provide them with secure, weather-resistant units for their personal belongings. Events and Hospitality Customers: Our events and hospitality customers are from the events and hospitality industry who require temporary mobile office spaces, customized office containers or modular buildings to facilitate meetings and events. We provide them with aesthetically appealing, functionality-rich and comfortable mobile offices that are perfect for their events. We take pride in providing appropriate solutions for each of our customer segments. Through our customized solutions, we have managed to offer quality experiences that have led to exceptional customer satisfaction.

Cost Structure

Fixed Costs: These are costs that remain constant regardless of production or sales volume. WSC's fixed costs include rent for office and storage spaces, utilities, salaries of permanent staff, and insurance.

• Rent and Utilities: WSC pays rent for office and storage spaces. The cost varies based on location and size of the facilities. Additionally, utilities, such as electricity, water, and internet, are required for the smooth running of operations.
• Salaries and Wages: WSC has a team of permanent employees who manage different functions such as sales, marketing, administration, and logistics. The company also pays them benefits and allowances such as healthcare and retirement benefits.
• Insurance: WSC has insurance policies to cover its assets such as office and storage spaces, vehicles, and equipment.

Variable Costs: These are costs that vary based on production or sales volume. WSC's variable costs include labor costs, equipment rental costs, and fuel costs for delivery trucks.

• Labor Costs: WSC hires temporary workers to assist in the delivery and installation of its products. The cost varies based on the number of hours worked and the location of the project.
• Equipment Rental Costs: WSC rents equipment such as cranes, forklifts, and trailers to lift and transport the products. The cost varies based on the type of equipment and duration of rental.
• Fuel Costs: WSC incurs fuel costs to deliver its products from the storage facility to the client's location. The cost varies based on the distance and size of the delivery trucks.

Economies of Scale: WSC's cost structure benefits from economies of scale. As the company increases sales volume, it benefits from reduced costs per unit due to discounts on equipment rental, bulk purchases of materials, and lower labor costs per unit.

Revenue Streams

WillScot Mobile Mini Holdings Corp. generates revenue through diverse channels. These channels are: Lease and rental revenue: This is the primary source of income for WSC. The company generates revenue by leasing and renting modular space and portable storage solutions to commercial and industrial clients. The price of leasing and renting varies based on the customer's requirements such as the size, duration of contract, and customized setups. Sales revenue: Another significant source of income is sales revenue. WSC produces, sells, and delivers custom and standardized modular space and container products. The products and services available to customers include office trailers, storage containers, ground-level offices, specialty buildings, and modular complexes. Delivery and installation fees: In addition to leasing, renting, and selling, WSC also generates revenue by charging customers for delivery and installation of its products. The costs depend on the customer's location and the type of equipment required for the job. Service and maintenance revenue: WSC earns revenue by providing service and maintenance to its leased products. It offers on-site service, repairs, and maintenance to ensure that the equipment is in good working order during the contract period. The charges depend on the nature of repairs and maintenance services needed. Value-added services: WSC also generates revenue by offering additional value-added services such as furniture, workstations, and security systems to clients. These are optional services that clients can choose to add to their rental or lease agreements. The fees for these services vary based on the customer's needs. In summary, WSC's revenue streams are diverse, and the company earns income through leasing and rentals, sales, service, maintenance, delivery, installation fees and value-added services.

Conclusion

Through the creation of the Business Model Canvas for WillScot Mobile Mini Holdings Corp., it is evident that the company has strong potential for success in the portable storage and office solutions industry. The company has a clear understanding of its customers and has established a broad range of products and services to meet their needs. The company’s value proposition of “delivering a high-quality product and exceptional customer service” is supported by its efficient operations and strong partnerships, resulting in a competitive advantage.

WSC’s revenue streams are diverse and flexible, enabling the company to adapt to changing market demands and customer preferences. The company’s cost structure is streamlined and efficiently managed, resulting in increased profitability and cost savings for customers.

The key partnerships that WSC has formed with suppliers, vendors, and strategic partners have facilitated the company’s growth and market positioning. The company’s customer segments, which include a range of industries and demographics, provide the company with a large potential for growth and expansion.

The management team has demonstrated strong leadership and a clear vision for the company’s future. Through the implementation of a sound marketing strategy and continued investment in research and development, WSC has the potential to become a leading provider of portable storage and office solutions.

• The company’s established brand and strong reputation provide a foundation for continued growth and success.
• WSC’s competitive advantage is supported by its exceptional customer service and efficient operations.
• The company’s diverse revenue streams and flexible cost structure enable it to adapt to changing market demands and customer preferences.
• The company’s strong partnerships with suppliers, vendors, and strategic partners facilitate its growth and market positioning.
• The company’s management team demonstrates strong leadership and a clear vision for the company’s future.