25A- What’s Next?
Existing Market
Whats next:
would like to create a very sleek paper towel dispenser for this product. Whats next? In five years this product would be launched and I would be signing my recurring contracts with large business’ domestically. As an entrepreneur I want to make people's everyday lives better. Whether making them easier or just more fun.
Interviews:
During my interviews with three different customers who are a part of the market I identified they all first responded that they really liked my idea and were interested to see what I would do with it. They agreed that they would like to see something that continued innovation with consumer goods such as paper towels. Like creating a better paper towel dispenser.
Reflection:
After listening to my interviews, It made me realize the importance of consumer research and consumer interactions. I want to now make sure that before launching my product I do heavy consumer research and make sure that the product is tailored to the consumer target
New Market
Different Market:
I am currently mainly targeting B2B because I feel this segment would be a good first target since it will most likely be the most profitable. I would then later like to target B2C because once consumers see this product in public restrooms they will want it in their own home.
Interviews:
After talking to two more people about my new market. We discussed possible different ventures and things that I should think about and possibly get involved with. Something that was different was that only one responded that they really liked my idea and were interested to see what I would do with it and the other was not very interested. We discussed the potential for extending products and they agreed that it would be something that would definitely occur much later on in my business venture
Reflection
This new market will be very important to the success of my business but will occur much later in my business venture. It will not be as easy of a segment to penetrate but will be necessary for the success of my business. This interviews are very helpful in figuring out what the consumer wants and needs in a product.
Hi Delaney,
ReplyDeleteGreat job identifying your current market and exploring the possibilities of a different market. When first thinking of a business Idea there is always a certain target market and we can get stuck on that single market. Exploring different markets forces you to view a different perspective which can help your company and product grow in the long run. Its good you got some good feedback from your interviews too!
Hey Delaney,
ReplyDeleteIt is really good that you see the importance of customer centered; especially since those are the people who have a unmet need. I can see how difficult it can be to reach other markets that we initially did not have in mind when creating our business concept. But it is good that you are thinking of penetrating into different segment as your business grows. It will definitely lead to success in your business
Hello Delaney, it makes sense that when you launch a product as game changing as yours you need to do your research. It is important to make sure to do your consumer research and interact with the right consumers that will be using your product. It is interesting you want to market B2B I was thinking this was a consumer product. But after thinking about it, you’ll probably gain more market share getting companies to adapt to it.
ReplyDeleteHi Delaney,
ReplyDeleteYour points about your new market were interesting, especially that one of your interviewees was not interested in the idea. I would like to learn why your idea was not appealing to them, because I think it is something that could be useful for anyone. It is probably a good idea to focus on one segment for now, and then once you have achieved some success you can expand into new markets.