25A – What’s Next?
Existing Market
Step 3:
I interviewed three of my friends because I have previously identified my friends and I to be general representations of my target market. They all identified my next step in my venture to be making more bracelets and seeing how many I can sell to people I know and their connections before manufacturing a large amount and trying to sell them.
I think now after talking to them, I would give the bracelets at a discount or even for free to my friends that have a large following on social media to market them and see if more people would be interested in buying them.
Lastly, I think after talking to my friends. who are all involved in different philanthropies on campus, that I could show consumers that as a company we have a mission by donating an amount of every sale to Children's Miracle Network. Dance Marathon, a philanthropic organization that supports Children's Miracle Network, is huge on UF campus and would definitely motivate people to learn more about our product.
New Market
Step 2:
This new market includes college aged male students, instead of female.
Step 3:
The two people I interviewed from this market agreed that the need isn't as strong in their market because a great majority of males at UF (and likely other schools) do not carry their keys on their wrist when they go out or lose their key as much as girls that they know. I wasn't sure the explanation to this trend noted. I mentioned the ideas that my group members had such as creating a creative solution for males such as something that attaches to their belt loop instead of a bracelet, and they agreed that solution was better.
Step 4:
I learned most about this new market that they are interested in buying fashionable things too. I knew this because I have a brother who has a very specific style and loves shopping, but people often associate shopping and products like mine with females instead of males.
I don't think anything surprised me, other than them thinking that it was something they would use too. I think that if my business grew well in my first target market, I would then expand to this market--but it is not something I would initially tackle before any success. I have not talked about my product to my brother yet, but I plan to next time I talk to him because I would be interested what he would think about it and whether he would buy it or not.
Step 3:
I interviewed three of my friends because I have previously identified my friends and I to be general representations of my target market. They all identified my next step in my venture to be making more bracelets and seeing how many I can sell to people I know and their connections before manufacturing a large amount and trying to sell them.
I think now after talking to them, I would give the bracelets at a discount or even for free to my friends that have a large following on social media to market them and see if more people would be interested in buying them.
Lastly, I think after talking to my friends. who are all involved in different philanthropies on campus, that I could show consumers that as a company we have a mission by donating an amount of every sale to Children's Miracle Network. Dance Marathon, a philanthropic organization that supports Children's Miracle Network, is huge on UF campus and would definitely motivate people to learn more about our product.
New Market
Step 2:
This new market includes college aged male students, instead of female.
Step 3:
The two people I interviewed from this market agreed that the need isn't as strong in their market because a great majority of males at UF (and likely other schools) do not carry their keys on their wrist when they go out or lose their key as much as girls that they know. I wasn't sure the explanation to this trend noted. I mentioned the ideas that my group members had such as creating a creative solution for males such as something that attaches to their belt loop instead of a bracelet, and they agreed that solution was better.
Step 4:
I learned most about this new market that they are interested in buying fashionable things too. I knew this because I have a brother who has a very specific style and loves shopping, but people often associate shopping and products like mine with females instead of males.
I don't think anything surprised me, other than them thinking that it was something they would use too. I think that if my business grew well in my first target market, I would then expand to this market--but it is not something I would initially tackle before any success. I have not talked about my product to my brother yet, but I plan to next time I talk to him because I would be interested what he would think about it and whether he would buy it or not.
Sydney,
ReplyDeleteGreat work on these interviews! Your findings seem consistent with what I would imagine the market among males to be - I don't think we are nearly as likely to carry keys on our wrists as females. Nonetheless, it's just as important to recognize where your market does not exist as where it does, and I'm glad these interviews provided you with that insight! Hopefully the interview with your brother will be equally informative.
Zach
Hello Sydney,
ReplyDeleteI like the idea of doing discounts on the bracelets or donating a certain amount of bracelet sales to organizations like the Children’s Miracle Network. I think that it would work greatly with those fundraisers on campus. The more you tie it in with the organization, the more exposure your product gets. I think making a male product would expand your market. Thanks for your post!
Ramar