Existing market
1. I think that the next step for my venture is to expand my product line for lockers for different events where people need to leave their things unattended. If I was able to expand it to things like music festivals and gyms, I think that it would greatly benefit the community.
2. All three of my interviews went pretty similarly. Since my product and venture are pretty one-dimensional, the people I interviewed said that "you should add them to gyms and stuff like that" which I said I had already considered and the fact that they suggested it affirms the fact that it is a good idea.
3. I think that the next step for this venture is to expand it so that it is in universities and schools all over the country. I want to to be adopted my colleges and public library systems so that it can gain exposure and then people could get them in their houses to hold their things in a secure place in a home office. In this existing market, I feel like there is a large opportunity for grown in this existing market.
I think that expanding a product line as well as expanding the growth of the company is beneficial in the long run. I don't want to have this product be a fad, and since it is a one time purchase product, I want to have an extensive service department to help maintain the products. I will commit to increasing quality constantly and making it more efficient to produce the product line.
New Market
1. Since my market is normally targeted towards young college students, I could change the locker to hospital rooms so that when people are asleep or being cared for, they have personal lockers that they could use for their belongings because all hospital rooms are usually unlocked so it makes it easy for thieves to steal things from sick people.
2. I think it would help offer a lot of value to people in hospitals. When someone is in the hospital, the last thing they want to worry about is someone taking their things while they focus on recovering.
3. I interviewed two people that work in hospitals and they said that this addition to hospital rooms would keep the guests much more at ease while recovering. They think that if I added some spots for it to have chargers for standard phones in them that it would help guests to keep their mobile devices powered.
4. I learned a lot about this market and how different it is from other markets. Hospitals are very different from other areas because people are generally feeling the absolute worst when they are there and they aren't super inviting places. However, the ability to make people feel more at ease by securing their belongings could drastically decrease the amount of stress involved with being at a hospital.
On second thought, I don't think that this market is as attractive as my first market but it definitely has room to grow and as I think about it more and speak with industry professionals, I can get a better idea of how to improve it and make it more lucrative. Hospitals are different than libraries but I can change my product line to help it fit better.
Kyle,
ReplyDeleteI like your possible expansion ideas as they seem like logical steps in the process in my opinion. I think straying too far from the original brand would possibly hurt the company in the future but if you stick with the general ideas of providing safety lockers at most major events it would be a good expansion. Would like to hear more about implementation.
Kyle,
ReplyDeleteI would have never thought of the new market that you referred to in this. I think that putting these lockers in hospitals is such a great idea that will make many people feel a lot safer knowing that their things are safe and put away. I think that going forward with that endeavor would be really successful.
Kyle, the next steps you plan on taking with your product are all very straightforward and logical. I think that something similar to your original product being used for festivals and such is a good idea. I think your new market was a great idea as well, that I would not have thought about.
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