Existing Market
Step 1
I think I need to consider how to spread this service
to other schools and other states next.
Step 2
I interviewed three customers who I have
previously spoken to this summer in regard to this course. When I asked them
what's next, collectively, they all mentioned that getting the word out there
and spreading publicity will be very important.
Step 3
Based on my own expectations and the feedback I have received
from my interviewees, my future seems to be bright if I could fix the price
problem. I see my venture as something that will continue to grow throughout
time. My customers think there is a lot of ways to advertise and have happy
customers write reviews on their experience. Reviews are one of ways to
have a good impression.
One interviewee mentioned that making a Facebook, Instagram
and Twitter account would help the company’s success. That is something I
feel I would be really good at keeping up with.
New Market
Step 1
It was kind of
hard to find radically different market because food, my previous market, is
relates to everyone. However, what I am currently targeting would be reaching
out towards individuals that famous on YouTube, Facebook, and Instagram. I
thought it would be fun to connect companies and those people who are famous on
social media.
Step 2
Step 2
My venture
concept would be able to connect companies and famous people (who has more than
10k followers), not celebrities. Companies pay famous people to advertise their
products and my company will play an intermediary role. I think it is a win-win
situation for company who financially cannot offer celebrities.
Step 3
Step 3
I
interviewed two people from this new market. Two of them actually got offered
by a company to advertise their products. They said sometimes they are not sure
if the company is reliable or not so my new company will be helpful in safe and
trustworthy aspect.
Step 4
Step 4
What
surprised you the most?
I was
surprised that many people (especially girls) have been contacted by some companies
to promote their products through DM already. Especially small/new apparel companies
are checking social media a lot.
Were any of
your expectations/assumptions correct?
I was
expecting there are companies that play an intermediary role and actually there
are companies like that. To make a difference with other companies is to make
my company pay system or commission system. Also, ratio of payment.
Does this
new market, on second thought, appear to be as attractive as your existing
market?
Yes, because
social media is a huge market now.
Hi Kaito,
ReplyDeleteWhat I understand about your service is that you help deliver fresh healthy meal kits that students then prepare or cook themselves. Is that correct? Have you considered expanding into a beverage market? Since you already have a delivery service in place, what other products do you think you could deliver? It may make sense to use assets you have already acquired to provide a broader array of products. This would limit additional fixed costs but would build additional revenue drivers.
Keep up the good work.
Best Regards,
Suzanna
Hi Kaito,
ReplyDeleteYou are moving in an excellent direction for your business. To stop and consider how you can expand and grow your company further down the line is a great first step. We must always consider an exit strategy, even though it may change due to unforeseen circumstances. Also, don’t worry, I agree that the new market aspect doesn’t cater to your industry, food, very well at all, but we were given the artistic license to be creative, and I think you did a good job working with what you had.
Jonah Brafman
Hey kaito,
ReplyDeleteI think entering the influencer section of the market is a great way to influence your target market as well. This can be "killing two birds with one stone" I find it a great way to incorporate a new and trendy marketing tactic to your business. I also love the way you decided to lay out the steps and explain the importance of your original market.
Best,
Matt Nguyen
Hi Kaito,
ReplyDeleteI truly agree with your next step. I don't think it would be hard to actually convince people, it is just a matter of making sure everyone hears of it. It really does make sense to capture the attention of "famous" people because that is the best way, in my opinion, to capture the attention of many all at once.