25A - What's Next?
Existing Market
Step 1: What's Next?
My venture is based on the idea of improving and modeling a more efficient lifestyle for my customers on a day by day basis. My venture will seek to find other methods to improve customers daily lives.
Step 2: 3 interviews - what should we be doing that we aren't planning to do? what do you want to see next?
#1 M.P.
drive-thru tracking
Get the companies to incorporate the app into their stores and maybe branch off and make their own section in the app for their store's estimated wait times, so they are more accurate
#2 T.E.
asks stores to conduct Surveys to evaluate when expected busy shopping times are during the year.
Consulting - offer company solutions
incorporate Drive-thrus in grocery stores - idea to improve efficiency.
#3 S.I.
Pre-order groceries
Saves people time - pick up in store or drive-thru
Step 3: 2-3 paragraphs - what makes the most sense for your venture in terms of growth in your market?
I think that incorporating new ideas into my venture will stem growth in my market because it will allow my venture to expand into new markets. These markets are untapped and full
of opportunity.
From the interviews I conducted, I acquired some insightful ideas of how to incorporate new ideas into my venture. Some of these ideas include offering consultation services, incorporating pre-order drive-thrus in grocery stores, and asking companies to survey their stores to provide a closer look into their operations.
These ideas will help guide my venture in a more new and innovative direction. Incorporating these ideas will boost customer satisfaction because these ideas core objectives are to maximize efficiency in our customer's lives.
New Market
Step 1: New Market-->
from B2C --> B2B
I am going to move from advertising and focusing my product on my customers and rather focusing on companies.
Step 2: New product in a new location(market) --> does/can it create value for people in this market?
I propose moving my HQ of operations from Gainesville's college town to a new more affluent part of society. I suggest moving it to South Florida; specifically, the Broward County area.
Step 3: 2 interviews
#1 AA
He said that the malls in his vicinity always have long lines. He said the application would serve the people of Broward County greatly because there is no other way to track how busy the lines are in the malls. For people like him, it would be of value because he values his time as a resource and the less of it that is wasted the better.
#2 MA
She said that grocery stores always have lines in her area. They also lack employees at the registers most of the time. She said that there could be 1000 people in the store and only 3 cashier lanes open when there are 10 other lanes available. The app would be greatly beneficial to her because she would like to avoid getting stuck in long lines at grocery stores and would much rather wait till the store clears up, so she can get in and out of the store as quickly and efficiently as possible.
Step 4: Reflect 2-3 Paragraphs - What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market?
There wasn't much that surprised me during the interviews. I found the responses to be appropriate and sufficient. The only thing that did surprise me was how much more useful this application is in areas filled with an abundance of families and schools.
I thought it would be more beneficial in a town setting, but apparently not. It might be even more efficient to go into a densely packed city like New York or Chicago. I think this market seems to be just as or even more attractive than the last market.
Most of my expectations and assumptions were correct about the new market. The only thing that surprised me was the location difference.
Step 1: What's Next?
My venture is based on the idea of improving and modeling a more efficient lifestyle for my customers on a day by day basis. My venture will seek to find other methods to improve customers daily lives.
Step 2: 3 interviews - what should we be doing that we aren't planning to do? what do you want to see next?
#1 M.P.
drive-thru tracking
Get the companies to incorporate the app into their stores and maybe branch off and make their own section in the app for their store's estimated wait times, so they are more accurate
#2 T.E.
asks stores to conduct Surveys to evaluate when expected busy shopping times are during the year.
Consulting - offer company solutions
incorporate Drive-thrus in grocery stores - idea to improve efficiency.
#3 S.I.
Pre-order groceries
Saves people time - pick up in store or drive-thru
Step 3: 2-3 paragraphs - what makes the most sense for your venture in terms of growth in your market?
I think that incorporating new ideas into my venture will stem growth in my market because it will allow my venture to expand into new markets. These markets are untapped and full
of opportunity.
From the interviews I conducted, I acquired some insightful ideas of how to incorporate new ideas into my venture. Some of these ideas include offering consultation services, incorporating pre-order drive-thrus in grocery stores, and asking companies to survey their stores to provide a closer look into their operations.
These ideas will help guide my venture in a more new and innovative direction. Incorporating these ideas will boost customer satisfaction because these ideas core objectives are to maximize efficiency in our customer's lives.
New Market
Step 1: New Market-->
from B2C --> B2B
I am going to move from advertising and focusing my product on my customers and rather focusing on companies.
Step 2: New product in a new location(market) --> does/can it create value for people in this market?
I propose moving my HQ of operations from Gainesville's college town to a new more affluent part of society. I suggest moving it to South Florida; specifically, the Broward County area.
Step 3: 2 interviews
#1 AA
He said that the malls in his vicinity always have long lines. He said the application would serve the people of Broward County greatly because there is no other way to track how busy the lines are in the malls. For people like him, it would be of value because he values his time as a resource and the less of it that is wasted the better.
#2 MA
She said that grocery stores always have lines in her area. They also lack employees at the registers most of the time. She said that there could be 1000 people in the store and only 3 cashier lanes open when there are 10 other lanes available. The app would be greatly beneficial to her because she would like to avoid getting stuck in long lines at grocery stores and would much rather wait till the store clears up, so she can get in and out of the store as quickly and efficiently as possible.
Step 4: Reflect 2-3 Paragraphs - What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market?
There wasn't much that surprised me during the interviews. I found the responses to be appropriate and sufficient. The only thing that did surprise me was how much more useful this application is in areas filled with an abundance of families and schools.
I thought it would be more beneficial in a town setting, but apparently not. It might be even more efficient to go into a densely packed city like New York or Chicago. I think this market seems to be just as or even more attractive than the last market.
Most of my expectations and assumptions were correct about the new market. The only thing that surprised me was the location difference.
ReplyDeleteHi Eli, I think that you did a great job here coming up with ideas for next steps and finding good, honest people to interview. Your idea is really coming together, and you can really see the hard work and dedication that you have put into these assignments. I liked that you were able to take your interviews and transform them into business ideas as well.
Hey Eli! I really think your idea would be great for grocery stores, especially during rush hour when everyone is getting off work and stopping to get food for dinner and the lines are terribly long. I think you could really expand your market to any type of store. i agree that you would be more successful in a big town setting rather than a small one, because the more people, the longer the line. Great job!
ReplyDeleteEli, great job here on what's next for your concept. We, like most entrepreneurs, have spent a lot of time coming up with ideas for our concept and how to make it successful and usable. Saying that, with the resources and technology available this day in age, businesses are changing so rapidly and we have to keep up with it. I thought you did a great job outlining some ideas for for what's to come in the future and how you intend to execute those plans. Great job!
ReplyDeleteHey Eli! Great job with your post. I think you chose some great people to interview. Moving your product to South Florida is a good idea and one that I definitely think is possible. I was also surprised at how useful this product is in areas filled with families and schools, but I think this knowledge will be incredibly useful for developing your product.
ReplyDelete