25A


Existing Market. 
Step 1: The next step for action would be to plan out the structure of the video series.
Step 2: After talking to people in my target niche, the response was clear. They claimed to create a prototype of video series first, to get fast feedback before going down a dead end.
Step 3: After getting more feedback I have a clear plan. I noticed must put a lot of work into structuring out the video series, before focusing on anything else. This step is the foundation for the whole product.
The following step would be to actually create the video content and get feedback fast. In addition, I would have to start editing the video content to make it watchable.
New Market.
Step 1: Now my target audience (B2C) is college students. For this step, a totally different target audience would be (B2B), selling my course to large companies, that have the feeling their employees are insufficient, due to phone addictions. This segment would purchase multiple licenses for the video course at a time. One customer would mean a great number of sails.
Step 2: My product could create more production and efficiency in the workforce, which would be an extreme success. Working through the video series together could build the team culture and the staff could work together to become “indistractible”. It would create a more productive work atmosphere and would build synergy.
Step 3: Both people I interviewed are employed in large corporations. They both believe that phones are distracting some people, but not everyone. The product could be beneficial to some, especially the younger generations in the companies. One of the interviewees mentioned that I could charge more for my product, selling to large corporations, than what I am charging B2C.
Step 4:  I was correct that this segment would, in fact, benefit from my product. I was expecting to sell the product to all employees or a whole department but after receiving feedback I realized that not everyone in that department could make use of my product.
On second thought, this market is still an option, but not my first choice.

Comments

  1. Javier ChaconNovember 15, 2019 at 12:09 PM

    Hello Steve,
    I agree that in working with your target market, you have to develop a working prototype where consumers can give you feedback as to the effectiveness of your concept. Utilizing their feedback will help you deliver the best product possible and build up the legitimacy of your concept. Structuring out your product delivery will increase the overall effectiveness of your product and allow you to start marketing what you are offering to consumers. B2B would be an interesting new approach as I am sure employers would incorporate this as part of employee training, in order to increase overall efficiency within their firm. It would be an interesting way to go about marketing your product, however I don't think it is necessarily as large of a market as your original target market.

    ReplyDelete
  2. Henry BuNovember 17, 2019 at 2:06 PM

    Good afternoon Steven,
    Great work distinguishing the different processes between the existing and new market. The new market does require customer feedback so that you would understand if the new idea would work. The people you interviewed had a large impact in your work. They provided you with ideas that allowed you to contemplate the most efficient method. Overall, great work describing your existing and new market.

    ReplyDelete
  3. Henry FloydNovember 18, 2019 at 7:59 AM

    Hey Steve,
    I can see the future of your business so clearly. I can see how planning out your video series would give an immediate jolt to your business idea. Also, I think that selling your service to other businesses is a fantastic idea. You might even want to pursue this market further because it will incur less marketing expense per sale.

    ReplyDelete
  4. AnonymousNovember 18, 2019 at 8:23 AM

    Hello Steven,
    You did such a good job showing the differences between the existing and new market. You really have yourself set up for success with this. The people that you had interviewed showed great insight to what you should do next. It was so important to pick the right people to interview because sometimes they really can make or break your project by giving wrong insights, but in your case you chose great interviewees. Great job!

    ReplyDelete

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