Existing Market
Step 1: What’s Next?
·
In terms of products and services, I would like
to add services that complement Smart Closet. I was thinking of service that
will suggest outfits based on inspirations you like or your preferences, allow
you to buy them, and have it shipped to your home for customers to wear.
Step 2: Interviews
·
My interviewers like my current solution, but
also like the new feature of them picking out outfits from different boutiques
based on suggestions and having it shipped to their house. They said they also
have struggled with online shopping because of the wide variety, but having it
based on their suggestions is easier.
Step 3: Future Plans
·
After my own expectations and feedback received,
I think it will make the most sense for my venture to add this new feature.
However, I would have to do a trial run with it to make sure I can implement it
fully.
New Market
Step 1: Different Market?
·
A new market that I could target is a more
affluent part of society. My product is targeted now towards a younger audience,
which would require a more affordable price. A wealthier audience will allow me
to implement more features that will enhance the app.
Step 2: Value
·
My venture will create value for people in this
market because their appearance is an important matter and my product helps with
the right outfit to make you look good. I wanted to implement a personal stylist
coming out once a week to see what you like, plan your outfits, and lay them
out for you, instead of answering daily questions.
Step 3: interviews
·
After the interviews, the people said the new
features are nice. However, they mentioned they were already similar to some
solutions they already had. They already have personal shopping assistants and stylists
that buy and pick their outfits. I didn’t really expect much from this market,
but I would give it a try. My existing market is much better than the new market.
Step 4: Reflection
·
I learned from this new market that this might not
be the market for me. The wealthy audience already has the money to buy whatever
product/service they need to satisfy their needs. They are already set on the solutions
they have in place and wouldn’t switch to my product. I would need to do more
research in finding a market that would actually need it or offer a different service/product.
Good evening Rachel! I really enjoyed reading your blog post on what’s next for your venture concept in your current and new discovered markets! Targeting an audience with more money to spare is always a good move if you have the resources to do so. You could possibly bring out and upscale clothing line out specifically targeted at that specific group of consumers.
ReplyDeleteHey Rachel!
ReplyDeleteI really enjoyed reading your blog post! I think you have a great idea on what is coming next in your business. I think adding more services would be awesome and will open you up to new consumers. I strongly believe that in the future when you are successful you could target a weathlier audience which will help your business with exposure but I agree when you mentioned that for the most part wealthier individuals buy in expensive places but dont get discouraged! There iare always individiuals who would rather not buy expensive! Good job!