What's Next?
Existing Market:
- I think what's next for my venture is reaching the international market and seeing if I have any potential internationally.
- After interviewing three people, they all had the same basis of what they wanted next for this product. Even though my program is online, they want it to be transcribed in person and have places that they can go and meet with a person one-on-one who is employed with the company. When I asked them about going internationally, they thought was a good idea but in their eyes it was going big too fast. They think I should worry about building a reputation in the U.S before I move on to something internationally.
- After listening to m interviews, I think the best for my company ans Study Buddies is to grow as much as I can in the national market. I will look into finding places that could be designed as "headquarters" for students to come wither their parents (if needed) to sit down and have meetings about the students progress or to get one-on-one help with the subject or class they are studying for. This would work well for students that learn better by live teaching than just looking at a computer screen all day. As for my international market, I will wait until my U.S market is where it needs to be before I make my moves. If I were to make that move too early and it not be successful, it could be detriment to the company and I could suffer major losses. So I am going to take my customers advice and see how my program prospers in the U.S.
New Market:
- I am currently targeting a younger average age market so I want to try to target people that are a little bit older, around the 30-50 age range.
- This seems extreme I know, but I think Study Buddies could be a great resource to them. There are a lot of adults that wished they got a better education and gained more knowledge on certain things. I think my program can give them a chance to learn more about things they have little to no knowledge on. This could also raise their brain capacity and gain mental strength when using the program.
- When I interviewed people from my new market, they seemed surprised when I was giving them this opportunity. They thought this was a great way to make my market exclusive to anyone and everyone. Being in a business causes me to make connections that I never thought I could make so they think opening my doors a little bit farther is a great way to meet more people and let them in. They also think I should be advertising more in newspapers or magazines because older people tend to look towards those then to go online and look at news. My interviewees also mentioned to try to break into having a commercial shown on T.V because they think it would get great promotion there.
- One thing I learned is that they are very open to whatever comes their way. They think it is great that I am trying to make something that is fun and available to everyone. One of my assumptions was correct, the one being that I thought they would like my idea. They liked it not just for themselves but for people in their life as well. I think this new market is very attractive in the aspect that I am giving people what they want and let them become what they strive to be. Being able to put a smile on any of my customer's face, new or old, is always the best feeling to me.
Hi!
ReplyDeleteI like your ideas that you got from your interviews. An idea that struck me would be to possibly try and partner with schools to offer your services in collaboration with the school. So possibly it would be free for the students, but paid by the school or education organization that you partner with. Schools have so much available funding, and offering a program like this to them would be a home-run.
Best,
Wally
Hello Rachel,
ReplyDeleteI think your interviews in your new market were very interesting. I would never have thought that older people would want to go back to learn things they had not before but when you explained it, it was a fantastic idea. I think that market choice was a very cool one to dive into. I also think your interviews gave you great insight into potentially expanding into other markets. Great post!
Rachel,
ReplyDeleteI could see your services excelling in both markets. Initially the younger market is obvious as most children are students but after reading your secondary market it also became clear that there lies possibilities in older clients as well. I also liked the value and insight that your interviews brought to your concept. Over all I'm curious to see if this input effects your business path. Great work!
Hey Rachel, it seems like you've created a clear picture for your next goals with your opportunity. I think going internationally is a great idea after you've established your business here in the US. With success you could adjust your program for students in other countries. Targeting an older market is really smart, I don't think people realize how many older people had wished they'd continued their education.
ReplyDeletehello rachel,
ReplyDeleteI can see success in both of your markets. I believe that targetting older audiences would be very interesting. You should definitely try it, and focus on ideas that are related to investment or languages. These sort of concepts would be more likley to attract them. By the way your interviews certainlly showed what was going on in the market, and how the people in it will respond.