For any venture, it is key to know when to exit the market. With the current market, potential customers include business owners who operate restaurants or specialty beverage shops. With that in mind, their need will continure for as long as they serve beverages, espceially in straw restircted areas. Next in terms of product is introducing a paper straw companion to the lid so that they may be sold together.
Upon interviewing three customers who are already apart of this market, they believe what is next is moving more rapidly into the reusable and eco friendly market for these products. Two of these customers insisted that they have seen a rise in customers bringing in their own straws and cups in response to the backlash against single-use plastic. However, with the prevalence of the coronavirus, these services have been restricted.
I expect to enter this market and then exit when a larger conglomerate wants to purchase the device/company. The payoff for the idea is worth the loss of the revenue stream.
New Market,
After this im targeting a non-commercial market. Instead of businessowners and items intended for resale, I am looking at homeowners.
I think this will be of value to these homeowners because it fulfills a great need in a way they didn't think possible.
Living in an area that is affected frquently by storm stair loss, interviewing two potential customers was easier than finding three poeple apart of the previous market. They established that they justified the cost for stair maintenece and replacement as an expense of living on the beach.
I believe that this new market will be entirely different from the last. Previously, I was looking at small, commercial shops. Now, I'm looking at beach homeowners which is entirely different from commercial shop owners in Gainesville, FL. I found that many of my assumptions were correct, as my own family has experienced this problem for many years and I have first hand experience. I believe that this market is even more attractive than the previous because I am more familiar with it and know many people who face the same issues.
Upon interviewing three customers who are already apart of this market, they believe what is next is moving more rapidly into the reusable and eco friendly market for these products. Two of these customers insisted that they have seen a rise in customers bringing in their own straws and cups in response to the backlash against single-use plastic. However, with the prevalence of the coronavirus, these services have been restricted.
I expect to enter this market and then exit when a larger conglomerate wants to purchase the device/company. The payoff for the idea is worth the loss of the revenue stream.
New Market,
After this im targeting a non-commercial market. Instead of businessowners and items intended for resale, I am looking at homeowners.
I think this will be of value to these homeowners because it fulfills a great need in a way they didn't think possible.
Living in an area that is affected frquently by storm stair loss, interviewing two potential customers was easier than finding three poeple apart of the previous market. They established that they justified the cost for stair maintenece and replacement as an expense of living on the beach.
I believe that this new market will be entirely different from the last. Previously, I was looking at small, commercial shops. Now, I'm looking at beach homeowners which is entirely different from commercial shop owners in Gainesville, FL. I found that many of my assumptions were correct, as my own family has experienced this problem for many years and I have first hand experience. I believe that this market is even more attractive than the previous because I am more familiar with it and know many people who face the same issues.
Hell Kelly,
ReplyDeleteThis is a great idea. As I said previously, maybe look into people who are worried about hurricane destruction as well. Making this product environmentally sustainable could be cool as well, maybe making it out of recycled materials? Great post and looks like your on a great track.