Existing Market
I think the next main thing for the car table would be to obtain licenses to wrap my product with children's favorite characters. Especially for children ages 4-10, I think this would greatly increase sales and overall perception of my product.
When asking my current market what they people I am not doing with my product, they answered to think bigger in terms of car accessories. I got suggestions of everything from car air fresheners to seat covers to storage for electronics used in the car.
Moving forward, I did like the idea of creating better storage for the car, but did not very much seem interested in either the car air fresheners or seat covers.
New Market
I have chosen to target a typically poorer market. Whether that be college kids or low income homes, many homes that belong to these individuals do not have an ice maker in their fridge. Instead, they must buy bags of ice or use ice trays that never seem to be full or take way to long to freeze. I want to make an affordable ice maker that is fast and small in size to fit in any size refrigerator.
After interviewing two people, both seemed very interested in the concept I had developed. They desired the ease of having a ice maker in the fridge without having to invest a lot of money into buying a new refrigerator. They mentioned that the ice maker should be small inside and there needs to be a lot of research done on the exact shape since many freezers are different sizes.
This new market definitely has a lot of new opportunities. There might actually be some overlap with my old market depending on the income of the families. I think I would have to work very hard to make this product extremely enticing for low income families to be willing to invest in this concept. I think if I partnered with Walmart or Amazon, there would be a potential for great success due to the streamline of production.
Hey Nicole,
ReplyDeleteLike you mentioned teaming up with a large company might be the best move to make your item available for families with lower incomes. An idea I had with mu business, was giving one of the items you are making to a low income family every time someone purchases your item or whenever you get a certain amount of items sold.
Hey Taylor,
ReplyDeleteAfter talking to some new people it looks like you have a clear idea of where your business could go in the foreseeable future and how you could market to a new segment of consumers. Partnering with a big distributor like Walmart or Amazon would probably be very expensive but would drastically increase the sales of your products which would make the partnership very valuable.