#11 – Idea Napkin No. 1
1) I am Taylor Butler, and I am a student in the ISOM combined degree program. My talents include having good time management, being very detail oriented, and understanding the importance of working on a team. My experience includes internships and other jobs that have prepared me for my future endeavors. My aspirations include having a successful career that will be more operational focused. I don’t know geographically where I want to end up, but I think it would be cool to eventually work for a sports team or athletic based company (although who knows if that will ever happen). Regarding my business concept, I see my business as an integral part to my career and where I want to eventually end up. By developing this app, I will have an advantage by understanding athletes (specifically runner’s) needs, and use this knowledge for future opportunities.
2) I am offering an app and accessory ankle bracelet for runners. This would solve the unmet need of trying to sustain a consistent pace when participating in outdoor runs. Essentially, the app and anklet would calculate your target pace based on the average of the last 5 seconds and notify the runner to either speed up or slow down.
3) I am offering this product to any runner who downloads the app, but more specifically athletes, competitive runners, and true beginners. My customers will all have a pacing problem when they run outdoors, and some will be unhappy with their current running applications. They will all have the mindset to get better, and achieve their target pace goal. It will be offered to customers all over the U.S. but will start out in cities that contain a lot of runners and ones that host many marathons and races.
4) Customers want to get better at running, or are trying to achieve goals in the most efficient way possible. I believe customers would by in to my product because it’s a new way to establish a target pace, as well as it’s easily adaptable to be used on current devices such as apple watches and smart phones (which many runners are currently using now).
5) I have many competitors, which I am well aware of, but they all offer something different. My core competency is providing a runner’s real time pace instead of split times after X amount of distance. This solution is as easy as plugging in your goal pace, and receiving a vibration every time you deviate. It will be very simplistic for everyone to use. Also the accessory ankle bracelet is a new addition to the market.
Evaluation: I believe these five elements fit together in my business concept. There seems to be a larger amount of people with this need, but the challenge will be targeting them properly. I also think modification will be very important for this product depending on my target market or what customers want over time, so being able to create new designs will also determine my success. I have a weakness in sales, but hopefully my background of information systems and entrepreneurship will assist me on this journey. There are obviously some other things I need to work on with this opportunity, but I think this is a pretty good start.
2) I am offering an app and accessory ankle bracelet for runners. This would solve the unmet need of trying to sustain a consistent pace when participating in outdoor runs. Essentially, the app and anklet would calculate your target pace based on the average of the last 5 seconds and notify the runner to either speed up or slow down.
3) I am offering this product to any runner who downloads the app, but more specifically athletes, competitive runners, and true beginners. My customers will all have a pacing problem when they run outdoors, and some will be unhappy with their current running applications. They will all have the mindset to get better, and achieve their target pace goal. It will be offered to customers all over the U.S. but will start out in cities that contain a lot of runners and ones that host many marathons and races.
4) Customers want to get better at running, or are trying to achieve goals in the most efficient way possible. I believe customers would by in to my product because it’s a new way to establish a target pace, as well as it’s easily adaptable to be used on current devices such as apple watches and smart phones (which many runners are currently using now).
5) I have many competitors, which I am well aware of, but they all offer something different. My core competency is providing a runner’s real time pace instead of split times after X amount of distance. This solution is as easy as plugging in your goal pace, and receiving a vibration every time you deviate. It will be very simplistic for everyone to use. Also the accessory ankle bracelet is a new addition to the market.
Evaluation: I believe these five elements fit together in my business concept. There seems to be a larger amount of people with this need, but the challenge will be targeting them properly. I also think modification will be very important for this product depending on my target market or what customers want over time, so being able to create new designs will also determine my success. I have a weakness in sales, but hopefully my background of information systems and entrepreneurship will assist me on this journey. There are obviously some other things I need to work on with this opportunity, but I think this is a pretty good start.
Hey Taylor,
ReplyDeleteI think starting your product in an urban setting would be the best. A lot of city folk enjoy going on runs as their primary source of exercise, so the market will be there. If you can target these people effectively, word of mouth with help your product continue to grow within the cities. From there you can take your running bracelets and try to expand outwards to suburbs and other region s with slightly different demographics.
Hey Taylor,
ReplyDeleteGeographically, I actually have a different perspective than Christopher. You hinted at understanding that you would want to go to cities with a lot of runners while also hosting a lot of marathons and races. I think you should also definitely look at cities with a lot of trails. I wouldn't consider Ocala urban, but we have several trails or places to run and there many fundraiser runs here. Definitely promote before popular races for runners who are trying to keep pace in their preparations.
Hey Taylor! I admire your passion for your idea. I also believe that you are off to a great start! Regarding the location of where you can start it, I would suggest starting it in an area where the potential customer’s incomes are high. I’m not sure what the accessory will cost, but people who have more money are more likely to pay for it as opposed to a college student with little to no income.
ReplyDeleteBest regards,
Matthew Mrnacaj
Taylor,
ReplyDeleteI really enjoyed reading through your post and I think you've got a great idea on your hands. I really liked how you made your customer base very clear by saying they will "all have a pacing problem when they run outdoors, and some will be unhappy with their current running applications". I think this product could be marketable in big cities where runners are active day and night, as well as maybe to personal trainers or gyms looking for new technology. Ultimately, I think there are a lot of people out there with your need, you just have to look for them in the right places.
Taylor,
ReplyDeleteAs a past competitive runner myself- I think that this is a really good idea. I understand how running outdoors can confuse the pace. I also think a comfortable anklet would be nice to wear for runners instead of something that they have to hold or put on their wrist. I'm wondering, can the anklet buzz or vibrate when you are over or under the pace that you want? Or is it's main function just to record for you to see after your run?