#25 – What’s Next?
Existing Market.
1. In terms of products and services for my venture, I would have to start the app and ankle bracelet development. I would first do trial runs before officially putting it on the market and really advertising it to customers.
2. My potential customers have been really helpful and have given me a lot of useful feedback when it comes to helping with my business idea. The people I interviewed mentioned that my next step is figuring out how to launch the app, while also connecting with the right people. I was told by one person that the fitness industry is a very competitive industry, so I have to consider all the barriers and make sure I product differentiate. My other interviewees emphasized the importance of advertising and marketing for my business. In order to really get my company’s name out there, I was advised to develop social media pages and start gaining followers that way.
3. Based on my own expectations and feedback, my venture still sounds like a solid idea. Obviously it will take some time to get the venture started due to design and development processes, but I hope that once I have the specific prototype, my venture will continue to grow over the years. Good apps can spread like wildfire if enough people are using them or are on them, so I’m hoping my venture will eventually reach all runners who have this need.
New Market.
1. A radically different market that I could target would be personal trainers or gyms who are looking for new technology. Because of all the different insights I have been given through interviews, this market was actually suggested through someone who was in my target market.
2. My venture concept could create value for these people because they come in contact with my original target market. My venture concept could help increase these individual’s customer base and the relationships with their athletes.
3. The two people I interviewed both said that it could be useful in gyms such as cross fit or ones where a treadmill isn’t necessarily involved. I found out that there are many boutique performance running gyms that could market my product to their members, since the members are all runners who are most likely in my original target market. The running gyms sole purpose is to make the runner better, so they think that my product definitely has potential for their use. They suggested that I would have to tweak my advertising a little bit for this new market, but it’s definitely doable. It would be very beneficial to establish a relationship with this new market and receive feedback from different views.
4. From this new market, it was interesting to hear how open they were to my idea. Offering to other fitness facilities and trainers to reach other customers didn’t even originally cross my mind. Up until now, I wasn’t aware of specific boutique running gyms – I was just aware of full body boutique gyms such as Orangetheory, Soul Cycle, F45, etc. I wouldn’t say this new market is as attractive as my existing market, but it’s definitely something to consider in order to expand my business.
1. In terms of products and services for my venture, I would have to start the app and ankle bracelet development. I would first do trial runs before officially putting it on the market and really advertising it to customers.
2. My potential customers have been really helpful and have given me a lot of useful feedback when it comes to helping with my business idea. The people I interviewed mentioned that my next step is figuring out how to launch the app, while also connecting with the right people. I was told by one person that the fitness industry is a very competitive industry, so I have to consider all the barriers and make sure I product differentiate. My other interviewees emphasized the importance of advertising and marketing for my business. In order to really get my company’s name out there, I was advised to develop social media pages and start gaining followers that way.
3. Based on my own expectations and feedback, my venture still sounds like a solid idea. Obviously it will take some time to get the venture started due to design and development processes, but I hope that once I have the specific prototype, my venture will continue to grow over the years. Good apps can spread like wildfire if enough people are using them or are on them, so I’m hoping my venture will eventually reach all runners who have this need.
New Market.
1. A radically different market that I could target would be personal trainers or gyms who are looking for new technology. Because of all the different insights I have been given through interviews, this market was actually suggested through someone who was in my target market.
2. My venture concept could create value for these people because they come in contact with my original target market. My venture concept could help increase these individual’s customer base and the relationships with their athletes.
3. The two people I interviewed both said that it could be useful in gyms such as cross fit or ones where a treadmill isn’t necessarily involved. I found out that there are many boutique performance running gyms that could market my product to their members, since the members are all runners who are most likely in my original target market. The running gyms sole purpose is to make the runner better, so they think that my product definitely has potential for their use. They suggested that I would have to tweak my advertising a little bit for this new market, but it’s definitely doable. It would be very beneficial to establish a relationship with this new market and receive feedback from different views.
4. From this new market, it was interesting to hear how open they were to my idea. Offering to other fitness facilities and trainers to reach other customers didn’t even originally cross my mind. Up until now, I wasn’t aware of specific boutique running gyms – I was just aware of full body boutique gyms such as Orangetheory, Soul Cycle, F45, etc. I wouldn’t say this new market is as attractive as my existing market, but it’s definitely something to consider in order to expand my business.
Hello Taylor,
ReplyDeleteI believe that you should consider your new market to be as equally attractive as your current market because places like Orangetheory also focus in pace and as to my understanding, they compete in class to achieve certain goals. Also, people going to this places have become a new trend.
Hey Taylor!
ReplyDeleteI agree with you your venture sounds like a solid idea! Your new market also sounds like a very good idea! Creating this new product to benefit personal trainers can help initiate a great client trainer relationship and help people reach their goals! Creating this product can start a fitness revolution this country so desperately needs!
Great post!