What's next for my venture is putting words into action and making this whole thing into reality. I believe products similar to mine could take a huge jump in production. My product could revolutionize this industry in terms of making sure the customer is happy and healthy. The people that I interviewed said that I should begin planning on who my target audience is and how to advertise to them properly. They also said that I need to make sure that my product is perfectly ready to be sold on shelves as a "healthy alternative" to adult smoking which I completely agree with.
For my venture, I would like to take my interviewees' opinions into consideration as they resemble my target customers. I need to keep reaching out to potential customers and relaying my message of my product's safety and how it can benefit these people's lives. I believe that my market is wide open as no one has been able to nail the formula for a healthy nicotine based product. What makes the most sense if for me to reach out to gas stations and convenience stores and tell them about my product.
A New Market- Identifying a radically different market from what I am currently targeting is quite difficult. My product seems to be directed towards one particular group of people and anything else would seem hard to pitch to. I assume a new demographic I could pitch to are those trying to completely ditch cigarettes or nicotine, but are struggling to. I would never seek to sell my products to those who have never consumed nicotine, but those who are struggling with coping with giving up nicotine might be a demographic that needs my product. Those who cannot deal with giving up nicotine might be a demographic I have never even thought of. Customers like this are those who have tried to rid their lives of nicotine, but have noticed that their lives feel sort of empty without it. As I do not advise this lifestyle, there are many people who feel this way and I would hope they would want to fix it healthily and not do any detriment to their bodies.
This new market idea has really opened my eyes to how many people my product could actually help if executed properly. There is always a demographic that you are not thinking about. There is always a group of people that could be benefitted by your product that you simply do not realize or recognize. This new market is obviously not as attractive as the existing market as these are people who are trying to get over nicotine. But, nevertheless, it is a market that might have interested customers.
Hi Michael, I agree, with your product advertisement is super important (mine as well) just because people will willingly buy it, but if they are made aware of it. You’re radically different market is difficult because you have the specific goal in mind, not to get people into the vice, but to help people have a healthier vice. I was able to find a radically different market, but because mine can be expanded to various people if I change price and level of quality. You do not necessarily want to promote that. Good job.
ReplyDeleteHi Michael,
ReplyDeleteIt was interesting to read about what you think is next for your venture. I think it's important for entrepreneurs to game plan for what's necessary in the future. It seems like you identified great interview candidates, and drew up a list of great, relevant questions. It looks like you've learned a lot about your venture from these interviews and have a great plan going forward.
Hey Michael, I agree that putting the idea into reality is the logical next step for your business. I think you have a pretty specific demographic that your seeking to appeal too, and I respect that you wouldn't want to market your products to those who have never consumed nicotine before. I think you could potentially work on another product that consumes nicotine that would help people vape, rather than a vape itself.
ReplyDeleteHi Michael, I agree with you that this product could help tons of people if properly continued. You want to help people so I also agree that your innovation should only tend to a certain group of people. I believe you have built a strong case and want the best for your clients if they buy your product. Advertising will make a huge difference when you start doing it. I did not see any grammatical issues. Thank you for sharing!
ReplyDeleteHey Michael,
ReplyDeleteI enjoyed reading your post. Your product will be very beneficial to people who use it. As you mentioned, I believe it is also very important to make sure that your target audience is reached properly through great advertisments/marketing strategies. Great post!