Existing market
Based on the interviews that I conducted with 3 customers that were already identified as a part of my market, as well as, my own opinions I came up with some plans for the future. It is clear that Knock Knock is expected to grow and adapt as the technology is enhanced over time. I plan on working with a very technically talented team to ensure that we stay on top of the market and never fall behind. I plan on spending a big portion of the company's budget on the technical department. I would also like to form bigger partnerships with brands and distributers to get the app more recognition.
New market
Based on the interviews that I conducted with 2 customers that were identified as a part of a completely market, as well as, my own opinions I came up with new ideas. I think it could be beneficial to cater to people that very rarely order from online. With research, I found that a lot of people avoid ordering things from the internet because they don't like the uncertainty of the shipping process. They want to know exactly where they will have the thing that they want and paid money for. Having an accurate tracking system such as Knock Knock puts them at ease. This makes people that would normally avoid ordering from online have a change of heart.
I learned that a lot of people that avoid ordering from online have similar reasons. This made me choose this new market. I was surprised that so many people were so impatient. I wouldn't say that this market is more attractive than my original because this one involves making people do something that they do not do already as opposed to my original market that just enhances something they already do.
Hi Sarah,
ReplyDeleteI think you did a good job of identifying how you can further meet the needs of your current market, while forecasting how you could adjust to meet the needs of your new market. You make a good point about how some people don't shop online because they are uncertain of the shipping process. If your idea successfully provides a solution to this problem, that whole market opens up to you and is available for your product/idea.
Hello Sarah,
ReplyDeleteI did not know that many people are hesitant about ordering online because of the shipping process. I think that would be such a great untapped market that you could pull into the online market place and leverage when you advertise your app. I think it could also help you pull in companies to partner with in order for them to get more sales due to the security that their customers would feel with your app.