New Markets



Existing Market

While I think my product can definitely have a good foothold in my existing market, after interviewing a couple different customers I think there is definitely ways I can improve and grow in it. I interviewed one person who works out at Southwest everyday, another one of my friends who goes to Student Rec, as well as one random person who I met through one of my friends. We discussed how I could grow in my existing market, and what I need to be doing and planning for that I’m already not.

The biggest takeaway I think is an aspect of customer service that I seemed to miss. In the fitness market, I definitely could add a constant stream of communication where I could have a personal trainer on the line, ready to talk with any consumer about how to do a workout or what they should do. This, along with adding a nutritional aspect to my app, could help my app grow and expand in the fitness market, getting more consumers and raising demand for my product.




New Market

I think that if I had to expand to a radically different market, it would be to older adults. Although they are less likely to use an app, if I personalized it more and simplified it to where older people can easily navigate it, I could easily draw in a wealthier audience that has more to give. After interviewing my mom and one of her friends, who are both above 50, and talking to them, they said that they would be willing to use an app if it had more face to face interaction and was easy to understand.

I think there is definitely room for this market, it just would take some adapting. When I think of my original market and who the product is for: young adults and millenials, the product is aimed at cutting time and saving money, a common theme for that generation. If I am to adapt it to a bit older crowd who is less prone to using cell phone apps and prefers face to face communication, I’m going to have change the app up a bit. I could potentially increase reminders and create a chat option, this way they feel reminded that someone is there and it’s not just a machine, as well as doing monthly call ins with a specialist to see how they’re doing and what they need to change. It definitely can be done, it’s just a matter of figuring out whether the cost is worth it or not to make all the changes needed, which makes it appear to be less attractive than the original market.

Comments

  1. Brandon Bonsiero's BlogNovember 19, 2018 at 8:03 PM

    Hey Carson, this was a really interesting post because of how challenging I think this assignment was. This entire time we have been focused on the one market we were tasked with identifying, but I think it was a very valuable assignment as we learned so much more about our ventures and really identified an entirely different side to our ideas. Great job with this.

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