Existing market:
1)
The next step for my venture is to accurately market the product to the right group of people
2)
The first person I interviewed told me that the next step would be to gather more information from experts from industry.
The second person I interviewed thought the next step would be to improve the design and code for stable firmware.
The third person I interviewed agreed with my opinion.
3)
The current stage of my venture is very primitive, there is no stable product nor prototype yet. Aesthetics of the designs still have a long way to go.
In terms of marketing, I still need an efficient way of marketing my product since it is limited by budget regardless that the market size is massive.
After the interview, I have changed my next step to improving the design and firmware.
New market:
1) The primary projected market for this product is B2C, I would also like to how this product will perform in the B2B market.
2)
The modular model of my product is able to be a good productivity tool. It has the ability to expand using Thunderbolt 3 addons. Companies could buy the addons that fit their workflow the best.
3)
The first interviewee is a photographer, he told me that such modular products have increasingly popular. He told me an extended warranty program would be a good addition.
The second interviewee is an interior designer, he stated that such a modular design would keep tables organized without sacrificing practicality. He noted that he would buy in bulk for his company if a discount can be offered.
4)
From studying this new market, I have found that marketing a product in a new market is not as hard as I have imagined. As long as correct decisions are made and product features adjusted to fit the market's needs, it is possible to excel in a new market.
This new market is just as attractive as my current one. With business buyers, products can be sold quickly and more people will be exposed to my product and will more likely to purchase a personal user orientated one for themselves to use at home.
Hey Yudi,
ReplyDeleteGreat post. I think it truly makes sense that looking forward is difficult. What we have to do is think out of the box by talking to potential customers or new markets that can provide us more growth and progress towards our goals. You state that marketing a product in a new market isn't too hard, and it shouldn't be. It's all seamless and makes us better businesses.