Existing Market
I think next I have to move to the actual technological development phase of my venture. I do not have the engineering knowledge or the physical resources to create this product my own. The next step for me here is to outsource these jobs. The three people I interviewed agreed that I need to begin working on this next step. They also said I should start mapping out a rough estimate of how much the product is going to cost. A lot of data analyzation is needed to determine how quickly this product will help people save money. Customers want these answers. This path makes the most sense for my venture. I need to outsource these jobs and beginning finding the right people to do them. I need to collect data on the average wholesale cost of a heating unit and the average cost of heating that na average home owner uses in the winter months. I will begin by mapping out a timeline and setting goals so the product can reach the market sometime before next winter.
New Market
A market I haven’t thought of is the B2B market. That could completely change this venture and I feel silly for not having considered it. My product could work for B2B or B2C. People who already sell heating and air conditioning may be interested in investing in my product. This product could be the whole future of this market if it is successful with customers. Once it gains popularity, it is possible that old models may become obsolete. The two people I interviewed said that I need to make ties with my competitors in order to meet customers who may be interested. These competitors know the customers very well and could be willing to make a deal or partnership with me. These interviewees think I might be even more successful in the B2B market and could catch the attention of some salespeople dealing with similar products. This would take a big chunk of the service aspect out of my hands so I could focus more on the product. I am surprised in general that I hadn’t considered this new market. On second thought, it seems nearly as attractive as my existing marketing, if not more attractive. This new market is definitely worth more of my attention.
Hi Molly,
ReplyDeleteI enjoyed reading your post. I too never considered a B2B market and I felt stupid for only think of one market. I think your interviewees gave you some great advice and that its worth looking into. I also lack the skills necessary to create my product. I find it frustrating that I can't work on my idea now. Are you frustrated by your limitations?
Hey Molly! So I've been following your idea since the beginning of the semester. I have to admit that at first I thought that this idea was a bust. However, as the semester has gone on, you have continued to change and add so many good points to your development strategy, I've jumped on board. You may think this is strange, but one type of industry you may try to connect your business idea with is one that focuses on room insulation. If you were to work with a company that specializes in keeping rooms warm, you could further market both of your products as highly decreases the heating bill.
ReplyDeleteHey Molly! I think your idea of a B2B venture is honestly smarter than a B2C venture (like you said yourself). By selling to businesses to then sell to customers, you will likely produce more sales and overall be successful. It's interesting because with my venture I kind of figured out the same thing when asked to think about promoting to a different market. Great post!
ReplyDeleteHi Molly! You did a great job with your post as you are making smart decisions. You have really improved this and have developed the idea so it will succeed. Great job!
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