Existing Market
I discovered lots of new information about the existing market and how to grow the market from the individuals I interviewed. When discussing the topic with the potential customers, I learned that they do think the future for dog items is subscription services but that they would like to have say in what kinds of items they are receiving so they can choose what types of items they're getting but still are surprised about the specific items they receive. One person I interviewed uses a service called BarkBox but said that she doesn't think it is the most efficient because they focus on cute themes for the box rather than the functionality purposes of the company.
The most sense for the future of the growth of this company is to take the route to focus on the segment's benefits for the consumers rather than the cute aspect of the boxes delivered. Doing this provides more value for the customers rather than just giving them something that is exciting and cute for just a few days.
New Market
A radically different market than what this market offers is the B2B market. When talking with one of the people I interviewed, they suggested having a section on the website where people can also purchase specific products. This sparked an idea that we can work with current small manufacturing companies of dog products to begin creating products for us that will specifically fit the customers needs. By doing this we will be able to establish good relationships with companies and further grow the business. I also learned from someone I interviewed that they think there is great potential in hosting events for dog owners to show up to to meet other dog owners and interact with the business on a physical level. This new market is attractive but cannot be reached without first tackling the existing market.
Ben,
ReplyDeleteBeing able to establish good relationships with other companies can be a really big aspect down the line. It is a good idea because you never know what kind of help you are going to need at any given point. Interacting with more people is going to give you more ideas and a better aspect on the topic itself.
Have you seen how dollar shave club does their box service? They marketed it so that you get a free product for your first time purchase, then can add on anything else you want to add on to your monthly box. This could be a great way to make your box structure.
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