Existing Market
After speaking with 3 sperate members of my target audience or target market, they expressed to me that either looking to target potential buyers outside of my targeted audience or looking for other ways to personalize them and make them easier to carry then a water bottle for hikers or travelers.
From the feedback I have received from both fellow classmates and customers already in my market I have decided to make the product easier to travel with. Upon ordering the bottle you will also receive a free clip that you can attach to a belt loop or backpack strap. The clip can extend so you can just pull it up or down and don’t have to clip it on or off every time you want a drink. Another change I will make to the product is a band that you get free with purchase. The band doesn’t do anything special other then you get to wear it. What the band does for the product is free advertising for the product, any time someone sees the band the customer can tell them about the water bottle and how to purchase one. if the existing customer gets 10 referrals from a new buyer then we will send a personalized water bottle to the existing customer free of shipping as a thank you.
New Market
A potential new market I would like to target would be people who tend to work inside most of the day either at a cubicle or a desk.
After speaking with a few people who fit my potential new market, I broke down for them exactly what the product was and all the details about tithe both expressed interest in it, but also mentioned making a koozie for the mini water bottles or Fiji water bottles.
After my interviews with new clients I have decided to look at possibly making more products for other water bottles, or even a koozie that works the same, but is flexible to fit all types of koozies. The new market does seem to be appealing and something I would like to take a stab at to se if its worth my time. I would need to talk to more then 2 potential buyers in the new market.
Hello Nick, I really like the Idea of adding a clip, because no one likes to carry there water bottle, especially if its bigger then normal. Also i really like your marketing Idea with a band. It's a good way to get the word out their, even when the customer isn't carrying their water bottle but they have the band. Its very effective because a band isn't something that is inconvenient to carry and you can bring it anywhere. I think it's an effective, inexpensive way to market your product. I think the market for workers inside would be a little more difficult because there is so much competition with water bottles and everything else. I think specific markets are the best bet for your product.
ReplyDeleteHey Nick,
ReplyDeleteI found it super interesting the subject is something that I would love to do future research on. I Really love your passion for this subject it is such a great idea. After reading your article it hooked me and makes me want to get more information about it. Combining the subject together is a great way to widen your audience and make the most use out of it. I think that with this blog entry you really covered a lot and did the right things.
Hey! You did a really good describing your different markets and talking with people who could be possible customers. I found it very interesting to hear the perspective of the different markets.
ReplyDeleteHey Norman! Great post! I loved that you took the feedback that you received from the interviews and from your class mates, to enhance your product in a better way! I try to do that with my product as well, and I have actually done so many modifications to my product because of it! I also like that you decided to include the clip with your product when they buy it, and that it can extend or retract, depending on how you like it. I think you could also make a bit more money in the sense that if they lose the clip, they would have to order another one from you.
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