Existing market
Step 1: Next, I would like to expand this business to be included in many chain restaurants around the United States. This service doesn’t have to be only on UF’s campus.
Step 2: My interviewees all stated that starting to expand on college campuses before chain restaurants to stay more in our market of students. In terms of more products to expand to, I thought about selling installs that people can buy from stores like Best Buy to install into their furniture at home.
Step 3: To grow, it makes most sense to start this business off small with libraries around the UF campus. This targets students solely because they would be most likely to use the service. We would then expand it locally to big classrooms, coffee shops, and local restaurants around campus. Once we have proof of a market, we can expand to other universities who have this similar need. To continue targeting students, we would use the same strategy.
Once this service is well known on many student university campuses, we can expand it to chain restaurants and rest stops along the major highways. This would also expand our target market to anyone who has a smartphone that needs to be charged.
New Market
Step 1: The radically different market than the one I am targeting would be children, the elderly, and homeless. These groups of people would normally not have a smartphone and would not have a need to use the wireless charging service.
Step 2: My venture concept might be able to create value to this radically different market by offering a service to renting out phones at certain platforms in case they need to get ahold of someone. This would be the best case for any type of emergency as well.
Step 3: My grandparents said that my product should offer wired chargers as well for older phones to expand my market and the rent a phone service should be a very simplistic type of phone that everyone can figure out how to use.
Step 4: I learned a lot from this new market. Children, the elderly, and homeless have used and seen technology before that they would know how to use the product if expanded to them. On second thought, this market would seem attractive but not enough to start expanding to them until we have proof of concept and our initial expansion first.
It was really hard for me to come up with a radically different target market and I think yours is so interesting. Children would be radically different because like you said, they would normally not have a smartphone and would not need your service. Also, another obstacle that children and homeless would face is that they would not have the funds to pay for your service I believe. Your original target market seems like the best one to approach to first and see how successful that is before expanding to a radically different market.
ReplyDeleteInteresting choice of radically different market, and one I would never have thought of. I like your idea of having a service of renting out phones to children. Having a kid myself, I think I would feel a lot less worried if there was a service like yours that he would have access to if he needed to get a hold of me in case of an emergency, especially once he starts going to school. He already knows how to work my cell phone and take selfies, so I am sure he would figure out how to use a rented phone. I think I would probably buy him a cheap cell phone or something once he is school-age, but if he lost it, I would feel a lot better knowing a phone rental service exists that he could use to reach me.
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