25 Whats Next?
Existing Market:
After conducting the three interviews I came up with several
new ideas for my venture, and ways to improve the venture. One suggestion I received
that had not occurred to me, was to set up a point system. He suggested that
every time the customer had their barcode scanned, they received points. After a certain amount of points, the customer
would be awarded with a prize. That way it creates an incentive to use the app.
Another great idea, was to create a subscription service for
the customers. They would pay a few dollars each month and have a completely ad
free experience. That way I can create a much more reliable revenue stream. As
well as, create a loyal following.
New Market:
After some thinking, I came up with a market that is
radically different then my existing market. My venture is focused on marketing
to young people. I thought, why not take that and adjust it to target
generation X. People who are between 36 and 56. For this market I would create an
event bullet board app. An individual would download the app and enter in their
location. Then a series of events going on in their area would pop up. If they
find one that interest them, they can select an event to find out more information.
I
went to work and explained this idea to two employees. They liked it, however
they had some concerns. The first was that they thought it would be better to
first try out on a website. Due to the fact that many older people still are
not conferrable with phones yet. Starting out as a website would be better for
early adoption. Another concern was how to have the information be accurate and
up to date. However, they did think it could be profitable. Especially if I
created this venture on a website. Due to the larger real-estate, I could have
more advertisements. Plus, elder generations are more inclined to pay for
subscriptions. To conclude, I believe there is a market for this idea however
there will be many hurdles to overcome
I like the idea of a rewards system for prolonged use of the app, it can create customer loyalty and give them the idea that they should keep using the app if they want to save more. The only problem would be figuring out what rewards to give out. I agree with the interviewees that having up to date and accurate information is important. If I went out somewhere thinking I was going to get a great deal and then found out when I got there that the deal is expired, I would think twice before using the app again.
ReplyDeleteThe point system is a great idea because it will keep the user involved in the app and it wont become just another app that takes up space. I think you can work out a coupon reward with whatever bars decide to use your app. This will be a win, win, win for you the app user and the bar its self.
ReplyDeleteKai - thanks for sharing your What's Next concept. The point rewards program is a strategy with proven success. I believe you will do well by implementing this idea. I find myself buying coffee at Starbucks, simply because my rewards apps suggests I should. This may sound silly, but it works.
ReplyDeleteAlso, I like the idea of marketing to an older demographic with more disposable income. You are on the right track. Keep up the good work.