1) Find a business owner and talk to them about their customers. Who do they think their target customers are? What are their customers' unmet needs?Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume?
http://www.goodvibesjuiceco.com/
I went to a local business called Good Vibes Juice Co. I had an acai bowl I asked the owner/entrepreneur if I could ask him a few questions for an entrepreneurship class. He accepted but did not want to be video recorded so I asked him who he thought his target customers were and where he finds his customers and what the demographics of his customers are and what kind of media he uses to get in contact with his customers. He claimed that his target market was high-end customers of all ages - capturing the youth and the elderly - who are willing to pay a higher price for a higher quality product. His idea of his target market seemed to match up with the ideas that the customers thought the target market was. After interviewing the owner of the small business, I interviewed three customers that were at the store.
2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.
The three girls I interviewed seemed to have the same answers that the owner had - the target market is generally youthful, healthy, and higher-end clientele who are willing to pay a premium for a fresh, healthy, acai bowl or juice. The customers seemed to neglect the elderly market that the owner wishes to capture. The target customers were all young, lively, healthy. The main concerns that the target customers had about the product was its high price, location of the store, and they also wished that there was a larger food variety. Although these seemed to be issues for the customers, it is not stopping them from still frequenting the store.
3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.
I believe that the entrepreneur does adequately understand his customer's problems. The issue of price is something that is built into his business model because his product is like no other. The ingredients are fresh, healthy, and therefore must cost more than the McDonald's next door. His customers understand this and are willing to pay more. After trying the acai bowl for the first time I think that the "higher price" is justified - the ingredients are organic, fresh, and the fruit is delicious. The entrepreneur also targets his customers by doing trade shows, pop-up shops, and utilizes social media to gain a following. This is definitely geared toward his more youthful target market that is on Instagram, Twitter, and goes to trade shows.
I believe that the entrepreneur does adequately understand his customer's problems. The issue of price is something that is built into his business model because his product is like no other. The ingredients are fresh, healthy, and therefore must cost more than the McDonald's next door. His customers understand this and are willing to pay more. After trying the acai bowl for the first time I think that the "higher price" is justified - the ingredients are organic, fresh, and the fruit is delicious. The entrepreneur also targets his customers by doing trade shows, pop-up shops, and utilizes social media to gain a following. This is definitely geared toward his more youthful target market that is on Instagram, Twitter, and goes to trade shows.
Below you can find the videos of me interviewing: 1. the entrepreneur/owner 2. customer interview #1 3. customer interview #2 4. customer interview #3 5. a video of the inside of the Good Vibes Co. store
Hi Max, you did a good job on assignment. I've never heard of Good Vibes however I know Juice Bars have been popping up all over downtown cities in the United states. It appears your entrepreneur is hopping on the wagon. You knocked it out. Feel free to check out my less impressive post @ http://gainzvillebloggers.blogspot.com/2016/02/8020-rule.html
ReplyDeleteMax, I really enjoyed your take on this assignment. You really lucked out in finding a business owner that knew exactly who is market is and how to attract them. That is the sign of a good business man who knows what his problem is, the pricing, but being able to spin it in such a way that keeps people coming in. He is right that people who watch what they eat will pay more for the better quality of food and that is why you are seeing McDonald's fighting to stay relevant when they are seeing a significant decline in same store sales year over year. Good job with this.
ReplyDeleteYo Max. Good job on the assignment. You are actually the first out of my three assigned to have a complete assignment so if nothing else good job on that. I like how you found a business that is pretty revolutionary in a world of fast food and unhealthy snacks. It was a lot more interesting to learn about than just a gym (which is what I did). Your interviews seemed to match up nicely with the owner's goal so it looks like he knows what he's doing. Here's my blog http://joebestblog.blogspot.com/
ReplyDeleteMax I really liked your assignment especially since juice and acai bars have been popping up everywhere these days. People are definitely going into a health cleanse all around. I think the entrepreneur understands his target demographic but that it will be very difficult to capture the elderly community. He will definitely be able to grasp the young and active community a lot easier. I think if he markets correctly and vigorously he will eventually break into the elderly community. I liked your recording of the interactions that you had with customer. If you would like to read my post it is here: http://lgator.blogspot.com/2016/02/the-twenty-percent.html
ReplyDeleteHey Max, you did a very good job asking the questions and explaining what you heard. The understanding of an owner about their customer is important to succeed, so most owners of a functioning business have at least a good all around understanding. At least, that is what I have found. Great job, though!
ReplyDeleteMax I thought you did really well on this assignment. You asked insightful questions that were very relevant to what we are doing. Listening to the owner of the juice shop I felt like he had a pretty good handle on who his customer was and also thought he had a good handle on his marketing. This isn't always the case! Rusty
ReplyDeleteMax, I thought that you did a good job. Your work shows very though out questions and delivery of the entire assignment. From the owner of the juice shop point, it did seem that he knows his stuff and he is learning. Which is really important as an entrepreneur. I encourage you to visit my blog although I was not able to complete the task! Best of luck!
ReplyDeletehttp://jazzybiz.blogspot.com/
http://jazzybiz.blogspot.com/
Great job with this task. Out of all the blog posts I've read, this is by far the best. You did a great job of getting answers and learning from your interviewees. It sounds like the owner has done a great job of targeting his customers and they have reacted well. Great job!
ReplyDelete