What's Next

Existing Market. 

Step 1: Talk about what you think is what's next. You may rely on your analyses from "The Amazon Whisperer" exercise (when you discussed what product you thought might come next.)

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. Video or audio record these interviews.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

I think I received some great feedback from customers about my product. Many of the people that I interviewed thought that bringing my product's technology into a whole different field would be beneficial. For example, the patented technology could be translated into the farming industry for gloves or the medical industry. Even bringing my product to the beach scene would be a great market to dive into.

I think what makes the most sense for my venture is to secure my product that I currently have and then worry about add-ons or various other products down the road. Working to my strengths and to bring an idea to life that has been proven in the market is the first step to success. I will take the ideas I received into consideration, but will definitely work on what I have for now. 

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

Step 3: Interview three people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Video or audio record these interviews.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on. 

I learned a lot from my customers that were not specifically part of my target market. I believe that, by nature, my product appeals to so many different people that it is difficult to find a market that would not fit into the category of my target market. Although, the people that I did talk to who were not gym enthusiasts or people who frequently used public showers, they would want to have a trial-run for free or for a reduced price. I think this is a great strategy to capture a more broad market.

This market does not seem as attractive as my existing market. I think this is because they might not be willing to pay a premium for a product that they do not see a great use in. I think once they use the trial run and notice the various benefits of my product, they will for sure be willing to pay a premium for a versatile product with so many benefits.