After my new interviews it was clear that they believed that the next step for my venture would to be to add some sort of reward system to the app that persuades users to use it. In terms of growing in the existing market, I need to continue to appeal to vegans, vegetarians, electric car owners, and anyone else who cares deeply about the current state of the planets environment. Creating a green community that backs my company and product will allow me to control the existing market and make way to new markets while mitigating my risk. Currently I am targeting a B2C market.
In order to gain value from a new market I am going to explore a B2B model that helps me build relationships with other businesses whereas companies build goodwill with their customers by going more green. After interviewing 2 new people I realize I need to adapt my product to serve businesses rather than only individuals. In order to do this I must expand the app to analyze the carbon footprint of a whole business rather than an individual.
After these interviews what surprised me the most is how compatible the B2B market is for my product. It is definitely important to research this further and possibly create 2 sides for the app, one for individuals, one for businesses. Many of my assumptions or expectations were actually false; this market is viable and definitely has the chance of being profitable.
Hey Alex,
ReplyDeleteI think you did a great job in this post identifying your current market and other new potential markets. It is a good sign that your product can easily convert from a B2C to a B2B market. Not only could your product be useful for consumers, it could also be useful for other companies or institutions who are trying to influence their own consumers in a similar way. Great job!