What's Next (Week 12)

Existing Market. 

Step 1: What I think might be next (prior to a beach bag with a built in cooler, and a beach towel with a zipper compartment) would possibly be thin plush  blankets/towels with pockets on the sides and cup holders near both sides. As for the cooler, I'm not sure there's much that can be changed, possibly just a bigger variety of colors, trends and designs. 

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. 

After asking: 

"What should we be doing that we aren't planning to do?" 

Customer 1.: Implement cool and unique designs that will be appealing to the eye.

Customer 2.: Maybe include a different category extension that will go well with both products.

Customer 3.: Definitely try to create a sand proof lining to anything you make that has to do with the beach.

My ideas of what customers might want next: Create a beach chair that is made out of water resistant material, that also includes a foot rest and a mini roof to block sun. 

Customer 1.: I think that's a pretty cool idea. Water resistant is a good idea because my butt always stays wet from the puddle I've created from sitting after swimming. 

Customer 2.: I'm a huge foot rest kind of guy. I think that's ingenious cause I can't imagine how awesome it is to lay out as if I were home but outside on the beach.

Customer 3.: I don't really use chairs at the beach but my husband would sure love that! He's also bald so the mini roof would work perfectly for him.

Step 3: I except my beach line to be a huge hit! Even though the products aren't necessity products, I still think there is a huge target market for them. Of course I'd market geographically in areas that include beaches and lakes. Also, demographically speaking, I'd advertise to ages 18+ and to people who frequently go to go to the beach. 

          Based off what the customers have told me, I think there will be success and post purchase success. I'd like to expand my company by continuously creating brand lines and categories to create brand equity to create more awareness. I'd also like to create an online suggestion box to implement crowd sourcing and feedback to receive information on how to make customers experiences better. 

New Market.

Step 1: Since the primary way I'd be selling my products would be through retailers, wholesalers, and having manufacturers be included, the opposite market would be B2C. 

Step 2: The way my venture concept might be able to create value for people in that market is by using sales promotions. Sales promotions including premiums, discounts or coupons, and possibly direct marketing to a specific targeted market. Maybe even create a contest to promote our business, and the prize will include free giveaways. 

Step 3: "My Concept"

Customer 1.: I love free samples because who doesn't. Also gives me a reason to try out the product without hesitation. I just personally wouldn't want emails or any of that sort because I just find it irritating. 

Customer 2.: A contest for your product sounds sort of random, but hey I'm not opposed! Also free samples are just always great to get and try out something new.

Customer 3.: Of course I believe sending emails, spam, flyers, anything of that sort is a great way to bring in new customers to hear about what you're selling, but I also don't like being bombarded with information about products. I think it should be targeted to specific prospectives so that you can a better chance of people actually taking interest in what you're selling.

Step 4:  What surprised me the most is how people feel about direct marketing promotions. I knew that people of course love free samples, but I didn't realize people cared so much about emails and what not. I usually just delete anything that doesn't catch my attention but frankly, I don't find it annoying. 

           I excepted people not to turn down free samples or premiums but I assumed more people would be more enthused with the idea of a contest. Maybe if I made the contest to a place more relevant or included great giveaways, more people would be willing to participate. Also, the idea of a sweepstakes is a great way to have consumers purchase your product. I think my existing market is attracted to my concepts slightly more than the new market, but the difference isn't too dramatic.