I also received feedback on my venture idea through my classmates, and I was continuously reminded the target audience will be much more likely to buy the product if it was significantly cheaper than any other similar products in the market. Since the audience of the product will be mainly college students, I have been thinking of ways to make the charger cheaper and more appeasing to the target audience. As such, I decided that the charger should be sold online with free shipping and multiple colorways. There will also be options to include certain ports: you can choose a portable charger that would only have an Apple port, or I can choose to have Apple, Microsoft and USB ports all-in-one.
I still agree with my previous idea to focus on networking for this product. Word of mouth and connections would be of upmost importance with this product, especially as we are in a college town with a lot of potential customers ready to buy a new product. A fully functioning, effective portable laptop charger would be a game-changer, especially if the product is made before Apple and other tech giants make their own equivalent product.
Hey Joseph! I really like how you took the feedback and came up with a great workable solution. Having free shipping is a great idea. I was just speaking with a coworker about how having things labeled free is a great eye catcher and can be a major force in driving sales. Being able to choose a specific port or having one with multi ports is also a great idea as it gives an option for a potentially cheaper alternative while still giving the option for the all-in-one package. Great post!
ReplyDeleteHey! Having classmates as part of your target customer pool i'm sure gave you a huge advantage in that you have plenty of people to talk to. Feedback is key to a project like this and it seems like you've really looked into your resources. I also think you are onto a great idea. I look forward to being anywhere and have a fully charged laptop!
ReplyDeleteHey Joseph,
ReplyDeleteGreat post man! I think you have really taken well the constructive criticism, your venture number two is definitely improved since the first one. I see a lot of potential for your product, your target audience is very accurate and I think there is a huge market for this gadget because of our heavy computer use. Good luck on your future endeavors.
Hey!
ReplyDeleteYou are extremely right about word of mouth and connections being important. If it weren't for that, I am sure that half of the Gainesville restaurants and stores would be out of business. I think you have a great idea and you are headed in the right direction with your entire plan. I also liked how you used your feedback and actually made a difference in your idea. Great post!
The factor of word of mouth has been something I have prized ever since I started working for a small business. I guess it helps even more so from an independent perspective because advertising can be a major expense for small businesses. In some cases, it is just not an option because of the strategies that are required to make it useful.
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