Assignment
We've been talking about growth. Growth in new markets, growth in existing markets. For this experience exercise, you'll need to set a course for growth for your business and develop plans for how you will grow in both a new market as well as in the market you have already identified.
What you need to do. Again, you'll need to hit the pavement and talk to potential customers. This time, you'll be armed with your "venture concept" description. Break your post into two pieces:
• Existing Market
• New Market
Existing Market.
- Step 1: Talk about what you think is what's next in terms of products and services for your venture.
- 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.
- 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.
To some people blockchain technology sounds like a foreign alien and they have no idea what I am talking about. Once I break down to them on a level they can understand all the problems my company plans on fixing then they understand why a technology like this exists in the first place.
One problem that was brought up during an interview was that fact that some people rent. Renting is also a pain in the rear when looking for a new home, or looking for new tenants. This problem had me think of a new branch for the company. We could focus on the problems with renting and help that process go smoother. Everything can go mainstream, cutting out the fraud and making it easier to use.
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 two 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?
- 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.
