Reading Reflection No. 3

Reading Reflection 

of  

The New Rules of Social Media Series by Brian Halligan and Dharmesh Shah

Emphasizing the importance of Chapter 7, 8, 9 
- Topics: Getting Found in Google, Getting Found in Social Media, Converting Prospects Into Leads

To piggyback off of the foreword penned by David Meerman Scott, online marketing strategist and author, this book is great because for any business person or social entrepreneur that's looking to find practical steps and solutions to grow and spread an idea made from scratch. Inbound Marketing can even teach those who already dedicate their time, money, and energy into effectively reaching out to customers and retaining a loyal consumer base.

Shah outlines in Chapter 8 how we can look past using just the standard trending social media outlets - Facebook, Twitter, Intragram - and add them to a more diverse arsenal. There are sites on the rise, such as LinkedIn, that can be used as resources. Halligan and Shah write on how to use the features of LinkedIn to connect with others in your network. After a while, you begin to realize that to stay with or above your competition you should know them like you know your friends on your personal Facebook page.

In summation, I feel that this text has help prepare me to enter the business industry. With a budget close to around $35 (the balance in my savings account), I'm sure that I will need to certainly gain knowledge of how I can use PR agencies and resources to my advantage. Moreover, when considering the institution that I will have to set up for my business, the concepts explained toward the back half of the Inbound Marketing text will help me in recruiting the team that I'll need to serve specific roles in my strategies.

Venture Concept No. 2

Brian Dusape
Pryor
7.26.2016

Venture Concept No. 2 – KAJUKO Coolers

Opportunity

There is an opportunity to tap into the Bluetooth technology market. This market is worth upwards of $500 billion. We’re living in a society that embraces, and sometimes obsesses over, technology. According to the Pew Research Center, 68% of American have smartphones and 45% have tablet computers. Ownership of digital devices has grown within the past two decades. In fact, the same research report found that cell phones are the most commonly owned devices.

To continue, with the innovation of Bluetooth technology, more customers are buying Bluetooth devices for their cell phones, entertainment systems, vehicles, and much more. Bluetooth allows for tech users to experience their modern technology without having to deal with power cords. 

Cords tangle up, and tech users want products that they can use wirelessly. The average home hardly uses its landline; owning a “home phone” is not largely considered a priority as it used to be in the 1990s and the early 2000s. Giant cable network companies such as Time Warner Cable and Bright House Networks are offering more wireless product packages to their customers.

People are accustomed to enjoying sounds while they are on the go, and many tech-savvy consumers are now buying Bluetooth speaker devices on the Internet.

Potential customers have adapted to the world’s new technological climate by Google searches and word-of-month. Potential customers, within a wide age range, consult all of the resources that they have on hand before spending their money.  

KAJUKO’s target customers are millennials, or young adults between the ages 18-25. Because KAJUKO has collected an extensive list of the consumer habits and lifestyle trends of this demographic, our research is the most important resource in this venture. The younger generation enjoys all the different ways that someone can feel in control of their life.

The people of this generation recognize great ideas. Millennials are constant seekers of "life hacks", or products and services that make living a lot easier (i.e. the worldwide popularity of customers buying hover boards).

What my customers all have in common: the rationale to buy new products and services and the technology to view the various platforms used for marketing and promotion. I am looking to extend product lines which appeal younger generations as well. 

Modern consumers search online for what is trending. Online consumers do their research on what they need to shop for and who to buy it from. Online consumers (just like every other customer) want quality products and services from brands that they can trust. To continue, an online customer usually purchases a product at a fair value after collecting input about products from Internet articles on blogs and talking with their peers.

With that being said, there is a big opportunity to reach a market of tech users who heavily rely on mobile devices, celebrate wireless technology, and love music. A company could attract these potential customers via blogging conventions and strategic marketing via smartphones. These customers are loyal to brands that utilize these channels.

Once more, the younger customers are the prime target for KAJUKO’s innovation. The best window of opportunity will remain open for the next 5-7 years. Some of the most tech-friendly cities: Seattle, Washington; Washington, D.C.; Boston, Massachusetts; Los Angeles, California; Denver, Colorado, San Diego, California; Houston, Texas; Philadelphia, Pennsylvania; Portland, Oregon; and Atlanta, Georgia.

Innovation

KAJUKO coolers are set to sell at $199.99.  Our model unit has Wi-Fi capabilities; Bluetooth technology; two large dual stereo speakers; a 5” x 4” LED touchscreen interface, four wheels (for easy transportation); four cup holders; a THERMOS cooler that can fit at least 28 regular-size canned beverages; one RCA connector port; and two auxiliary cord ports.

At the core level, customers need a product that can not only store their favorite drinks but also liven up the party with friends. At the tangible level, the product combines premium-quality insulation packing with modern technologies. Customers can purchase this product instead of having to buy its two separate components. At the augmented level, the product is offered with a 12-month manufacturer’s warranty.

KAJUKO has a goal of selling 200,000 units by the end of 2018. Units will be sold at large box department stores such as: HHGregg, Target, Best Buy, Wal-Mart, Home Depot, Lowe’s, and Kohl’s. It will also be sold in smaller electronic stores such as RadioShack.

As mentioned before, the company looks to employ unique strategies for marketing and promotion. We plan to offer the product with BOGO sales during the summer of 2017. We plan to offer a 10% discount when customers share the sale with their friends through Facebook and other social media sites such as Twitter, Instagram, and so on.

After testing the product with potential customers, we know that a sample of them are concerned about the durability of the product. Making sure that the Bluetooth cooler has a strong structure is a large concern – as well as making sure that it is waterproof. Because customers are worried about the unit failing on them after its purchase, we will offer free trial periods. The average free trial will be seven days after its delivery to the customer. Some customers would love to enjoy the product on a beach or in other remote areas; a few had a suggestion to create a unit that has solar panel technology to recharge the unit while it is outside.

Because KAJUKO aims to be a leader in the electronics industry, we want every product from the company to keep up with the updates to digital technology. KAJUKO plans to launch an app for the karaoke feature of the device. This will allow consumers to sift through different songs and playlists to sing with their friends. It will also have an option for customers to buy certain song packs that KAJUKO plans to organize with music directors and composers. Lastly, the app will be accessible for phones, laptops, and tablets. It will work in conjunction with the cooler device if it is connected to a television or a projector (with the HDMI port). 

VENTURE closing

In the next five years, I want to see the first model created. I just want to see it used for what it should be used for: a great time. As an entrepreneur, I want to be able to create products that innovate the way that we paint our lives. I hope to learn more about the tech retail industry so I can appropriately channel my ideas and innovations onto paper. It’s one thing to have the vision, but it’s another thing to have the ingredients to mold your ideas into existence. 

Feedback:  
Most of the feedback that I received was on the marketing and promotion of the products and services which I listed above. My interviews outlined my step-by-step plan to target Millennials, or young adults. One peer recommended not using the Internet as a brick-and-mortar for my future operations for the company. He argued that I should only go for it if the product is viral and is able to realistically survive off of its popularity. Others recommended not going ahead with promoting the product through magazines and catalogs; my peers (who are mostly Millennials) say that those media are outdated and would be ineffective in reaching out to my target demographic. What I've changed with my concept is the direction in which I plan to storm the market with the product. Ultimately, this will shift how KAJUKO takes off and how we can not only sell to Millennials but also to older customers, such as those who were born in the Baby Boomer generation. 

Making it Real

Here is my entrepreneur's resume:

Final Reflection

• Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.
• An obvious low point in the class for me was the first few weeks. I felt overwhelmed of the idea of taking class, but I still enrolled to see pursue my passion for entrepreneurship. I hope to own my business or be a part of a fresh start-up after graduating from UF. That's why I ended up sticking with the class. I mostly dreaded the moments when I had to interview strangers. It wasn't that I don't know how to conduct an interview; I dreaded the thought of expressing my business ideas for others to openly criticize. After a while, I enjoyed a high point in the class when I was accustomed to interviewing customers about my unique products and services. 
• What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
• I believe the most formative experience was creating our venture concept. For me, that assignment brought everything full circle. In my opinion, the rubric for the task explained how each element - elevator pitches, idea napkins, interviews, commenting exercises - could play a role in my career in the future. My most joyous experience was being a part of the ThunderDome group. It was truly inspiring to just be a part of an incubator for ideas that I could visualize in the world. I am most proud of learning about my secret sauce because it led to a very positive, yet deep, reflection of what I have in my arsenal for when I graduate college. 
• At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
• I have always seen myself as an entrepreneur because I believe that I am natural-born leader with a positive mindset and confidence in myself. I do think that this class has accelerated my development as an entrepreneur and has encouraged me to take more tangible steps to creating my own company. 
• What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
• One recommendation that I would make is making sure that you know what your potential customers are saying about your product. Feedback defines the gap between where we are in the present in our idea and where we want to be. To perform well in this class, manage your time effectively around your schedule and work (and/or involvement) schedule so you can make the appropriate amount of time to interview people. I recommend using the simple technology that you keep around you -- like the calendar on your phone or a whiteboard in your room. 

My Exit Strategy

• Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
• I do intend to sell my business after a few years for a return. Ideally, I would like to sell it after 5 years but I'd like to be organized enough to be able to wait for a great offer before deciding to sell out. I intend to stay with the business that buys the idea for a while, but I'm not sure about sticking around for decades. I'd like to be involved with the business long enough to see its growth. I'm passionate about all my ideas - they are all like my babies. Also, if I should ever choose to formulate other products or services, i want to be able to include tweaks that I've learned from pushing my older ideas. I'm not necessarily looking to protect the venture as a family business. However, if it would make sense to pass it down to my children, I will. 
• Why have you selected this particular exit strategy?
• To be quite simple, I've selected this exit strategy because it seems to be the most effective way to do business. Everything moves in cycles; trends start and they end. Businesses rise and some fail. In the end, I want to be an entrepreneur to innovate the way that we live our lives. But, if I were to particularly stick through with an idea all the way through until I retire it would have to undoubtedly be able to create a future for my other ideas. Otherwise, each product/service will be used a stepping stone as I collect more capital in my life. 
• How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
• I don't think my exit strategy has influenced my decisions. However, I will not remain ignorant to the possibility that my end strategy could have support some decisions in how I plan to expand on my ideas. Ultimately, they're up for sale. So, I try to fully think of the development and sales of my products to attract potential customers, investors, and employees. 

Venture Concept No. 1

Brian Dusape
Pryor
7.19.2016

Brian Dusape
Pryor
7.19.2016

Venture Concept No.1 – KAJUKO Coolers

Opportunity

There is an opportunity to tap into the Bluetooth technology market. This market is worth upwards of $500 billion. We’re living in a society that embraces, and sometimes obsesses over, technology. According to the Pew Research Center, 68% of American have smartphones and 45% have tablet computers. Ownership of digital devices has grown within the past two decades. In fact, the same research report found that cell phones are the most commonly owned devices.

To continue, with the innovation of Bluetooth technology, more customers are buying Bluetooth devices for their cell phones, entertainment systems, vehicles, and much more. Bluetooth allows for tech users to experience their modern technology without having to deal with power cords.

Cords tangle up, and tech users want products that they can use wirelessly. The average home hardly uses its landline; owning a “home phone” is not largely considered a priority as it used to be in the 1990s and the early 2000s. Giant cable network companies such as Time Warner Cable and Bright House Networks are offering more wireless product packages to their customers.

People are accustomed to enjoying sounds while they are on the go, and many tech-savvy consumers are now buying Bluetooth speaker devices on the Internet.

Potential customers have adapted to the world’s new technological climate by Google searches and word-of-month. Potential customers, within a wide age range, consult all of the resources that they have on hand before spending their money.  

KAJUKO’s target customers are millennials, or young adults between the ages 18-25. Because KAJUKO has collected an extensive list of the consumer habits and lifestyle trends of this demographic, our research is the most important resource in this venture. The younger generation enjoys all the different ways that someone can feel in control of their life.

The people of this generation recognize great ideas. Millennials are constant seekers of "life hacks", or products and services that make living a lot easier (i.e. the worldwide popularity of customers buying hover boards).

What my customers all have in common: the rationale to buy new products and services and the technology to view the various platforms used for marketing and promotion. I am looking to extend product lines which appeal younger generations as well. 

Modern consumers search online for what is trending. Online consumers do their research on what they need to shop for and who to buy it from. Online consumers (just like every other customer) want quality products and services from brands that they can trust. To continue, an online customer usually purchases a product at a fair value after collecting input about products from Internet articles on blogs and talking with their peers.

With that being said, there is a big opportunity to reach a market of tech users who heavily rely on mobile devices, celebrate wireless technology, and love music. A company could attract these potential customers via blogging conventions and strategic marketing via smartphones. These customers are loyal to brands that utilize these channels.

Once more, the younger customers are the prime target for KAJUKO’s innovation. The best window of opportunity will remain open for the next 5-7 years. Some of the most tech-friendly cities: Seattle, Washington; Washington, D.C.; Boston, Massachusetts; Los Angeles, California; Denver, Colorado, San Diego, California; Houston, Texas; Philadelphia, Pennsylvania; Portland, Oregon; and Atlanta, Georgia.

Innovation

KAJUKO coolers are set to sell at $199.99.  Our model unit has Wi-Fi capabilities; Bluetooth technology; two large dual stereo speakers; a 5” x 4” LED touchscreen interface, four wheels (for easy transportation); four cup holders; a THERMOS cooler that can fit at least 28 regular-size canned beverages; one RCA connector port; and two auxiliary cord ports.

At the core level, customers need a product that can not only store their favorite drinks but also liven up the party with friends. At the tangible level, the product combines premium-quality insulation packing with modern technologies. Customers can purchase this product instead of having to buy its two separate components. At the augmented level, the product is offered with a 12-month manufacturer’s warranty.

KAJUKO has a goal of selling 200,000 units by the end of 2018. Units will be sold at large box department stores such as: HHGregg, Target, Best Buy, Wal-Mart, Home Depot, Lowe’s, and Kohl’s. It will also be sold in smaller electronic stores such as RadioShack.

As mentioned before, the company looks to employ unique strategies for marketing and promotion. We plan to offer the product with BOGO sales during the summer of 2017. We plan to offer a 10% discount when customers share the sale with their friends through Facebook and other social media sites such as Twitter, Instagram, and so on.

After testing the product with potential customers, we know that a sample of them are concerned about the durability of the product. Making sure that the Bluetooth cooler has a strong structure is a large concern – as well as making sure that it is waterproof. Because customers are worried about the unit failing on them after its purchase, we will offer free trial periods. The average free trial will be seven days after its delivery to the customer. Some customers would love to enjoy the product on a beach or in other remote areas; a few had a suggestion to create a unit that has solar panel technology to recharge the unit while it is outside.

VENTURE closing

In the next five years, I want to see the first model created. I just want to see it used for what it should be used for: a great time. As an entrepreneur, I want to be able to create products that innovate the way that we paint our lives. I hope to learn more about the tech retail industry so I can appropriately channel my ideas and innovations onto paper. It’s one thing to have the vision, but it’s another thing to have the ingredients to mold your ideas into existence. 

What's Next

• Interview 1
• Interview 2
• Interview 3 
• Interview 4 
• Interview 5
• Interview 6 
• In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
• Because I plan to sell to millenials, I know that for this venture to be successful I have to be aware of the trends happening in the online B2C market. I know that many of them like to purchase products only after consulting with friends, family, or well-known online reviewers. 
• What would make the most sense is allowing free trial periods to bloggers who are interested in the product. If the company wants to create a large brick-and-mortar presence online, creating a positive influence among reviewers is crucial. The next phase would be through online advertisements through social media. 
• 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 know that there is a large market in gift catalog sales and traditional information advertisements. I was correct in my expectation that most consumers would not prefer to buy something after seeing it in an infomercial. In fact, some customers said that even though he relies heavily on online review before buying electronics, he still distrusts informercials. I was not correct in assuming that young adults would not purchase gifts through catalog magazines.