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.
Hi Brian,
ReplyDeleteI think you gained some pretty helpful information on your product's next steps. I agree with your thinking about how young milenials may not want to buy gifts through catalog magazines-- I would think as well that it wouldn't be a popular route--however maybe in the digital world- milennials would prefer buying from online catalogs. I also think that reviews are extremely important, especially for electronics. Overall, I still think you gained some useful information and have some great ideas on how to continue in the future with your product. Great job!
Hey Brian, I agree with those who would not prefer to buy something after seeing it in an infomercial. I am not sure why, but the marketing tone of infomercials just makes me rely on them less if I am thinking about buying a product that's offered on one. Popular product reviewers on blogs and YouTube are the best ways that businesses can get their new products out there in the market since they help to create demand among those who trust and are fans of their content. I found it interesting that your were not correct in assuming that young adults wouldn't purchase gifts through catalog magazines. I thought that medium was kind of outdated but I guess not.
ReplyDeleteBrian,
ReplyDeleteYea, I would have completely agreed that the younger generation is probably least likely to buy from a catalog. We have so many quicker and more convenient options that it just does not make sense. I order from catalogs for mechanical parts but that is the only thing I order from and most of the catalogs are moving to online. A youtuber with a good review would be amazingly helpful to getting your product out there. And I agree that an infomercial almost makes the product seem cheesy and possibly lesser in quality, for whatever reason that is how I see infomercials.
Brian, I'm glad that you understand the importance of understanding trends. Millenials are such a fickle group of people, and watching to see what the next big thing is is a must. It seems like your interviews said similar things and knowing what mediums to sell things to people through is also important. As a millenial yourself it will be much easier for you to market and understand what your target audience wants. But I think you have a good understanding of where to go from here and good luck on the future of your idea!
ReplyDeleteI think it is a great idea to have bloggers try out a KAJUKO Cooler. Seeing advertisements is one thing, but actually having a live person, non-affiliated with the KAJUKO brand, trying out the device, provides for an unbiased review. Before I buy a product, I like to go on YouTube and watch user reviews of products. For instance, when I want to buy a specific running shoe, I know “Ginger Runner” on YouTube is likely to already have ran a few hundred miles in said shoe and provided detailed and unbiased feedback. I would recommend staying out of the brick-and-mortar stores as much as possible, unless your product goes viral and the market demands it. That’s a lot of overhead costs.
ReplyDeleteHey Brian! I think your interviews really provided you will some great feedback regarding next steps. I think that millennials definitely would not be eager to buy something after an infomercial these days, as the consumer world has shifted to mainly online. I believe that so many of us have the tendency to only buy something after we have consulted friends and family and read reviews about the product online first, especially if it is a more pricey product.
ReplyDeleteBrian, you have definitely learned from your interviews how to grow your existing market and expand on your venture’s potential. You clearly have a clearer picture of what you want to offer to your future clients such as the free trials to bloggers that would help market your product. My only advice would be to expand on your reflection of your interviews.
ReplyDeleteBrian, it seems like you have a great understanding of trends and how they will affect the sales of your product. Those you interviewed gave you some great ideas on the advertising of your product as well as the actual product itself. I know I only like to buy things after they have been on the market for a while without any major difficulties or if it is from a trusted company such as Apple or Nike. I think that you will have great success with your product. Good luck.
ReplyDeleteBrian,
ReplyDeleteIt's evident that the internet plays a large roll in sales for this generation. Whether it be online or in store, online reviews are heavily relied on in addition to the opinion of family and friends. I personally turn to sites such as Yelp, Amazon and Google for reviews on local businesses. The only way I would ever buy from a catalog is after reading some reviews!
Hi Brian,
ReplyDeleteI think your interviews provided you with a lot of helpful information. Your interviews definitely provided you with great insight on to how to advertise your product. I think that younger people are not prone to shop/buy from a catalog. The younger generation definitely tends to shop online. Overall, I think your product is a great idea.
Brian,
ReplyDeleteI do not watch infomericals at all. When I see them I change the channel. I also would have thought younger people would not buy from catalog magazines so we were both wrong. I think you gained new valuable insight which you can catapult to launching your venture successfully. Great interviews and great job.
Hi Brian,
ReplyDeleteI think that the internet is probably the best way to sell your product. I think that younger people tend to favor online shopping and older people will online shop if they can feel assured that they won't be ripped off. I think that in order to appeal to them you may need to target different corners of the internet. I liked your idea of having bloggers market the device because there is a wide array of bloggers and that would help expand your market. Great job!
Brian, these interviews were well done and seemed to give you great insight on what's to come. Personally when I am buying a product I usually read the customer reviews so that's always something to pay attention to. i usually don't check what the bloggers say about a product but if I am watching a video and they bring it up, then I am usually instantly interested. It's a great way of grabbing the attention of today's market! Nice job!
ReplyDelete