The existing Market:
Advertisement otherwise is on tv, radio, newspaper, and flyers. None of which have the same ability to directly market like my company. Everyone I interviewed said the same thing, they do not use any of those and when they do they get frustrated and stop using it. Coupon books and things like that are much better.
Everyone I interviewed said the same thing. Lord knows no one is scouring a newspaper, we stream music so the radio is a waste, and flyers get thrown out and are not as constant. People want to see a company that can come at set times to bring them the advertisement coupons and possibly offer other kinds of rewards for the recycling they do
Based on that we know that we need to innovate to get more than just coupons and advertisements with us. Maybe loyalty and reward programs for both people and companies.
The new market:
A very weird venture would be to target established and powerful entities that do not need help with marketing. This means things like Dominos, Verizon, Netflix etc. These companies could be better reaching to less affluent places and possibly hooking them up with discounts they need and that could help them get influence on a broader range of people.
For this to work better though, the targets have to become richer. This program would have to reach out to more rich areas that can take advantage of more expensive products. My interviewees said that a partnership with a large powerful company to bring them better deals would be amazing. It would be highly sought after to receive the deals.
I learned that this idea could be reached out to bigger companies, but has to get traction first and build a name for itself and climb the ranks. It is not impossible but pretty difficult to achieve overall. The new market seems to have a larger appeal if I could reach it. More money from bigger companies, with more drive from the people I deliver to. It sounds amazing, but again I need to be good enough so that I am a viable option to them.
Hi Hassan,
ReplyDeleteI believe you would have success with your new market if you go through with collaborating with these different stores. Lots of college students purchase items and products from these places since they are convenient. You have the right idea of how to start off this business idea. I agree that you would receive better revenue from bigger companies in your new market. I think you did a great job with this post!
Hi Hassan,
ReplyDeleteTargeting bigger companies will definitely help you get more customers attracted to your idea and expand beyond Gainesville as well. On a local level, you could work with local restaurants that would also help promote their restaurants and build their customers as well before taking it on a bigger scale. You could also even focus on working with companies that would target a different customer segment like middle-aged parents. Great post!