What's Next? 25A

Existing Market:

As mentioned in my previous assignment, instead of just making a device for consumers to purchase separately, I would like to market this device and sell it to car manufacturers to install in new vehicles.

I interviewed with 3 people in my target market and told them my idea for continuing and expanding my current venture. I asked what they think I should be doing that I’m not yet doing and presented my idea as well.

First interview didn’t have any suggestions for me on things I should be doing but she liked the idea of selling the product to car manufacturers.

Second interview she told me that I should be marketing to more than just mothers and caregivers, that I could be marketing to pet owners as well. Which is something I originally wanted but didn’t think it would be as appealing. Interesting to hear someone else mention it. She also said it was a great idea to sell the idea separately as well as to car manufacturers.

Third interview she mentioned that this product idea was great and she thought selling it to car manufacturers as well as separately was a good approach to reach more customers.

I think this was overall good feedback, didn’t receive many new ideas that I haven’t thought of. If I were to start this venture, I would begin by selling my product separately to individuals so they can easily set it up themselves. Then after success selling to individuals I would sell the patent design to car manufacturers so they can install it in their vehicles, thus making royalties and percentage on every new car sale. This would expand my market from mothers and caregivers to all car owners.

This would also give me a great opportunity to expand my market overseas to reach more potential customers. Gathering from the feedback I received, I think this would be well received in the market. I think I will have many customers wanting this product.

New Market:

My current market is B2C, I would potentially like to expand to a B2B market selling my product to car manufacturers not just individuals.

I think the venture would create value for the company by instead of being an optional purchase, it would be automatically included in all car sales.

I interviewed two people, a family friend and her business partner that also are in a B2B market. They both suggested that the best approach for contacting a business to sell a product is making sure you have a good prototype and a forecast of potential sales and revenue. They didn’t have any suggestions or recommendations on how to improve the product. They liked the idea.

Selling B2B is very different versus selling to actual customers. Selling to customers is easier. When trying to sell to a business, even if the product is good you have to make sure to present it to them with how it will increase their sales and revenue. That’s something that I didn’t consider before which is very true and makes sense. I think even with this information this market is still attractive because if presented properly and bought by businesses, it would mean so much more sales and revenue.