25) What's Next?

Existing Market

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

What’s next for my product is to introduce pocket size sanitation for consumers who are on the go. In addition, I want to create an app that will allow customers to find what gas stations have my product. This will ensure that they are guaranteed to have clean fresh hands after pumping gas.

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 about what customers might want next. 

After interviewing 3 customers I told them about the app so customers can know where the find my products and they were really interested. They also liked my idea of pocket-size sanitizers. On the other hand, they told me they would like fruit smelling sanitizers because the alcohol smell isn’t appealing.

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 growth in your existing market.

For my company, it would make sense to introduce all of the products I have come up within a strategic timeline.

Scented hand sanitizer: I want to first release the product the people want. All three of my interviewers agreed that a scented hand sanitizer would be great. Two of them said they didn't use regular hand sanitizer because of the bad smell.

App: I want to add more convenience to people so they can find where to find my product. The app will allow users to stay engaged with my product and have an overall great customer experience.

Pocket-sized: This adds more convenience for on the go consumers. They can clean their hand at any time and can leave it their pocket.

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.

I want to target a poor part of society and offer free dispensers in the area.

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!

It would create value for society as a whole which is one of the main goals of my company 

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? 

Since my product is targeting poor people my product would not directly benefit the individuals I interviewed. And since my product is fairly simple I do not have to make adaptations for my 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.

Nothing really surprised me, the poor customers want something cheap and efficient. Many don’t clean their hands and don’t have the resources to clean their hands. This market is as attractive as my existing market. My goal of my company is to help society regardless of whether or not they can afford my product.