25A

What I think is next:

I think what’s next is to promote my product to potential customers. I would like to get this product out to people who have no experience in dangerous situations but just want to be prepared. I think this will be more difficult but It will expand its use to more markets. I know that people who have experience with these situations or know people who have experienced this would be very interested in this product and want more info on it. I think the Nimb ring is great but by creating this with a better appearance, quality, and less expensive will lead to the success. Also, want to get this product out by using social media to advertise this with ads of famous people posting pictures wearing and telling their stories about the product to draw people in.

Existing Market interviews:

1.The first person I interviewed gave me great advice on how to get my idea out on the market. Her first advice was to use social media platforms and do promotions to get more followers. For example, give always-on social media or polls to get people commenting and liking your pages.

2. The next interview talked about the different options for manufacturing my products. I could either do inside the US or outside of the US. He mentioned that sometimes you can find cheaper manufacturers that can produce more in bulk. However it was also brought to my attention that many people support businesses that produce in the US because it gives the US more jobs and helps the economy.

3. My last interview consisted of advice on networking with the different organizations that I am in involved in. She thought this was a great strength because if I can connect with people who also have an interest in my business idea, I will be able to expand this and make more people interested in the project.

Reflection:

I always find the interviewing process to be awkward when people don’t know how to answer certain questions. However, I feel that I pulled out valuable info from each interview to use to my advantage. For example, I got advice on how to market my product, where to manufacture my product and the benefits of connecting with organizations around me such as networking.

New Market:

The new market that I would like to focus on is parents who have kids away at college. I think parents are more worried and aware of how prevalent kidnapping and sex trafficking is. I know many students never even think that this would happen in their lifetime so they don’t feel the need to buy it but parents can use this ring as a way to know their children are safe by being able to have their location in seconds.

New Market interviews:

1. They thought this was a great idea. “By involving parents they will be more interested in the safety of their children and they are more financially stable than young adults which would increase the chances of them actually purchasing the product.”

2. Another good point that this interviewer gave me was “parents will be able to track their kids and it will make them feel better about them being away at college. I know that this will comfort parents which will give them a reason to buy the item.”

Reflection:

This market sounds pretty committed to this type of product because it really highlights safety. I feel if I targeted this product to parents I will definitely have higher products because they have he authority and means to buy this product. Overall I feel that this is a great step to opening my market from young adults to parents.