1) You- I am a student at the University of Florida. I have witnessed this problem of losing your keys while out partying, and I have first hand experience seeing people have this problem and understand the frustration. I am also a business student taking principles of entrepreneurship and understand how to start get a business. My family also runs their own business so I have grown up listening to work stories and learning about business. I am a very self motivated driven individual and will work hard to see my business become successful. My goal for this business is to help college students lose their keys less and save time, money, and frustration. If I were to pursue this business idea I see myself supplementing my income with the profit.
2) What are you offering to customers? The product I am creating is a bracelet, anklet, and clip that you will attach your keys to and then wear as an accessory to your outfit. the bracelet and anklet will be marketed towards females and the clip will be marketed towards both males and females. The customer will not need to worry about their keys falling out of their pocket or purse because it will be secured to their body. We will ensure that each style of the product is guaranteed to not fall off if worn properly. The way well will be able to do this is by first creating a latch that does not break easily and stays clipped together. It will be very similar to how a rock climbing carabiner. The second way we will be able to guarantee they will not fall off is we will provide multiple sizes for the bracelet and anklet. This way each person will be able to find a bracelet or anklet that will not simply fall off.
3) Who are you offering it to? My customers will be college students and young adults around colleges that go out to crowded places to drink. The main characteristics of my customers will be younger drinkers who binge drink and lose track of what they are doing and where their things are. They also drink in crowded areas.
4) Why do they care? The customers will pay for my product because it saves them, time, money, and frustration. The customer usually realizes that they lost their keys when they have finally made it home late at night. At this point they have a few options waste time and money to go back to the bars and look for their keys, waste money on calling a locksmith, if you can find one working that late, to come open the door, or pounding on doors and windows to wake up your roommate if you have one. All of these cause frustration. If the customer had my product they would not have to go through any of these in the end saving them time, money, and frustration.
5) What are your core competencies? What sets me apart from everyone else is my specific designs and fashion ideas. To make the product successful it needs to be fashionable so that students will wear it. I also know exactly how to market the product to the customer since I am also a college student. I will be able to relate to the customer more than others.
Reflection: I think that everything works together except for me. I do not think I have enough experience or ambition to make this product successful. I do not have a big aspiration to start my own business. But I think this could be a very viable opportunity. A way I can go around the lack of ambition is to create the idea or product, set up the business, and try to sell the idea to someone who would be more passionate about pursuing it.
Feedback Memo: The first point of feedback I used was to incorporate a tracking device into my product. I thought this was a great idea but that the purpose of that product could not be the same as the original, simply because it contradicts what I am saying the product can do. There shouldn't be a reason for a tracking devise if the products purpose is to stay attached to you so that you don't lose it. So I pivoted the idea and made the product multi purposed. The second point of feedback I received was a question on how I was going to make sure the products would not come off while out, because a lot of products say they won't but still do. So I went through and clarified how I plan to make sure the products will stay attached to you in a night out.
Catherine,
ReplyDeleteI think the intention within your idea is in the right place, but the niche for this is unbelievably saturated. The amount of gadgets and things that people already do in order to keep track of their keys and other belongings are incredible. For your why people will pay/care, I think just simply saying that it saves them time and frustration is going to be difficult to move forward with as what would be their argument against buying another already trusted and known product with similar end goals and a similar price. Besides those two things great post.
I think the product idea in general is a viable product for who it is marketed towards. I think the clip product would probably be the most practical for everyone assuming they are wearing some kind of pants with belt loops, such as jeans. The bracelet and anklet may be harder to sell to someone unless it can be worn and still be comfortable throughout the night.
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