Assignment #25 What's Next?

Existing Market

1. I think the next step of my venture will be first to create more style options of the product. Different colors, patterns, shapes, maybe even accessories like charms on a charm bracelet. The second would be to expand the product line to include items that prevent you from losing your phone or ID. 
2. I interviewed three people in the business college and they each agreed that providing more styles and options would be a great way to expand the business. Two of them were skeptical if there could even be a product to keep you from losing your phone or ID. They thought instead of a product you would have on you create a small tracking device that could help you find your phone or ID if you do lose it. The other didn't turn down the idea of creating something for your phone or ID but said it would be a harder sell. When I asked them for their ideas of what should be next the first said to expanding to other universities would be the first step she would take. The second said he would apply the double latch to other things like key chains and purses. The third said he would first see which design sold the best and then create more products similar to the best seller. 
3. After thinking of ideas and interviewing three people the first step I will take is to create new style options for the product every few months so there is something new for customers to buy. That will be my first priority. I will then try to expand the business to other universities. The last thing I would do once the business is stable is to start applying the double latch to things like purses and wallets. I could see this as a potential way to help keep students from losing other belongings.

          I believe that with these next steps in mind that I will be able to grow and expand my business further. I think the biggest and hardest challenge of these three is expanding to other colleges.  A big part of my business plan is having influencers at the colleges that will help students see the advantage of the product as well as make it a trend. Since I don't have as many connections at other universities it will be challenging to find the right influencers. 

New Market

1. A radically new market I could enter into would be highly esteemed people in New York City who party a lot.
2. I think my product could create value for this market because I can imagine that they have the same problem of losing belongings when out partying. My product could keep them from losing their keys or even from their keys being taken from them. By having my product people in this industry will be able to worry less about getting back into their home at the end of the night. 
3. I obviously could not go to New York to ask people about this problem but I have two friends who live there now and I asked them. Their biggest concern was that it had to be fashionable, if it wasn't people wouldn't buy it. But one said that you could change the product to be a purse that had the double latch and that would be extremely helpful. She said it would make it harder for people to pit pocket her or try and steel her belongings from her purse. 
4. What surprised me the most was how fashion conscious people were and how that would be a make or break aspect of the product. I feel like in college towns that will not have as bog of an effect on people. I did however think it would be a hard market to get into, but again influencers are a huge piece of the marketing strategy. 

          I think this could be a great market to enter into but with a different product. It I was able to apply to double latch to purses and wallets like I explained earlier I could gain a market share. The purses would have to be extremely fashion forward since they would be sold in New York. But it is a potential market I could enter into, or sell the double latch right to a major purse company.