Existing Market
Two of the people that I interviewed had relatively similar views on what they thought would be next for the future of my business. They gave me the idea to stay future focused since staying just in the southern US will probably not work in the long term. They suggested in the the somewhat near future to spread to the rest of the US by taking advantage of branding. Many people already like a brand of t-shirt "comfort colors" just for the name attached to it. This could be applied to my shirt when going to the northern US.
The other person I interviewed suggested that I ensure the style of the shirt is not taken away by the hydrophobic material. She said that even if it is incredible, people may never adopt it from they already have if it is seen as ugly. While this could prolong the time it takes to produce the shirt, this is definitely something I would consider. If it does not go well visually at first, I will also have the opportunity to change the brand and keep the material.
New Market
I talked to people who were focused on selling food since they also reach a large audience, but for a different need. They related since they have to compete against many other people with a very similar product which is what I would be doing. I was surprised at how imperative location was for them and I took into account how that could also be important for me in the future. I was right in believing that the most of differentiation for them was based off of how well they could develop their brand with loyal customers.
I was wrong in thinking that the style of food would be pretty important to getting customers. Since food is so diverse, there is almost someone that will want to try your food and like it. This market does sound interesting in that it would be a very exciting business everyday. I would not want to be a part of it though because competition is so heavy and it is almost impossible to find a foothold to stand on at this point.
David,
ReplyDeleteI like how you originally plan to stay local for most of your selling, It's smart to build a loyal customer base at first before immediately trying to sell your product countrywide or even world wide. It seems like selling food would be quite a distinct difference from your current shirt idea so I think you would be better off playing to your strength and unfair advantage with the capabilities that go along with shirt production.
Hey David,
ReplyDeleteI liked reading about your existing market and reading about the interviews. I liked how your interviewers focused on the future of your business and the growth of your business. I think staying in the south would not be your best interest because it would not end up making a good revenue and you would break even at best. I liked reading your post and am excited to continue reading about your product.