Existing Market
Currently, my Scantron Feedback product is only targeted towards Colleges and Universities within the state of Florida. The next logical step is to target Colleges and Universities throughout the nation, starting with introducing my product to schools throughout the Southeast region of the United States.
Some have asked me why I don't target the K-12 market within Florida instead. The reason is because I think it would be difficult to convince the schooling board that governs K-12 spending throughout Florida.
In the past few days, I've interviewed 3 of my closest friends who also happen to be vested customers of my product. Together, we agreed that targeting other Colleges throughout the Southeast region would be the next best plan of action. They also gave me the impression that targeting K12 in Florida would be a difficult process with great costs.
New Market
Since my product is currently a B2B product (targeting Colleges/Universities), the new market would be turning my product into a B2C product.
I've interviewed 2 people at the University of Florida that helped me decide how pivoting my product into B2C would work. Here's what we came up with:
The feedback loop could be applied to standardized tests that College students have to take in order to pursue graduate school. For example, there are hundreds of thousands of students across the nation taking the GRE, GMAT, MCAT, LSAT throughout the year. If I can apply my feedback product to practice exams for these standardized tests, I could create value for all of these students.
Reflection
I'm really glad that I went out to interview people for my "New Market" segment of this assignment. It was a difficult task coming up with an idea of my own to pivot my product to a B2C. However, I like the idea of shifting the feedback loop to standardized tests a lot. Instead of selling my product to Universities, I can target a larger audience if I target individual students. This market never runs dry since there are students who take the GRE/GMAT/MCAT/LSAT every year.
29A – Venture Concept
Venture Opportunity Opportunity Every year there are a few hundred thousand students that take standardized tests such as the GRE/GMAT/...
I have to agree and say that it would be difficult to target the public schools just because most public schools are already underfunded and probably would be able to justify purchasing the product. I do think though that maybe private schools could be a target because those schools have more money coming into them. I do think it is a good idea to provide it to those standardized tests.
ReplyDeleteRay,
ReplyDeleteI agree with everything that you touch on in both the new and existing markets. However i feel like there could be another way to expand on the current market such as high schools. High schools all across the country use scantrons for their tests and this system would benefit high schoolers just as much as college students. It might be a good idea to try and reach out to them but other than that you did a great job!