Existing Market:
The path that makes the most sense for my venture is to get the website up and running and start collecting vapes and data immediately. Vaping in America is a hot topic right now, and the window is closing each day in terms of being able to take advantage of this opportunity. My service in the existing market is B2C. Having local stops where people can turn in their vapes was unpopular, but it spawned a new idea. Instead of renting out buildings and creating unnecessary costs, it would be easier to just set up a tent in public spaces. Particularly college campuses, where our target market is located.
By providing college kids with access to both an online and in-person place to get rid of their vapes for a health insurance discount, we ensure that all of our target market has access to our service. Many college kids are 100% online now, so being able to give them the same opportunity as students walking the campus each day to turn in their vapes is essential. This was not something I had taken into consideration before this assignment. This expands my existing market, college kids, without having to do any tinkering with my offer to the people at all.
New Market:
My original assumption that a potential B2B opportunity would be present after a database was created of previous vapers was somewhat correct. Market research is a huge part of every company nowadays, many of them hiring 3rdparties to do so. In my case, I’ve already done the work for them, so they wouldn’t need to hire me. It would be a simple, one time transaction for my database. The only potential problem with this new market is it relies on another company or product being created that does not exist yet.
In order for my B2B market to work, something else needs to happen in vape legislation for my idea to hold water. As the legislation stands right now, only flavored vapes are banned from society. If vapes do get banned altogether, a company could arise that markets a product that is a replacement to the vape. My data would work here, as they would target all the people I have provided my service to, previous vapers. If the legislation goes the other way, and the ban is lifted on flavored vapes, I am also in good shape. Now I can sell my database to the vaping companies who are back in business. While the ethics of this second outcome are questionable, the point remains that legislation would have to change again in order for my database to be profitable. If legislation doesn’t change, I am reliant on a new product that replaces the vape to be created and become popular so I can sell my database to that company.
Hello Christopher,
ReplyDeleteI just left a comment about collecting vapes/data ASAP on the last assignment... seems you're already ahead of me! I think setting up a tent is a great idea, especially where the most foot traffic is or where there is an event for health or the like. I also like your analysis of where to go depending on legislation from an entrepreneurial perspective. Data is definitely very valuable and can be tailored however needed. Also, who knows, maybe you'll be an Etsy vape artist also! (haha)
Hey Chris!
ReplyDeleteI agree with you it is important to give the kids taking online classes the same opportunity. This is also a great way to gain more customers! I agree creating a new market can be great for business! The vape epidemic is horrible, hurting many people. Stopping it can be a great deed and it can save lives!
Great post!
Hey Chris,
ReplyDeleteIt seems like you have a good grasp on where your business stands as well as where it should go from here. I think your marketing techniques are suitable for your type of business. I think it is important how you highlighted that your window of opportunity continues to close each day due to people taking advantage of this opportunity. Great post!