Existing Market
In terms of products and services, I’d like to extend my venture to include masks of all different material. Once we establish the initial flesh-toned N95 respirator-like mask, I’d like to experiment with different materials that will allow for more breathable yet protective coverage.
First, I talked to a friend who has previously expressed discomfort wearing bright masks in public, and they said a good next step would be to provide skin-toned masks in all different sizes, making sure we cover the bases from toddlers to kids to adults. Next, I spoke with a volunteer who shops for groceries for the elderly, and due to her increased exposure to the virus she also suggested flesh-toned gloves since most are white or blue. Finally, I called a close friend working as a nurse in Tampa currently, and she said that I should be planning to contact hospitals all around offering and distributing my products instead of posting them online and waiting for healthcare professionals to find them.
To grow in my existing market, it seems like I have to put a lot of emphasis on those individuals who are most exposed to the virus. While I want this product to be widely used by everyone, it makes sense for me to tune in on those at the most risk first. It also seems like a good idea to start thinking about products beyond my initial prototype and really grow the set. Whether it be new types of masks or gloves in the future, I’d like to start researching those now. Making a consistent effort to contact hospitals, not only in my vicinity but around the nation, is also a key aspect in making sure that my products end up in the hands of those who need it most. All in all, it’s prevalent that communication is the most important step in developing and growing my business for the future.
New Market
A radically different market from my target one would be individuals who prominently stay at home. This would include stay-at-home parents, and those who work from home.
I think I’d be able to create value for those in this new market by first emphasizing the benefits of going out. Post-quarantine, I believe that everyone will have some sort of urge to leave the house after months of staying in, and I would use this to promote the use of my masks.
First, I interviewed my best friend’s mom who is a homemaker, and she told me that since going outside isn’t part of her everyday routine, something my business could include is single-use disposable masks that can be discarded after one quick use for customers who don’t want to invest in a sturdy, expensive and reusable one. I then talked to my friend who works as a nanny in Gainesville, and she reiterated the idea of toddler-sized masks to cater towards younger people.
I learned that this new market has lots of valuable information even if it wasn’t my primary target at first. I learned that even if some people don’t leave their houses as much as others, they still expressed at least some interest in masks and even gave suggestions on how to make it more sellable to them. I was most surprised to hear the suggestion on surgical-type disposable masks because it was such a brilliant idea that I had yet to think of before. Prior to interviewing people in this niche, I had the assumption that they wouldn’t want masks at all and didn’t really follow up with news on the virus since it didn’t really apply to them, but I was surprised to learn that they were extremely knowledgeable on the subject. I’m actually very interested in looking deeper into this market and targeting them next, because it seems like a great way to get the widespread use of masks beginning to become normalized.
Hi Jung! Great work. I enjoyed reading about the new market you want to tap into. I really liked how you labeled and separated your points by the answer to the question. It made it really easy to read. I also think it is interesting how your new market would consist of medical grade disposable masks since you planned on them being reusable originally.
ReplyDeleteJung,
ReplyDeleteIndividuals that stay at home would be a very big change from your normal market. Those who have been stuck inside for months will have that itch to go out and need these masks to go out and about.
Hi Jung, I enjoyed your post and found your new target market very interesting. Individuals that are forced to confine themselves to their homes a lot would be a tough market to target because they probably don't even interact with many people to begin with.
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