Existing Market:
Step 1: The next steps for my venture is to develop and budget the app.
Step 2: Did not do interviews due to teachers instructions
Step 3: I think that to grow in my existing market, I need to focus on the experience that the app provides. The experience is what determines if the user will use the App again and it will also determine if they will spread a good word or a bbad word. In my opinion, most social networking apps spread through word of mouth if they provide a good experience.
New Market:
Step 1: I can target people over the age of 22.
Step 2: My app could create value for the individuals in this market because they could expand their network and meet new people. Also, not all people over the age of 22 are in relationships. With that being said, this app could help them in meeting someone new that they could build a relationship with.
Step 3: Did not do interviews due to teachers instructions
Step 4: The new market I identified above seems like it would be an extremely successful market. I say this because people over the age of 22 still have desire to build their social network so this app would provide them that opportunity. Personally, I think my target market should be people between the age of 18-22 but I think this is a market worth pursuing. I think the best way to tap into this market would be to create filter that allows you to choose the age range that would are looking to network in. After choosing this age range, the app will automatically filter out the people that don't fall into this age range.
Matthew,
ReplyDeleteI think these are all great ideas for your business venture. I love the age range idea where your customers can choose which age range they are in. This way a 20 year old going on your app doesn't come across a 40 year old. I think your age range of 18-22 is the perfect range for people that will use your app. I think you should be careful of hackers trying to steal data from your company. So you probably should invest in a security software for your app before you spend money on other things Great stuff Matthew.
Hi Matthew,
ReplyDeleteI really enjoyed reading your blog post about What's next! In an existing market, I agree with you that developing and budgeting your app is the most important step. Being able to submerse into a market is the easier part in my opinion. Creating and engineering your app to become the best is what you should focus on. I also liked how in your new market, you're targeting people over the age of 22. Keeping it an adult and up type thing can help you from running into many obstacles along the road. Great overall post.