1. Since my venture deals with a service I tried to focus on how to best utilize this service. I focused on whats next by implementing drink specials, making entrance more efficient, and increasing campus involvement.
3. In terms of growing in my existing market it is clear that I need to gain customer loyalty and support. Therefore, these interviews are extremely useful.. For instance, one future customer mentioned that I need to get promoters from multiple fraternities so that I am best able to get maximum numbers at every bar.
Also, I received advice on how to get guys out to the bar. A future client said that I should increase the amount of ladies nights and make sure that there are beer specials. Both beer and women seem to attract guys to the bars. This was incredible advice that I will take into account.
New Market
1. For the new market I looked at expansion of my service. I want to eventually control all of Gainesville's night life. Therefore, I interviewed people that enjoy going downtown to go out. Downtown is a huge market with a tremendous upside due to the amount of people it can hold.
2. The value that I am able to offer the people of downtown is a fairly simple one. I want to increase numbers at certain bars. By increasing numbers I will be able to lower drink prices. Therefore, people will be able to go out for cheaper and thus have a better time knowing that they aren't breaking their pockets.
4. What surprised me the most about this new market is the fact that people seem to want the same things as the other market. However the main difference was the fact that people wanted a cheaper transportation alternative. This market wants cheaper transportation and cheaper drinks. Most of my assumptions were correct. It seems like wherever you go people are trying to spend as little as possible. Therefore, my service will allow them to.
This new market is still extremely attractive. I can fit a lot more in a downtown club than I can in a midtown bar. Therefore, I can make the downtown drinks cheaper and allow for a better time which will give me more customer loyalty and satisfaction. Overall this exercise has made this venture seem much more promising.
Hey Hunter, great job on your post. I completely agree with you, gaining customers loyalty and support is key in determining the success of your venture. It’s crucial that we as entrepreneurs listen to what customers want and implement their suggestions to our concept. You seem to have an adequate understanding of your current market and new market. I really like that you are considering expansion to other busy areas here in Gainesville. I also, considered expanding my business in the near future. Overall, great job. Here is the link to my “What’s Next” post: http://susanamorales0129.blogspot.com/2016/04/whats-next.html
ReplyDeleteHunter, great job on the What’s Next blog post! I think that your plan for what next to implement for your existing audience is a good idea. Definitely getting drink specials would create more customers for your service. Also, getting control of the bars and clubs in both midtown and downtown would be very beneficial for growing your business and expanding to reach new markets. In all, great job with the blog post, and I think that you have great idea on how to continue to reach your existing market as well as reach another market. Feel free to check out my blog post for this assignment!
ReplyDeletehttp://ent3003mt.blogspot.com/2016/04/whats-next.html
Hey Hunter, I like how your next step is to focus on customer loyalty and retention. I think this is an awesome step. Considering the way that it is significantly more expensive to convince a new customer to try your service than it is to get a current customer to return, I think this is an awesome way to lower overall marketing costs, gain revenue and, in turn, generating a higher profit. I think the idea itself is also a great and unique one. Great job! Unfortunately, I did not make a What's Next post, but I certainly enjoyed reading yours.
ReplyDeleteHi Hunter,
ReplyDeleteFirst off great job on your post! it was very easy to understand and well structured. The reflection does seem promising and I think you would do well in both markets. Starting at midtown is a vary smart move since its on a smaller scale. I you can check out the link to my blog that would be great! http://entgrod.blogspot.com/2016/04/whats-next.html