25A What's Next

Existing market

I think the next step for my venture is to start making the stickers so that they can be sold. 

I interviewed all female UF students because that is what I think my market would mainly consist of. Interview 1 said that I should be posting about the stickers on social media to get people excited about them, and so that they know they are coming. She thinks the next thing that customers may want could be pins and pop-sockets for phones. Interview 2 said that the next step should be carrying the stickers with me so that I can show them to people anytime. She thinks the next step is selling them at a physical store or place. Interview 3 said that the next step should be putting the stickers on my own laptop and phone so that people see them when I am in class or at the library, so that maybe people will ask about them. She thinks the next thin customers may want would be the ability to ship them so that they do not have to worry about how to get the stickers from me. 

Based on the interviews, I have a better idea of what my next step should be for this venture. I think the next thing to do is actually create the product so that people can start seeing what it is. I will create a few of each design to give or sell to my friends. I need to calculate the exact cost of making each sticker and how much I want to make as a profit so that I can create a firm selling price. I have an idea of the right price, but I want to make sure it is correct and feasible. Once I do this, my friends and I could start promoting them on social media to get the word out about them. 

To grow my existing market, I think social media will be really important. I think the best way to do this is having as many people as possible post about the stickers so that more people can see them. Since my main market will be females and Greek life, it would be good for my stickers to be well known in all chapters. I could also work on promoting the stickers at events I know are popular in Greek life. 

New Market

The new market I will look at is STEM/Engineering students at UF

I think my stickers could still have value in this new market even though it is a little bit different from my existing market. I think people in this market still have the need to express themselves and could be open to using stickers to decorate their belongings. They may have different interests or find other designs appealing, so I could just adjust my stickers to fit their needs. 

Interview 1 said that he would not usually be interested in my product, but if there was a sticker that relates to his major or interests then he would consider it. He thinks I would have to adapt the designs and content a little bit. I think I am capable of doing this to tap into this new market. Interview 2 said that I should try to market the stickers to this new market in other ways besides just through social media. I need to make stickers that reflect this new market's interests. I think I could make this work as well.

I think I learned a lot about how to reach this new market. I think appealing to this new market is very possible, it would just require me to listen to what they want and implement it into the sticker designs. I was surprised to hear that Interview 1 said he would not consider buying stickers. I think my assumptions were correct that this market would be harder to appeal to. It sounds like the stickers would have to be more unique and different from the ones I planned for the original market. 

The new market does not appear as attractive as my existing one because of the changes I would have to make to be involved in it. The changes are definitely possible, but would require some extra work on my end. I am not sure how worth it the extra work would be, so I would like to gauge the interest of more people in this new market. If I find that enough people in the new market would be interested, then I would consider it.