Who has the need? Anyone with a smartphone could have the need. The potential customers can almost be anyone. There is a higher likelihood of middle aged and younger customers but this doesn’t exclude people who are older. The nature of the need comes from somebody who has a smartphone and a computer or just one or the other. This person may need extra storage for a device, need to transfer files, or want to back up their device. Potential customers are currently solving this need with a similar product that is not as advanced as my product. Some are loyal but from the reviews I read many are not and some of the reviews were from customers who once were loyal and lost respect for the brand after using their product. This opportunity could be huge is marketed right and if the software and support is awesome.
Innovation
The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.
Venture Concept
Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people here and there and sell all of them my idea and tell the to get to work!
The Three Minor Elements
1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.
2. I think the next thing for my venture would be to offer and online store option. Something like a subscription for online storage space or some other type of online option that supports my device.
3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.
Innovation
The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.
Venture Concept
Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people here and there and sell all of them my idea and tell the to get to work!
The Three Minor Elements
1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.
2. I think the next thing for my venture would be to offer and online store option. Something like a subscription for online storage space or some other type of online option that supports my device.
3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.
Smart how you pointed out some of the flaws of your competitor, I think it makes sense that these would be some of the first aspects of your product you might want to consider when you are designing the product to lend to marketing against the established competitor. This weaknesses in your competitor represent the opportunity to be your competitive advantage.
ReplyDeleteI think this would be a good idea to implement and people would be receptive to the idea. I haven't heard too much about these devices so that is definitely an advantage for you. I think people will also like that it has different correctors and won't have to get a different one if they have different items that don't have the same connectors.
ReplyDeleteThis is actually a pretty good idea. Hopefully, the technology exists for it to happens. I always imagined that different devices made by different companies may not be compatible with each other, which often times leads to lots of different gadgets needed to be used when transferring files. It can be a nightmare. A universal memory stick compatible with many different devices would be great.
ReplyDeleteThe key is definitely in the software engineers creating a device that stands out from the competition. I think that your second minor element strays away from the main idea of your concept. You want something tangible, portable and works with consumer's devices. Your second point seems more cloud based which is a little inconsistent with what you are trying to market. Just a thought.
ReplyDelete