25A – What’s Next?
Existing Market.
Step 1: What's next in terms of the products and services for my venture.
Whidbey Coffee offers varying product prices and new coffee products such as Frozen Mochas, Red Bull Spritzers, and more. As well as more seating availability in a relaxing and aesthetic environment. A typical Whidbey Coffee franchise incorporates at least one fireplace, open windows, and different types of seating like couches, chairs, and bar stools. Contrastingly, Starbuck facilities on campus either have no seating or just one to two small tables with little to no room to study, work, or relax. Starbucks has monopolized the prices for coffee on campus, and many individuals have this unmet need for lower prices, seating availability, and coffee variability on campus. I'm offering this to students and faculty at the University of Florida - encompassing both coffee lovers and individuals who do not enjoy coffee but utilize it for increased productivity as well as a place to study or relax with friends. This would be a target market with individuals ranging from 18 years of age to approximately 45 years of age. All of my customers have location in common, that being the University of Florida campus. There are over 43,000 students at the University of Florida and over 5,000 faculty members.
Whidbey Coffee offers varying product prices and new coffee products such as Frozen Mochas, Red Bull Spritzers, and more. As well as more seating availability in a relaxing and aesthetic environment. A typical Whidbey Coffee franchise incorporates at least one fireplace, open windows, and different types of seating like couches, chairs, and bar stools. Contrastingly, Starbuck facilities on campus either have no seating or just one to two small tables with little to no room to study, work, or relax. Starbucks has monopolized the prices for coffee on campus, and many individuals have this unmet need for lower prices, seating availability, and coffee variability on campus. I'm offering this to students and faculty at the University of Florida - encompassing both coffee lovers and individuals who do not enjoy coffee but utilize it for increased productivity as well as a place to study or relax with friends. This would be a target market with individuals ranging from 18 years of age to approximately 45 years of age. All of my customers have location in common, that being the University of Florida campus. There are over 43,000 students at the University of Florida and over 5,000 faculty members.
Step 2: Interviewing three customers who are already part of the market I have identified.
Step 3: My path for the future.
Based off of my own expectations and the feedback I received from my customers, I believe there are several ways I can continue to innovate on this company as well as the products and services. One of which is not only having a location on campus but including scooter parking to attract even more customers and interest. This is not an aspect I had considered previously do to the fact that the Starbucks facilities on campus do not have them. However, that doesn't mean I couldn't or at least strategically place my franchise in an area close to them.
Secondly, incorporating a loyalty system especially within the first fews months of opening and operations. The loyalty system that the Whidbey Coffee franchise currently has and implements is a stamp card, once you buy 12 drinks you get one free. If you're a frequent coffee drinker or drink one a day, this can go a long way. It's also a much easier and less intimidating system in comparison to the Starbucks rewards program. You also have to spend far more money to receive awards from their program. This is an aspect of the business that I did know about, however; I didn't include it in my pitch or some of my assignments. So prospective customers and colleagues were unaware of my intention to incorporate this same loyalty program within the franchise at the University of Florida.
Lastly, some customers recommended really capitalizing on social media platforms when the building begins for this business. Moreover, truly emphasizing the fact that I am a University of Florida student who is going the extra mile to provide ample service and products to the community and competing face-to-face with Starbucks.
Based off of my own expectations and the feedback I received from my customers, I believe there are several ways I can continue to innovate on this company as well as the products and services. One of which is not only having a location on campus but including scooter parking to attract even more customers and interest. This is not an aspect I had considered previously do to the fact that the Starbucks facilities on campus do not have them. However, that doesn't mean I couldn't or at least strategically place my franchise in an area close to them.
Secondly, incorporating a loyalty system especially within the first fews months of opening and operations. The loyalty system that the Whidbey Coffee franchise currently has and implements is a stamp card, once you buy 12 drinks you get one free. If you're a frequent coffee drinker or drink one a day, this can go a long way. It's also a much easier and less intimidating system in comparison to the Starbucks rewards program. You also have to spend far more money to receive awards from their program. This is an aspect of the business that I did know about, however; I didn't include it in my pitch or some of my assignments. So prospective customers and colleagues were unaware of my intention to incorporate this same loyalty program within the franchise at the University of Florida.
Lastly, some customers recommended really capitalizing on social media platforms when the building begins for this business. Moreover, truly emphasizing the fact that I am a University of Florida student who is going the extra mile to provide ample service and products to the community and competing face-to-face with Starbucks.
New Market.
Step 1: A radically different market from what I'm currently planning on targeting: the automobile market.
Step 2: One way I believe my venture concept might be able to create value for people in that market is by providing coffee bags with our branding to automobile selling sites. Many automobile selling sites have waiting areas in which people wait for a rather long time when getting repairs, inspections, or even purchasing a new car. Moreover, many of these sites have TVs placed all around. Possibly creating a short video to play every so often regarding our business and products alongside the automobile company could be feasible.
Step 3: Interview two people from this new market.
Step 4: Reflection
What I learned about this new market that surprised me the most is the significantly important aspect of first impressions. When a prospective customer walks into an automobile site, you have to be able to read them and their body language very well. Moreover, you have to understand their needs, wants, and range of price. There are many common conceptions of the culture of buying and selling a car being a 'game' which emphasize how important the aspect of first impressions are. Many individuals believe that because these sellers are paid off of commission that they will try to get you to purchase a car at the highest price possible. Other individuals comment that people believe that these sellers also assume you do not have a plethora of knowledge regarding the various facets of automobiles. Lastly, you want to make sure you give these customers space to think and deliberate with their loved ones - but not too much space so that they think you are ignoring them or prioritizing other customers with bigger budgets.
After conducting these interviews with customers in this market, they had a difficult time trying to brainstorm how I could be successful in this new market. They enjoyed my ideas but said that it would be difficult to sell to different car dealers. Ultimately, this market does not appear to be as attractive as my existing market. I believe there is much more flexibility and room for growth in the current and existing market than the automobile market.
What I learned about this new market that surprised me the most is the significantly important aspect of first impressions. When a prospective customer walks into an automobile site, you have to be able to read them and their body language very well. Moreover, you have to understand their needs, wants, and range of price. There are many common conceptions of the culture of buying and selling a car being a 'game' which emphasize how important the aspect of first impressions are. Many individuals believe that because these sellers are paid off of commission that they will try to get you to purchase a car at the highest price possible. Other individuals comment that people believe that these sellers also assume you do not have a plethora of knowledge regarding the various facets of automobiles. Lastly, you want to make sure you give these customers space to think and deliberate with their loved ones - but not too much space so that they think you are ignoring them or prioritizing other customers with bigger budgets.
After conducting these interviews with customers in this market, they had a difficult time trying to brainstorm how I could be successful in this new market. They enjoyed my ideas but said that it would be difficult to sell to different car dealers. Ultimately, this market does not appear to be as attractive as my existing market. I believe there is much more flexibility and room for growth in the current and existing market than the automobile market.
Hi Caitlyn!
ReplyDeleteOverall, I liked your blog post, however, I have several questions about your new market. When I was reading about a new segment, I wasn’t expecting something so drastic. Are the coffee bags handed out by the car dealers a marketing campaign to sell more coffee? I’m confused if the ideas connect at all. This would be helpful to expound upon this more.
Thank you for putting time into this assignment!
Good Job!
Hi Caitlyn! Great post! I love how you want to add a list of a variety of different types of coffees for students that both love coffee and do not can select from. Although I do love Starbucks, you can get the same exact drink whether you are in the UF Library West or in the middle of New York City, so having a cute coffee shop with unique selections would be a nice change. Great Job!
ReplyDelete