Existing Market
New Market
Based on the feedback I got from the interviewee's and the feedback I've been accumulating all throughout this process has helped me to expand my ideas into new markets. People love the coffee idea, but can see this idea spreading across a lot of different territory. People have given me tips on venturing into teas, juices and smoothies. Creating coffee cubes came almost natural to me because I had had such frustration with watered down coffee. I think that people share thus frustration with all their drinks that come along with ice. I think creating cubes that go with your drink to keep it fresher longer and better longer is something that can appeal to anyone. Rather than only focusing on the people that drink coffee, I can expand the realm into a larger audience and hopefully create cubes for more than just coffee drinkers.
Step 1: Talk about what you think is what's next in terms of products and services for your venture.
I think that what is coming next is more flavors and variations of coffee cubes. I think the opportunities for coffee cubes are endless.
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?"
Interviewee No. 1: This interviewee said that the idea to expand to more flavors and different kinds of roasts of coffee. They said that maybe expanding into other kinds of drinks, like tea cubes for iced tea.
Interviewee No. 2: Interviewee said that they could also see the cubes expanding into other drinks as well, but they said that they thought the coffee idea was the strongest out of all of them because coffee is so popular.
Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future.
I could see coffee cubes being sold in grocery stores and becoming a staple grocery list item, but I could also see coffee cubes being implemented into large scale coffee shops and being sold that way as well. I think whichever path I take will be a positive experience and successful.
New Market
Based on the feedback I got from the interviewee's and the feedback I've been accumulating all throughout this process has helped me to expand my ideas into new markets. People love the coffee idea, but can see this idea spreading across a lot of different territory. People have given me tips on venturing into teas, juices and smoothies. Creating coffee cubes came almost natural to me because I had had such frustration with watered down coffee. I think that people share thus frustration with all their drinks that come along with ice. I think creating cubes that go with your drink to keep it fresher longer and better longer is something that can appeal to anyone. Rather than only focusing on the people that drink coffee, I can expand the realm into a larger audience and hopefully create cubes for more than just coffee drinkers.
Hello Nicole! I love the idea about spreading it to tea too. I am not a tea person, so it personally would not appeal to me, however, I still think it is a great market to hit. How long do the coffee cubes last? I know with Yeti that in order for the ice to not melt the ice has to be stacked up to the top. I feel like that it would the same way for coffee ice cubes. Maybe test it out!
ReplyDeleteHey Nicole! Like you, i feel like my idea has reached a limit in a sense. Other than expanding your idea/concept into new markets/products, there is not much left, in regard to innovation, with your current idea. I truly believe that your iced coffee cubes are a brilliant idea, as there is such a massive market for them already. It would be a smart move to get ahead of possible competitors, as customers of your coffee ice cubes may find a demand for the same product in other beverages. So I can definitely see how planning to transition your idea into other applications can make sense.
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