Segment: My segment includes three prospect entrepreneurs from the Central American/ Caribbean region (as this increases my chances of having the same unmet need). All three are friends I have met from travels or school. Juan from Nicaragua, has opened a bar in Chinandega with a group of friends-- Dylan from Puerto Rico, has been creating his own craft beer with his father and sells samples here in Argentina-- Ivan from the Dominican Republic, is venturing to create an application that delivers party necessities (though it's still in development).
Interviews Info: I learned that the potential of this product is very low, stemming from the probable lack of demand, even though all three interviewees agree the targeted region is the right demographic for the same. The first factor that popped up was, "how big would this market be?", as all interviewees shared the same concern that the market would be too small for the product to have any success. The second obstacle to tackle was, "what marketing strategy would be utilized to achieve the maximum effect?". All three interviewees each separately suggested the best marketing strategy to attain maximum reach and gain recognition for the product would be to merge with a beer brand, and sell packs of these capsules along with six-packs (for example) in promotions. Apart from this, the most realistic scenario presented would be the selling of this product in small retail stores such as kiosks.
Given the nature of this product, when asked what they would do to search for a solution, there wasn't really one presented. My conclusion is that this is more of a preference than a need, the which offers little potential to the success of the product.
How I would describe this segment:
It was interesting to see how quickly my interviewees tackled the factors involved in creating this product. I believe there are many people in contemporary society that bear this entrepreneurial mindset, given the general environment in which we live in. Even though my interviewees shared a taste for the consumption of beer in the manner this product would provide, the initial feedback given wasn't so much in terms of production but chipping at "would this product work?". It was clear they were skeptical with the business idea, which I now agree with.
Carlos,
ReplyDeleteI enjoyed hearing your perspective on those with an entrepreneurial mindset; they're definitely a real thing, my dad in fact has quite the touch. He begun his own Financial Advising firm, and has always done things growing up that showed these skills. In regards to your idea, I personally think you should think about it; it doesn't seem very profitable, as your friends can tell you, and you may want to put your time into another idea.
Hey Carlos, I myself have seen the preference for salt in beers and while I myself haven't come of age to know how that would taste, I can see why it would be a target demographic to go for. An interesting aspect about your product that I could see you taking is maybe instead of focusing to be a consumer company, have you thought about targeting other businesses directly like beer distributors to add your salt product to packaging, making it convenient to buy the salt with the beer already and cut out having to find store space?
ReplyDeleteIt's interesting to see how the spirits market evolves, so keep going this could be something new!
I think your interviewees were correct in saying that the best way to gain awareness of your product is to partner with a major brewery. You could also look at partnerships with beer distributors, since they distribute many brands of beer and are often in charge of designing the store displays, or bars and restaurants in your target area. There is a product that came out probably 15-20 years ago that is lime-flavored salt granules, packaged in a small plastic container shaped like a beer bottle, with a salt-shaker top so that people could put lime-salt into their beers. It was huge when it originally came out (at least where I live – near the beach), and it is still sold at the counter of many gas stations.
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