Existing Market
I believe that what is next in terms of products and services for my venture is just a few simple data collection methods that are not invasive to people's privacy. Based on the feedback I received from three of my connections in the retail industry, they said that I should focus on changing the stigma surrounding data collection to really make my whole business work, and that I should target other big retailers in order to cover the most ground possible with regards to awareness about my product. I also believe that this should be my plan in the future as it would give me a wide range of people who are aware of my services and also in need of my services, which is good for starting the business.
What makes the most sense for growing in my existing market is just to try to appeal to many big name retailers and to try to persuade them to use my data collection methods in order to more effectively and ethically improve their future ventures. I believe that my company can be very successful in this market and that it is definitely the market with the biggest potential for my product and has the most need for it.
New Market
A new market that I am thinking about targeting once my company is expanded and grown is social media companies such as Facebook. Many questions surround these companies and their uses and collection methods of consumer data and I believe that my company could help to change consumer attitude towards them and that they would be more successful than they already are due to more positive publicity. Based on my interviews with two people I know who work for Facebook, I believe that my venture would be very successful because they recognize the public's attitude towards their current data collection methods and they see it as their weakest point in the public's perception of their company and are actively trying to fix it.
What surprised me the most about this new market is that they are actively trying to fix the problem and have still not garnered any attention to this fact by the media. I found it very interesting how they also are very self aware and keep up with their own social image of their company, although it makes sense because they are a social media company. I think that with a few tweaks and different data collection methods, my company would be very successful in this market and would be able to expand and grow, though I am not sure if it is to the same extent as my existing market because it would be harder to think of more secure and less invasive methods of data collection through social media.
Hello Alex
ReplyDeleteI do agree that you first goal in the existing market of data collection would be to overtime gain trust from people. In order to be able successfully gather information from them. Some improvement you could have investigate would be improve in cyber security of information your collecting. Also, for feedback I think you should have separate them instead of summarizing them as one person. Specially because if you separate what interviewer said, if they had the same idea you could able to list feedback from level of importance based how many times it was mention by different people.
Gaining trust from people is essential in your line of concept. When you are dealing with data collection, it is important to make sure that their data is in no way compromised or make a clear statement about how your business works and why it isn't what most people would think when hearing data collection. I would have certainly thought the latter if I hadn't read your concept, so I do think it would help to first gain people's trust.
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