Existing Market
1.
The next steps for my venture would potentially
be annual packages for people that travel very often. This would help them save
money and confirm cash flow for the company in advance.
2.
When talking to the people that I interviewed
they mentioned that the next steps for any type of insurance company is to
raise a great deal of capital. So I would need to talk to investors and make sure
that I have enough money to support claims in the early stages of my process.
3.
To grow in the existing market I will need to
make sure that I am constantly doing research. By researching and interviewing
with customers I will learn all of the things that are available to improve
upon. Without doing this there is very little chance that I can grow the company
in its existing market.
New Market
1.
As of now I am targeting everyday people. I could
potentially target very affluent customers.
2.
I could offer safe and private flights to people
that want privacy. These people could be famous but not wealthy enough to have
their own planes. We would allow them to keep to themselves and get to where
they need to go.
3.
The people that I interviewed that the main
thing that I would have to adapt is people’s opinion on insurance for a one-time
flight. I would need to make sure I showcase the benefits that come with a
situation like this and how it will help people.
4.
I learned that people that are more affluent are
more willing to pay money for comfort. The scope of my business is providing
that comfort to people and I could definitely provide it to this group as well.
Hey Nicholas! I like to see how you are branching out your ideas to different markets and consumers. You have great ideas and your new product has potential. You know what you must do to create your new product and make it successful. I agree that you must constantly do research, as that market is always changing. You have good vision for your future products!
ReplyDeleteHey Nicholas!
ReplyDeleteI think your idea for an annual package would be a great addition to your product. Giving your customers the option to lock in a years worth of your service at a discount would be a great way to secure customers. I think that targeting affluent consumers would be a good move as they will be doing a lot more traveling. Overall I thought you made a lot of great points and can't wait to see what comes next!