25A – What’s Next?

Existing Market:

1.  I think that off of my original vibrating alarm clock idea, there are many other things that could be next. I could make it into customizable mattress pads, but not only that. I could make it into vibrating pillows and blankets as well, that market could keep expanding.
2. Interview 3 people about the market and ask them what they think is next: Completed
3. Based on my interview with the customers in my market I have gotten some new input on my ideas and how I see this business moving forward. All three of the interviewees said that the product had really good potential to succeed the way it currently is, but then I asked them what else could be done and what else could I do to improve it. One of them said by adding possible comfort features to the bed clock alarm would be beneficial to consumers because then they could use it both as a mattress pad alarm clock but also a mattress pad. Another person suggested that I look into the brain and sleeping patterns more and try to connect my current product to that in some way. The third person who I spoke to said she would like to see it be transformed into a whole bed. So this design would be much bigger than what I originally planned but it may be beneficial to some.
Altogether, the feedback was really interesting and helpful and it provided a closer look at what I could be doing with my business. There were also Ideas thrown at me that I would have never thought about so it was very beneficial.

New Market:

1. The new market that I will identify is the older community that generally does not have trouble waking up in the morning.
2. I might be able to create value for people in that market by promoting the idea that it is more for comfort and not as much as a waking up aide. This would be a hard sell, but if I could promote the idea that this product makes waking up more soothing and relaxing then I would have a winner amongst this market.
3. I interviewed 2 people from this market and I got 2 completely different reactions. One of the older people who I talked to said that he does not see a need for this product. He did warn me that he doesn't like change so he is probably not the best person to comment on it. However, I told him that he is in my target market and it was important that I heard his opinion. He said he probably would not need this product because he wakes up fine every morning and doesn't mind it. The second person that I talked to said that she definitely would give this product a try. She said that she doesn't have a problem waking up in the morning but if this product would make that process a more comfortable one then she would be open to trying it out.
After interviewing these folks it was evident to me that there did seem to be a small market for this product in this drastically different market than the one that I was originally targeting. I think that this market could offer a possibility to do business in and I will not close off any market to my product.