What's Next


Existing Market. 

I think that as the brand launches and we begin to evaluate the progress of the product, then changes will be made accordingly. If we want to create new features then that will be able to be added to the app for an easy solution.

I talked to Matt who said he loves the idea because he already has a smart watch so it would be easy to use once the thermostat is installed. He thinks it is a unique idea and said that in the future we could consider adding features such as a speaking aspect like how people can ask Alexa to do things through a speaker. So a possibility could be adding a voice feature for people to tell the Arm Stat what to change the temperature to. I interviewed a girl named Kaitlyn and I told her about how I would love to get on Shark tank and she thought this would be a great way to gain exposure if I was accepted on the show. She didn’t have other ideas on how to expand the product. And my third interviewee, Sam, said he would consider getting the Arm Stat after college if he had some extra money to spare. He said he thinks it is a good idea to target apartment complexes so that the residents would really only be purchasing the app.

            I think to continue setting a future path for Arm Stat we need to really hone in on our social media advertising and connecting with influencers. We also need to target apartment complexes that could buy the product in bulk to have them installed in the residents’ homes. We would be making money from the apartment buying our thermostat, as well as the residents buying the app for $9.99.
            To grow the existing market of customers in their late 20s and up we need to target those who have recently gotten their first job out of college and are excited about having some more money to spend. These customers and of course, the apartments will be the biggest areas to focus on in order to grow the business.

New Market.

 A different market could be targeting businesses depending on how their offices are set up. If it is a bigger office with multiple rooms then we would be able to set up multiple thermostats to connect to different peoples’ smart watches.

I think that this could create value by expanding to help keep people more comfortable in the workplace. I have been to many offices where the workers complain about how cold it is so I definitely think that there is a need.

I interviewed Lisa who works at my office in Nashville and she thought it would be a great idea to help regulate the temperature of our office. If all of us downloaded the app and connected to our smart watches then the air could be averaged out to keep everyone comfortable. I also interviewed Lily who works next door and she thought it would be a great idea because her office is two stories and she is always on the first floor so it would be nice for her to be able to control the lower temperature. She said it would be interesting if there was a questionnaire that customers could fill out to help determine what air temperature they typically like to have it set at.

            I learned that there is a possibility for my product to be in this new market and got some really great ideas from it. I think it would be difficult because a lot of offices are very big rooms that just wouldn’t be realistic but I think for smaller offices it could be a great solution. I also loved Lily’s idea to have a questionnaire so that it can help the app determine a good temperature for the person wearing the watch.
            I don’t think that this market would be as good as my in-home market but it could definitely be an idea for in the future if the company is trying to expand. I got some great feedback about what to do in the future and who would actually buy my product now.


Comments

  1. Austin GalbraithNovember 19, 2018 at 4:31 PM

    Brooke,
    You do a great job recognizing your market as it is right now and who you want your new market to be. If people that live in apartment complexes that use your arm stat like your product that might help your product spread to offices. I've been in many offices that are either to hot or too cold so a product like this would be amazing because the office will be more comfortable to a wider range of people.

    ReplyDelete
  2. katerinagarciaNovember 19, 2018 at 10:03 PM

    Hi Brooke! I like the take that you took on your future product steps to maximize marketing. I agree that this idea will push your product over the top, especially now where technology is the most popular commodity, publishing this new smart home feature the right way is what will bring this product to the next level. Overall I really enjoyed reading your post!

    ReplyDelete
  3. UnknownNovember 19, 2018 at 10:38 PM

    Brooke,
    I think you got some really awesome feedback from your interviews. I also really loved Lilly's idea of getting to know the consumer so the product can be adjusted to suit them and cater to their needs. I think selling to apartment complex's is an amazing next step that will continue to grow your business. As having your product in apartment complexes will help you advertise to their tenants as well.

    ReplyDelete

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