25A - WHAT'S NEXT?


Existing Market
            For my next venture, I am determined to find how to attract more customers toward grocery delivery and how I am going to maintain loyal customers. However, the farthest I can possibly go is giving customers improved delivery service. The three interviewees I sought were three college students. After telling them my business idea and what I thought my next venture was, they agreed that they would want benefits to using the service. Therefore, it would make them more loyal and would want to spread the word about the benefits of getting their groceries delivered with my particular service. However, they could not think of anything else to venture onto next, for the main and final goal is to create delivery service more convenient for the customer.
            In terms of growing in my own existing market, I must keep my business unique and separate from the remaining competition in the market. By doing this, I plan on creating rewards for those who are using the service on a regular basis or more often than only a few times. For instance, in order to get certain benefits, a customer may have to accumulate points after each delivery. These points may lead to a discount off of their total order or a free delivery fee. This motivates customers to stay with the service.

New Market
            The market that I am currently targeting is both a B2B and a B2C. In order for me to provide improved delivery service to customers in the way that I have stated, I must also target the grocery companies – Publix, Walmart, Whole Foods, and Trader Joe’s. Of course, the B2B approach is necessary before successfully targeting the customers. Finding how to create value for the companies would be more of a challenge than finding how to create value for the customers. However, I would provide value for the companies by pitching to each company and trying to persuade them to collaborate with my company. In order to persuade them, I plan to explain to them the benefits that they would receive from this venture, such as increasing the customer base, which leads to increased profit.
            The two interviewees were people who were in the grocery market – one is a Publix manager and the other is a grocery supplier. They both had similar answers, saying that my business would be attractive because any company would want more profit and improved efficiency in their company. In my case, the B2B and B2C market go hand in hand. Therefore, one market is not more attractive than the other because without targeting the companies, I cannot target the customers in the way that I would want to.

Comments

  1. Haonan WangNovember 17, 2019 at 9:15 PM

    Nicolette,
    I agree with you that maintain consumer loyalty is essential for any business out there. I also like the idea of reward the consumer who uses the app most often. Once a company enters its maturity, it is very crucial for them to keep their consumers as long as they can. Lastly, I also think you collaborate with large grocery stores is a brilliant idea. This collaboration can generate more consumers to use your app.

    ReplyDelete
  2. Minseok MunNovember 18, 2019 at 11:18 AM

    Nicolette,
    Your new market strategy is very interesting in the sense that you are trying to create a new value for the four major grocery/retail services in the industry. While I do think that it is extremely hard to find and persuade a common value for all four of the services, I believe that data and customer information is a great valuable resource to companies, and it will be your company's strongest weapon as time passes by.

    ReplyDelete
  3. CmvoorheesNovember 18, 2019 at 11:43 AM

    Nicolette,
    I think you're headed in the right direction with you idea for a new market to try and enter. Having a strong relationship with the major groceries would prove beneficial to your grocery delivery business. I think if you can build a strong customer base it will be very easy to persuade the large grocery stores, but without results I figure it will be pretty hard to get them interested. Overall, you did a great job with this post.

    ReplyDelete

Post a Comment

Popular posts from this blog

30A - Final Reflection

Image
1.       Read through your posts from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread. In this past semester, throughout this class, I have been exposed to many things that will prepare me for the future. I am grateful to have been exposed to elevator pitching, networking, and coming up with an entrepreneurial plan. I have also experienced lows; however, I have taken these failures and turned them into something to learn from. Celebrating failure has given me better insight in constant improvement. 2.       What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing? The most formative experience was coming up with the venture plan because I came up wi...
Read more

28A - Your Exit Strategy

1.      Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? I would not sell my business in the next five years for a large return. I would rather try to allow the business to mature and grow in order for it to last for a long time. I do not think that business is 100% about profit, but also having a meaningful cause behind it. Ideally, when I retire, I would like to protect the business as something that would be a family business, passed down through generations. 2.      Why have you selected this particular exit strategy? I have selected this particular exit strategy because making a business a family matter allows the business to develop and maintain stability, commitment, accountability, ...
Read more

9A - Testing the Hypothesis, Part 2

The Opportunity: People who need groceries delivered lack a source of efficient services, for existing delivery companies do not deliver fast enough due to a high demand and inconvenient location. Grocery companies that deliver, such as Trader Joe’s, Whole Foods, Walmart and Publix, need to expand their delivering zones to make food delivery more convenient. As a result of these next five interviews that I conducted, I asked similar questions that I asked in part one. These questions included asking them if they get their groceries delivered and how often, what companies they use, what flaws they have noticed in the system, and why they think these flaws exist. However, these questions were asked to individuals who I assumed would have the same unmet need, but do not. Who: I found that those who have transportation and live in the suburbs fall outside the boundary of the opportunity that I have mentioned. Most who fall outside the boundary already have an ea...
Read more