25A - What's Next?

 Existing Market:

  • The customers that I interviewed are all users of food delivery apps, discount apps and other similar apps. I explained to them that I believe the fast food industry and thus the need for faster service will grow substantially over the next 10 years. Everything seems to revolve around convenience these days and that is why my app will be aimed at providing the most  convenient experience for restaurant goers. While apps for food delivery services already exist, there is nothing that exists to save time for those who choose to eat out, either out of convenience or because that is just what they prefer. Reducing the wait times for these customers will bring an added benefit that other apps in the market currently do not offer.
  • The customers I interviewed had some suggestions for me as well, which could help my app stay relevant within this market. One of their main suggestions was to eventually add a food delivery service on to my app and use the discounts as a way to draw users in and pull them away from already existing food delivery apps. Differentiating myself in this way as well as offering the real-time updates of wait times will help this app to succeed in an already competitive market place.

New Market:
  • A radically different market for this new idea would be to sell this app or the software behind the app to restaurant owners. This way, restaurants would be able to post the real-time updates of wait times on their website or on their own app without having to update it themselves. This would help so that the employees would not have to answer constant phone calls about wait times that customers may have.
  • This market would be slightly harder to enter into because a lot of restaurants may not find it necessary or may already have their own system in place for handling these types of questions from their customers.

Comments

  1. Haven TwyfordJuly 27, 2020 at 8:42 AM

    Hi Kristin,
    I think you did a great job targeting both markets and learning from them. This exercise also gave me a lot of insight on how to improve my product, especially those in the new market. I think it's a great idea to incorporate a food delivery service down the line, because that would diversify your service even more. Also, selling it to restaurant owners is really innovative, I never would have thought of that!

    ReplyDelete

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