One important element of the venture project is to do some market research in the first phase of building a business plan so I have gathered som thought on our project. By interviewing 5 people from different sources we have got some feedback on our product EasyMessages. When getting the feedback, they all got to watch the Video Pitch and ask complementing questions.
Who? Wanted to reach both early tech adopters and stressful business people with the targeted characteristics by choosing respondents from both groups. In this way we can compare the reaction to see were they overlap. It is a small set of data so the choice of individuals can affect the feedback a lot. From the limited pitch this should still be enough to gather some initial thoughts.
How did we find them? Searched in our own networks since the target group is close to our educational orientation. Family friends were a good way to find the attractive group of people.
Feedback 1: Direct response “I would be willing to pay an initial cost to have an app that solves my organizational problems”. Express a willingness to pay around 50 SEK to have an app that solves this problem. Prefers an initial cost but could also see a low monthly cost of ca 10-20 SEK. The targeted customer can probably afford this even if it can be a bit of a barrier.
Feedback 2: “I like the way of gathering all sources under one roof”. Likes the idea and express an interest in knowing which messages comes from what source. Think the icons used in the video pitch prototype is important.
Feedback 3: Enjoys the app and see the only challenge on how to let big players like Facebook differentiate in the app. Otherwise they may not want to collaborate. Needs to look into this but should be able to lift some players and benefit them in the work. Great potential of fast growth and funding and soon selling to one of the big market players.
Feedback 4: Great idea. Likes the most: the highlighting of the person you’re communicating with. Suggests opportunity to interlink this with usual contact book so all personal information also is gathered and can be used directly via the app, e.g. phone calls.
Feedback 5: Want us to think about: How to market the idea. Which forums are the best to enter? The project are on the right track of targeting the specific segment of customers with multitasking stressful business lives and early tech adopters. Possibility to do a market research on which forums that bring these two groups together? Also look in to different ways of marketing and establishing customer channels that contributes to an easier every day life for the targeted customers.
Going further with feedback: These are points we’ve considered in group and we will take them with us in the further development of our business plan. All ideas and feedback will be gathered and evaluated separately but definitely be used in some way.
Beside this we’ve gotten some detailed feedback from the opposition group we will regard 🙂