I'll preface this post by saying that I didn't receive any feedback on my last idea napkin, so the feedback I'll be using for this assignment is the feedback I received from the people I've talked to in the process of developing my business plan.
You: Talking to my friends and family for assignment 16 really opened my eyes to the human capital I possess that I was previously unaware of. I knew that I was honest, driven, and analytical, but my mom pointed out that I'm able to come up with creative solutions to problems and apply my wit to many situations. My mom is an incredibly smart woman who has worked in the mortgage industry for many years, so I trust her perspective on my business strengths. My aspirations are still to be a multimedia journalist or content creator, but if I actually created this business, it would mean traveling more to sell my product and getting to know the beauty world a lot better.
What are you offering to customers? My product is still the same as the first idea napkin: a smart mirror that detects the color of the room's lighting and corrects it to match the appearance of natural sunlight. When one does their makeup under poor lighting with unnatural tones, their makeup will likely look unfortunate when they step out into natural lighting. This mirror removes this disconnect in lighting scenarios so that customers' makeup is perfect every time.
My interviews have confirmed that this is a real issue with makeup users that can be solved by this type of product. However, through my studies, I have found that consumers in this target market will not settle for an aesthetically unpleasing product. Therefore, I will pay as much attention to creating a beautiful product as I do to making a functional product.
Who are you offering it to? Originally, I was planning on offering this product to hotel/Airbnb owners who wanted to improve their guests' stay and die-hard makeup lovers. I still plan on selling to these markets. I learned in my marketing class that services are intangible, yet consumers still judge the quality of the service based on tangibles (how soft are the beds in the hotel, whether it has a pool, etc.) I'm confident I can sell my product to this market based on the logic that it is another tangible to offer their customers that will give them a more favorable view of their stay. I am also confident that makeup lovers will be interested in this product. I am friends with many people who fall into this market, and I have found that they are more willing to buy new or quirky products to add to their beauty collections, like jade rollers and makeup fridges. I am certain they will hold my product in the same regard.
However, I have started to notice something curious about the buying habits of my mother. She is not super knowledgeable about skincare or beauty, but she knows that she wants to take care of her skin and make her makeup look the best it can look. I have noticed that she buys products without really knowing what they do or what's in them. I pointed out that several of the products in a skincare set she bought from an Ulta salesperson have alcohol in them, which damages your skin. She had no idea it had alcohol in it, nor would she know to look for it. I think this is an interesting buying habit that I might be able to work with. I don't want to mislead or manipulate customers, but if a large section of my market wants to buy beauty products, but doesn't know which ones to buy, that's a huge opportunity that I would be dumb to ignore. Therefore, I'm considering expanding my target market to casual beauty consumers or makeup beginners with an interest in innovative products.
Why do they care? This part hasn't changed. Makeup lovers care because, well, they love makeup. Whether they're makeup artists, cosplayers, bloggers, YouTubers, or just people who want their makeup to look good under all circumstances, the Glow and Behold mirror is right for them. Hotel and Airbnb owners care because their business is dependent on the quality of their customers' experience. Almost all Airbnb owners want this for their spaces, but I am targeting the owners of nicer hotels that compete with other upscale hotels. I am sure the owner of a motel off the interstate is not too concerned about their guests' makeup lighting.
As for the new target market I discovered by watching my mom's purchasing behavior, they care because they want to be a part of something that they have little knowledge about. They want all the help they can get to break into this new skill/hobby. The Glow and Behold mirror is that help that they desire. It gives them the perfect lighting for makeup application so that they can focus on perfecting their blending and finding out which beauty products work for them.
What are your core competencies? As I stated in Idea Napkin No. 1, a product like this mirror does not exist on the market to the best of my knowledge. There are plenty of beauty mirrors that tout bright lighting or portable lighting, but not color-corrective lighting. That's my primary selling point. As I said earlier in this post, I have been informed that I am able to creatively solve problems, and I intend to use that throughout the development and marketing of my product.
Evaluation: I still believe that these elements fit together. They're not a perfect fit, but I think I can make them work to my advantage. Of course, the new target market I have identified is a little weak because I've just come up with it. I'm not sure if adding this market is an opportunity I should definitely take or an unnecessary expansion. Let me know in the comments what you think!
Feedback memo: One main point I took away from the feedback I received was that aesthetics are key to marketing this product. If the mirror doesn't look good in the customer's mirror selfies, then I might as well not sell the product. I made special note of that in the second paragraph of this napkin. The other main point I took away was that there may be many more markets to consider selling to. I noted that in the third paragraph with my evaluation of my mom's buying behaviors. I'll try to look more closely for target markets. I don't want too many, since a large market doesn't necessarily make a good market, but I don't want to exclude people who are willing to buy my product from my marketing focus. Let me know in the comments what you think about this strategy of market identification.
You: Talking to my friends and family for assignment 16 really opened my eyes to the human capital I possess that I was previously unaware of. I knew that I was honest, driven, and analytical, but my mom pointed out that I'm able to come up with creative solutions to problems and apply my wit to many situations. My mom is an incredibly smart woman who has worked in the mortgage industry for many years, so I trust her perspective on my business strengths. My aspirations are still to be a multimedia journalist or content creator, but if I actually created this business, it would mean traveling more to sell my product and getting to know the beauty world a lot better.
What are you offering to customers? My product is still the same as the first idea napkin: a smart mirror that detects the color of the room's lighting and corrects it to match the appearance of natural sunlight. When one does their makeup under poor lighting with unnatural tones, their makeup will likely look unfortunate when they step out into natural lighting. This mirror removes this disconnect in lighting scenarios so that customers' makeup is perfect every time.
My interviews have confirmed that this is a real issue with makeup users that can be solved by this type of product. However, through my studies, I have found that consumers in this target market will not settle for an aesthetically unpleasing product. Therefore, I will pay as much attention to creating a beautiful product as I do to making a functional product.
Who are you offering it to? Originally, I was planning on offering this product to hotel/Airbnb owners who wanted to improve their guests' stay and die-hard makeup lovers. I still plan on selling to these markets. I learned in my marketing class that services are intangible, yet consumers still judge the quality of the service based on tangibles (how soft are the beds in the hotel, whether it has a pool, etc.) I'm confident I can sell my product to this market based on the logic that it is another tangible to offer their customers that will give them a more favorable view of their stay. I am also confident that makeup lovers will be interested in this product. I am friends with many people who fall into this market, and I have found that they are more willing to buy new or quirky products to add to their beauty collections, like jade rollers and makeup fridges. I am certain they will hold my product in the same regard.
However, I have started to notice something curious about the buying habits of my mother. She is not super knowledgeable about skincare or beauty, but she knows that she wants to take care of her skin and make her makeup look the best it can look. I have noticed that she buys products without really knowing what they do or what's in them. I pointed out that several of the products in a skincare set she bought from an Ulta salesperson have alcohol in them, which damages your skin. She had no idea it had alcohol in it, nor would she know to look for it. I think this is an interesting buying habit that I might be able to work with. I don't want to mislead or manipulate customers, but if a large section of my market wants to buy beauty products, but doesn't know which ones to buy, that's a huge opportunity that I would be dumb to ignore. Therefore, I'm considering expanding my target market to casual beauty consumers or makeup beginners with an interest in innovative products.
Why do they care? This part hasn't changed. Makeup lovers care because, well, they love makeup. Whether they're makeup artists, cosplayers, bloggers, YouTubers, or just people who want their makeup to look good under all circumstances, the Glow and Behold mirror is right for them. Hotel and Airbnb owners care because their business is dependent on the quality of their customers' experience. Almost all Airbnb owners want this for their spaces, but I am targeting the owners of nicer hotels that compete with other upscale hotels. I am sure the owner of a motel off the interstate is not too concerned about their guests' makeup lighting.
As for the new target market I discovered by watching my mom's purchasing behavior, they care because they want to be a part of something that they have little knowledge about. They want all the help they can get to break into this new skill/hobby. The Glow and Behold mirror is that help that they desire. It gives them the perfect lighting for makeup application so that they can focus on perfecting their blending and finding out which beauty products work for them.
What are your core competencies? As I stated in Idea Napkin No. 1, a product like this mirror does not exist on the market to the best of my knowledge. There are plenty of beauty mirrors that tout bright lighting or portable lighting, but not color-corrective lighting. That's my primary selling point. As I said earlier in this post, I have been informed that I am able to creatively solve problems, and I intend to use that throughout the development and marketing of my product.
Evaluation: I still believe that these elements fit together. They're not a perfect fit, but I think I can make them work to my advantage. Of course, the new target market I have identified is a little weak because I've just come up with it. I'm not sure if adding this market is an opportunity I should definitely take or an unnecessary expansion. Let me know in the comments what you think!
Feedback memo: One main point I took away from the feedback I received was that aesthetics are key to marketing this product. If the mirror doesn't look good in the customer's mirror selfies, then I might as well not sell the product. I made special note of that in the second paragraph of this napkin. The other main point I took away was that there may be many more markets to consider selling to. I noted that in the third paragraph with my evaluation of my mom's buying behaviors. I'll try to look more closely for target markets. I don't want too many, since a large market doesn't necessarily make a good market, but I don't want to exclude people who are willing to buy my product from my marketing focus. Let me know in the comments what you think about this strategy of market identification.
Hey Peyton! You had a great post and revising some of the minor things to only enhance your first napkin. I do agree with you that our generation does know a lot more about make up than our parents age group. I was great to display that because by having the mirror it can help when applying your make up so no one looks crazy when they leave the house.
ReplyDeleteThis is awesome! There is a pretty clear distinction between your original product and what you've added to the functionality since that first idea napkin. A way I think that this post could've been stronger is by expanding the core competencies section. What exactly do you already do that would make you the perfect person to develop this product? Nice Post!
ReplyDelete