9a testing hypotheses
Who: people who already have a clear plan for their children that they have either mapped out themselves or helped their child map out. Also more well off people who aren't worried about the cost of their Childs education as much as middle class and poor people are. I think the third and final category are people who can't afford to spend money on their child's extracurricular activities when there are other free options such as sports and the like. Although my pitch is for a non-profit we would still to charge parents to cover payroll and promotional events. Becuase we aren't looking for profit our prices wouldn't be too high, but free definitely beats it.
What: My opportunity probably doesn't extend to parents looking for advanced internships for their children. It also may not extent to parents who aren't sending their children to college
Why: The underlying need may be different depending on the parent. They could have the same need but possibly a different solution, such as jobs, or internship program.
Inside
Who: Middle-class parents with kids they want to send to college
What: the need is for their children to figure out what they want to go to college for, gain relavant experience, and participate in giving back to their communities.
Why: kids who don't do this can often waste their parents money in college
Outside:
Who: parents with alternative solutions to the problem, or parents that have no intention of sending their children to college
What: the need is not an internship program, or job training
Why/alt explainations: parents have connections to get internships for their child, or have a family business they want then to participate in after school.
What: My opportunity probably doesn't extend to parents looking for advanced internships for their children. It also may not extent to parents who aren't sending their children to college
Why: The underlying need may be different depending on the parent. They could have the same need but possibly a different solution, such as jobs, or internship program.
Inside
Who: Middle-class parents with kids they want to send to college
What: the need is for their children to figure out what they want to go to college for, gain relavant experience, and participate in giving back to their communities.
Why: kids who don't do this can often waste their parents money in college
Outside:
Who: parents with alternative solutions to the problem, or parents that have no intention of sending their children to college
What: the need is not an internship program, or job training
Why/alt explainations: parents have connections to get internships for their child, or have a family business they want then to participate in after school.
You did a good job of identifying different client groups. The list is quite large, and each identified group is rather inclusive. It’s quite clear that you focused on pushing the boundaries of your idea, and you intend to make it into a good business (in theory). I’m sure the interviews went well, and I hope to read about them in a future post.
ReplyDeleteI enjoyed reading your post because I think you did a great job of evaluating the who's, what's, and why's inside and outside of the boundaries of your opportunity. It is evident that you understand your intended market and their unmet needs, as well as their reasoning. Seeing how elaborative your post was, I see your business heading in the right direction!
ReplyDeleteHey Kai,
ReplyDeleteI really liked your post and thought that it was very well done as it properly analyzed those that would not fall into your target audience. I believe that your target audience is very broad and it is difficult to identify who would not fit into it, but I think that you did it very well. I also liked your reasoning for those who fall outside your target audience in the table, as I did not think of that myself.