Existing market
I can expand my business beyond just baby formula. For example, I could make a line of probiotic drinks for kids. I want to create products that are organic, healthy, and provide a range of benefits for consumers. I talked to three customers about how I could expand my business. One person said I could make a line of baby bottles and other infant products made of biodegradable material. Another suggested probiotic snacks for children.
Staying in the realm of infant and young children products makes the most sense for my venture. I think there’s a ton of potential in this market, especially after hearing the responses from the people I interviewed. I like the idea of creating biodegradable bottles to be used with the infant formula.
Every product I create in the future will be safe for consumers and the environment. I think if costumers see your business cares, they will care about your products. Maintaining a healthy lifestyle and caring about the planet will always be core principles of my business.
New market
My new target could be adults, such as creating probiotic drinks and protein shakes. This could be valuable for adults who want to maintain a healthy lifestyle. All of the people I interviewed said there’s a lot of healthy products I could create for adults.
I was surprised to find out there’s a lot of potential to grow my business beyond products for young children. I’m especially interested in the idea of protein shakes, since a large portion of people consume them regularly.
I think you have good product ideas for both your existing and new market. I think that if parents like the product that you make for their babies, the parents would be more likely to give your brand a try for your new probiotic or protein shakes. I think that this would be a good choice of a new market to tap into.
ReplyDeleteI think your new product idea is definitely a good one. I was certainly surprised as well when figuring out ways to grow my business as well, and its great to have the opportunity to think outside the box and come up with new ideas. I think you are thinking in the right direction!
ReplyDeleteexpanding your products to adults would be an easy profitable move. especially if you made a name for your brand and became popular. expanding and making new products for adults after branding yourself is such a good move for a venture like yours.
ReplyDeleteI could see your company branching off and starting to create drinks for adults. Although it would be a hard sell. I agree that the most potential would be marketing to younger children, I feel that adults will not want to drink a drink that is meant for children however.
ReplyDeleteHi,
ReplyDeleteI think this would be an awesome idea. You clearly identified both markets and how you would identify your new market. Probiotic drinks and protein shakes are something that both kids and adults can enjoy. It is very important to maintain a healthy lifestyle.
The cool about the new market is the fact that it will boost your confidence and even motivate you more. At first, you think only about one market that is probably small, and then after all the research and interviews, you find a new market that will even make your business successful.
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