Elevator Pitch No.3

https://www.youtube.com/watch?v=AZkPIJfdlm8&feature=youtu.be

Here is my third an final take at an elevator pitch for retractable Eno straps!

Reflection on my feedback

On my last elevator pitch, I received some insightful feedback. Most people liked how the structure of my pitch matched the tone of the product I was selling. They though the "professional causality" of it would translate well the target audience I was trying to reach. I decided to kepp the time lapse in my pitch because I think sets the scene well. I also kept my pitch outside to go along with the outdoorsy theme of Eno products.
I did also receive several comments that I should include a voice over on my time lapse of me setting up my Eno to set the scene and explain what was going on.

What I did differently

I took to heart the advice I received and included a voice over on my time lapse. Hopefully this helps fill the quiet space and better set the scene. Furthermore, I took my actual pitch standing up this time as opposed to actually sitting in my Eno to make sure the pitch doesn't come off as too casual. 

Reading Reflection No. 2

The Art of Social Media: Power Tips for Power Users by Guy Kawasaki

For this assignment, I read the book The Art of Social Media: Power Tips for Power Users. I was intrigued by this book because I am a Mass Communications major and have worked for companies' in operating their social media platforms. Below I have answered a few questions about my reading.

1) What was the main theme or argument of the book?

The main argument of the book was that social media can be an extremely powerful tool for your business.

The book teaches:

a) How to build your foundation

b) How to feed the "content monster"

c) How to attract more followers

d) How to integrate social media and blogging

2) How did the book, in your opinion, connect and enhance what you are learning in ENT 3003?

This book connected with what we have been learning in ENT3003 because social media has everything to do with consumer analysis, and in this class we have been learning the importance of understanding your consumer. This book has also taught me some things we haven't learned in this class. I've enhanced my knowledge and understanding of how social media can be a strategic and useful tool to gain consumer insight, promote your business, and generate innovative ideas.

3) If you were to create and design an exercise for this class, based on the book you read, what would the exercise involve?

The exercise I would create would be a dive into Instagram or Facebook. I would first have the student find the Instagram or Facebook page of a company related to their industry and perform an analysis on it.

They would answer questions such as:

How many follower do they have?

When was their first post?

Does their feed tend to have a general theme?

What do their captions generally say/allude to?

I would then have then create a mock social media post for their entrepreneurial endeavor.

4) What was your biggest "aha" moment while reading the book?

I loved how practical this book was. I was afraid it would be more geared toward already successful businesses, but it was very applicable to people on any business level. It started out with the very most basics, which I feel would be useful for people who aren't sure how to get started on social media. I also came to realize that you can't appease everyone on social media... you have to pick a very narrow target market at first and cater your posts specifically to them. This will weed out all of the people who wouldn't be interested in your product anyways.

Conclusion:

Overall, I feel like I obtained some surprising insight from this book. Social media doesn't need to be a hassle, but it can be utilized to really portray your business and reach more people!

Growing My Social Capital

Contacting Experts

For this assignment, I have reached out to three people: a domain expert in my industry, an expert on my market, and an important supplier in my industry. To each of these three people I have sent an email, simply asking for feedback on a business idea of my own as it relates to their own industry and markets.

1)The Domain Expert

I reached out to customer support of Eagle Nest Outfitters (ENO), and through them I attempted to get the contact information of the CEO of ENO. That was to no avail. The best I could do was the Preseason Coordinator, Allison. Allison is tasked with tracking supply and demand of products with season, and gauging what products impacted sales the most. I emailed Allison, asking if she would be able to give me feedback on a product pitch I feel would be a great edition to ENO. Because she has yet to reply, I don't have much more information on Allison.

2) The Market Expert

Jason Berry is the owner of Footsloggers in Boone, NC. Footsloggers is like a privately owned, small scale R.E.I. Because it is a local business, it was easy for me to request the contact information of Jason, and I actually connected with him on LinkedIn. Jason went to Appalachian State University and majored in Business Management. He enjoyed doing all things outdoors which inspired him to open Footsloggers Outfitters. Jason now acts as a successful certified business coach. I emailed him asking if he would give me feedback on a product idea because my product targets the same market as his store. Furthermore, I requested any business advice he had about small startups, and marketing to the outdoor community because he has personal experience in both.

3) An Important Supplier to the Industry

This one was a little confusing to me. I actually ended up sending a literal snail mail letter to the distributing office at Nalgene because they are a supplier who sells products to other stores and people in my industry. I basically asked the same thing in my letter. I'm thinking that I won't get a response, but I could potentially get redirected to someone who has answers. I was thinking by contacting a distributor who is not affiliated with ENO, but still within my industry, I may be able to get a better sense and new perspective on who my target market is!

Reflect

Although I don't anticipate getting responses from Allison or Nalgene, I created a potentially very useful connection with Jason Berry which is great. Although I haven't heard from him yet, I was able to connect with him on LinkedIn. Because we have similar school experiences and business goals, he may be a valuable network for me! This was a very different and uncomfortable assignment for me because it forced me to contact people out of my usual network, being school peers and teachers!

Idea Napkin No. 2

Revised Idea Napkin

1) Me

My name is Holly Dixon. I am definitely a people person. One of my biggest strengths is that I am able to empathize with people, see things from their point of view, and relate to them on a deeper level. I understand the importance of relationships and building connections with people, and this can be pertinent to business too. As for my personality, I am an avid hiker. Being outdoors is my favorite thing. I feel that I am most relaxed and focused when I am in nature. That is why I came up with the idea for retractable Eno straps, so that people like me who just want to enjoy the moment can do so without having to worry about the hassle of disassembling their Eno. If this business idea were to become a reality, it would play a role in my life because it is a product I actually believe in and would use on a regular basis. I would be able to easily communicate it to my target market as something I personally invested in and believe would benefit the outdoor community.

2) What I am Offering to Customers

First and foremost, I am offering my customers a device called retractable Eno straps. This device acts as a casing for you Eno straps. You pull the straps out of the casing and they lock into place, and when you're done for the day, at the click of a button, the Eno straps wind back into their case. More importantly though. I am offering the outdoor community an efficient and effective way to disassemble their Eno so they can spend more time enjoying the moment.

3) Who am I Offering it to?

I am offering my product to the outdoor community, specifically those who enjoy hiking and own an Eno. My primary market would be those aged 20-40 living in the North East- states such as North Carolina, Ohio, Maine, Vermont, etc. These people would be from the middle class, searching not for an economy or luxury good, but a good that offers the best value at the best price. 

4) Why Do They Care?

The most obvious reason people will care about this product is because it will help them avoid the hassle of taking down their Eno. However, there will be other perks. The outdoor community typically cares deeply about the products they are using and their effect on the environment. The retractable Eno strap device will be made entirely made from recycled plastic to ensure an environmentally friendly product that the outdoor community will be inclined to buy. It is also so important to give back to the earth also, so once the business takes off, 10% of all proceeds from retractable Eno straps will be sent to support the Natural Resources Defense Council. Consumers will recognize that not only does this product benefit their lives, but it is benefiting humanity.

5) What are My Core Competencies?

I am set apart from other because I am not trying to solve a BIG problem. I understand the value in starting small and growing. I have the ability to see how small solutions can have a big impact. Furthermore, because this is a product that I personally would love to have, I believe I possess the communication skills to convey to others why this product is so unique and valuable.

Feedback Memo

From my last Idea Napkin, I was able to take away some advice.

1) A few people said they wish they understood me more as a person and my personality. I tried to elaborate more on who I am as a person and how this connects to the product I am pitching.

2) A couple people suggested narrowing my target market even further by naming specific states, as well as the economic status of the market. I was able to consider this suggestion and incorporate these ideas more into who I am offering my product to.

Elevator Pitch 2

https://www.youtube.com/watch?v=YAwIUo47dSI

Follow this link to watch my new and improved product pitch for retractable Eno Straps!

Feedback Analysis

I didn't think any of the feedback I received from my last pitch was outrageous or silly. I was able to take all of it into consideration. It is true that the tone and my appearance on the last pitch didn't entirely match the product I was trying to "sell" which was all about simplicity and enjoying the moment. I feel that this video better captures what the product is all about. Further more, it more sufficiently addresses my target audience, who ideally are not serious business people in suits and ties, but people who enjoy relaxing and being outdoors.

Thanks everyone for your input!

Customer Avatar

Who is the Ideal Customer for Retractable Eno Straps?

I have done a lot of research regarding potential target markets for retractable Eno straps. If i were to create the absolute ideal customer for this product, here's what I envision:

This is Derek. He gets mistaken for a hipster (mostly because of his glasses and beard) but he definitely not.

Derek's Story

Derek grew up in the suburbs of Vermont and his favorite part of his childhood was going to the mountains and hiking with his family.

Derek attended school at Appalachian State University in Boone North Carolina and studied architecture. He spent his weekend finding new hiking trails with friends, kayaking, Enoing, ziplining- you name it. His job was at FootSloggers- a local outdoor outfitter. He is now 32 years old, works as a brew master at a craft brewery downtown Boone. 

Some Fun Facts About Derek

• He also works as a local free-lance architect
• His income is $60,000 yearly
• He lives in a small, rented home at the foot of a mountain 
• He has a long term girl friend, but is not married and has no kids.
• He has the engagement ring picked out
• They own a Golden Retriever named Pippin
• He drives a 2013 Silver Toyota Rav4
• He is politically independent because he cares more about people's values than party affiliation
• He is an expert at making homemade granola
• He has never paid a bill late
• He and his girlfriend have friends over every weekend for dinner, drinks and games
• Their house has a lovely patio with outdoor lights
• He has completed 3/4 of the Appalachian Trail
• He uses his gym membership 3 times a week
• His favorite book is Walden by Henry David Thoreau
• He wakes up at 7:30 every morning, drinks coffee on the patio, and makes breakfast for him and his girlfriend
• He hates running
• While he always seeks adventure, he also is a creature of habit so he usually hikes the same trails every weekend unless he is out of town
• Most of his clothes are a muted color
• He has a compost bin that he uses religiously
• He's a popular guy and most people don't dislike 
• Nearly every piece of furniture in his house was thrifted, but you would never be able to tell
• He wears his Chacos religiously
• He does the majority of his shopping at Whole Foods and Kroger
• He grocery shops bi-weekly and plans out meals in advance

Reflection

I have a few things in common with my avatar. Definitely not my age or socioeconomic status. But I too enjoy a variety of outdoor activities and adventures. I try to be environmentally conscious and I am a creature of habit.

I definitely don't think any similarities are a coincidence. I was thinking about some of my own interests and habits when creating this avatar. I was also considering a lot of the traits I see in people of the outdoor community.

What's Your Secret Sauce

Know Thyself

1) Five ways I believe my human capital is truly unique

• I am able to empathize with people well. I like to put myself in others shoes. When talking with someone I try to gain their own point of view. This helps me better understand them as a person and identify with what they are saying. This is what made me a good sales associate is that I wasn't just concerned with selling an item, but I was concerned with developing a relationship with the customer so that I could better cater to their needs.
• I am a personal researcher. My this, I mean I don't just research baseline demographics, but I learn about how real people feel about real things. This is a skill I applied to my social media management position. I started with simple research such as how old our customers were, where they were from and what their style is. I found that our company received a significantly larger response when I started actually talking to customer to understand their likes and dislikes, and more about what personal touches could take our company to the next level. 
• I stay within my realm of knowledge even when I'm out of my comfort zone. So many people embark on an endeavor that they are not passionate about, and that's why it fails. I think it is important to push your limits and explore new ideas, but I try to make it about something I already know and love. This has given me a breezy head start in the past.
• I know how to communicate. Nobody will listen if they cant understand what you're saying. i label myself as a communicator. I try to find the most clear and concise ways to get my point across and do it with a level of confidence that builds credibility. I believe if I have a great idea, its only as great as I am able to communicate it to be.
• I am well traveled (in the US anyways.) Having been to 32 states, I have leverage in understanding that just across state borders, people can operate under very different expectations and customs. It is so important to understand this when trying to define your market because this can help you either target a broader or more narrow market when you understand how the needs of people vary from state to state.

2) What five people who know me best have to say about my human capital

I have interviewed 5 people close to me to see their opinions on my own human capital. These interviews are short and sweet, but they get the point across!

https://youtu.be/HM3dgJEfw0I

My roommate Cheyenne says that I am a highly motivated person and it is unique in that I am able to motivate others as well.

https://www.youtube.com/watch?v=7YZbzjFN2k4

My roommate Natalie says that I have ability to put my mind to something and see it through efficiently.

https://www.youtube.com/watch?v=1yxBeq9W_3o

My roommate Sophie says that I am always willing to step up to the plate to help others.

https://www.youtube.com/watch?v=ZQauZCwhbZo

My friend Grace says that I set realistic goals and strategize to achieve them rather than just diving in.

https://www.youtube.com/watch?v=1xQBpWdudQ4

My friend Adam says that I have ambition to never settle for less than my standards.

Conclusion

There are differences int way I describe myself versus others. I noticed that I solely described what I have to offer, while my friends focused more on what I do for others. I suppose this is a characteristic in and of itself, that I do things with others in mind. I think there is a difference in our descriptions because I was very critical and analytical about myself, while my friends were speaking from a pure place about how they truly feel. Looking back on my list, I wouldn't necessarily change anything because I still believe those traits to be true. However, I would add more about how I interact with others.

BUYER BEHAVIOR #2

Evaluating How Your Customers Evaluate Stuff

For this exercise I have interviewed three more people, this time with a different approach. The questions I have asked this time are intended to gauge the relative attractiveness of my product by comparing it to alternatives. After a customer picks from a set of alternative drawn from research, I ask: Does price matter the most? Does quality? Does style? Furthermore I asked questions to figure out where and how they are most likely to do their buying. Finally, I asked some questions geared toward learning about their post purchase evaluation process. 

Here are my findings.

Interviewee #1

This person has an Eno, and actually three different lengths of straps so they can switch them out per the occasion. They admitted to having looked for an easier way to fold up and carry around Eno straps. For this person, quality is the most important thing because they are "literally hanging from a tree" and would never want to buy cheap or defective straps. They say they are willing to pay more money to ensure the quality and safety of the product. They like to shop for their outdoor gear at physical stores such as REI. They enjoy getting to talk to the sales associates who are knowledgeable about the products and can give helpful insight and suggestions. Before purchasing a product, they always make sure it has a warranty or good return policy in case the product isn't what they expected. They determine this by simply comparing what the product promises, to what it actually does.

My Summary:

This was a good reminder to me that many people in the outdoor community aren't looking for a quick fix to their problems, but rather something long lasting, durable, and worth while This is why many outdoorsy people like to shop at places such as REI and L.L. Bean because they ensure the quality of their products and have knowledgeable staff. If I were to create a cheap product for eno straps, people may search for a more "quality" alternative.

Interviewee #2

This is a college student who uses an Eno regularly in social settings. They find it "so annoying" having to perfectly fold up their Eno straps each time. They haven't actively looked for a solution yet, but they are open to one. For this person, affordability is most important because they are on a college student budget. Although they prefer products of higher quality, they tend to opt for cheaper alternatives to save money. They would look for such products places online such as Amazon because it is low hassle, cheap, and they don't have a car to drive anywhere. They evaluate their purchases by deciding whether it was minimally worth the money they spent or "did it get the job done?" 

My Summary:

This interview pretty much contradicts my first one. Being from a different age group and social class drastically changed the results of this interview. This was a good reminder that I need to decide what demographic I'm going to focus on because these people have very different way of approaching the problem.

Interviewee #3

This person actually works at an outdoor retail store. They have an Eno and they solved their strap problem by "tossing everything in their back pack." To them, products with the least hassle are most important so that they can spend more time enjoying the moment. They are willing to spend more or less just depending on how the product is going to enhance their life. They often look in the store where they work, or ask buddies for recommendations on where to buy things. They have bought a lot of their outdoor gear online as well as in store with no obvious preference. They evaluate their buying decision based on whether the product made things easier, or more complicated.

My Summary:

This interview was affirming because the whole point of retractable Eno straps are to be efficient and simple. 

Conclusion

These interviews gave me a lot to think about as far as who my target market will be. It could be the middle aged outdoor community for my primary market, and younger college students as my secondary market. I think it is important for me to maintain the integrity of my product while still keeping it affordable and branding it as simple.