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.
Hi Holly,
ReplyDeleteYour idea napkin was a lot more detailed than your first so good job on that! I like how you tied in a personal interest of yours to the product you were creating. This places you at a greater advantage and closer to the customer preferences since you are someone that understands the needs and wants of the market.
Hi Holly,
ReplyDeleteI think it is a definite advantage that you have a personal tie to outdoor exploration, as it is related to your product. I love the fact the the straps are made of recyclable materials as well. Great job narrowing down the specifics of your market in terms of location and income. I am a fan of your idea to give 10% of your profits to the National Resources Defense Council. I think that social entrepreneurship will appeal to your environmentally conscious customers.
Karla
Hi Holly! Great job on your 'Idea Napkin Number Two' assignment! It is interesting that when people gave you feedback that they wished they could understand you more as a person. It is also essential to understand the people who you are working with to grasp the idea they have fully. Online classes, like this, is more difficult because we are not around each other to get to know one another more intimately. Great Job!
ReplyDeleteHello Holly! I think you did a great job in readjusting your idea napkin based on the feedback you received. I think it was smart to narrow down your target even more because with a product like an ENO it can be something that needs to be market to specific people within certain regions. This will allow you to not waste money marketing to a broad audience. Great job!
ReplyDeleteHolly,
ReplyDeleteGreat job on the second round of your Idea Napkin.I appreciate that you went more in depth about what makes you you and how that connects to your product because i believe that passion is what fuels most entrepreneurs. Also,you did much better defining a narrower market and I believe that will make your product easier to advertise and sell.
Hey Holly,
ReplyDeleteGreat work really narrowing down your target market on this assignment. We can all tell how far this idea has come because it seems pretty much fully fleshed out at this point. You know exactly what you are trying to do and aren’t shy about admitting that it’s not a big idea, but a small one that is important to you. Good job!