Existing Market:
Based on my interviews with customers in my existing market, I've been able to come up with some ideas for what might be next for my venture. First, I explained my service and what it brings to the table and how my plan is for the website to revolutionize online sports betting. They all liked the idea with a few suggestions here and there such as offering new ways to play daily fantasy and things like that.
When asking what my next move could, or should be, I got back a couple of good ideas. One possibility was to find ways to connect with the four major American pro sports leagues, as they are all looking for ways to incorporate betting and all that it entails now that it is legal. Another suggestion was to create an app, which would be expensive, but if I were doing well enough to the point where it made no sense not to have one then it could be in the cards. I think what makes the most sense for my venture going forward is to continue to look for ways to expand and grow. Also to continue to find ways to set myself apart from the competition be it with a great app, new ways to play, or a partnership with a major league if I were lucky enough.
New Market:
My current target market is people with money to blow on things like betting and daily fantasy sports, but my service could also provide value to people who don't have as much money. Granted, it's a double-edged sword but if you don't have much money a quick way to double or triple it would be to gamble. Maybe not the smartest way, but definitely quick and definitely effective if you're successful.
Being a college student, I happen to know a few people who are often short on money so I asked them about the idea. Both of my interviewees were sports fans which is what I would be going for here (my target market is also sports fans, just the wealthier ones), and they were excited at the idea. They already use their few extra dollars to bet on lines and play daily fantasy to try and make a couple extra bucks, so they liked the idea of a better site/service. They made similar suggestions about creating an app for greater accessibility, and making connections in the business, which surprised me a bit at first because it was essentially the same as my target market, but I guess at their core they're all still bettors no matter how much they are wagering.
Finding ways to appeal to both middle-class and upper-class citizens is a great way to grow a business. By appealing to people with "money to blow" – as you described – you can charge more for a certain product or service; however, appealing to average, middle-class people will help you gain more of a following. It is great that you are finding a way to appeal to both of these groups. I do not know much about regulations regarding betting and wagering, but they are worth researching.
ReplyDeleteHey Jack,
ReplyDeleteI think being able to target middle-class people will allow your business to expand at a much greater rate. You can see from going to Las Vegas that regardless of your income class people will always like to gamble. I also think your friends from college gave you a good perspective of their needs and how to fill those needs.
Hey Jack,
ReplyDeleteI think opening up your marketing efforts to focus on people with less income rather than wealthier individuals could be a great idea for your business venture. Doing so can help your service grow in popularity as well as become more reputable. However, I also believe it is important to continue to appeal to your current market as well.