Existing market
Step 1: I think that whats next for my venture is to partner with companies with unused parking spaces and offer premium subscriptions through my app to be able to park there. This would be beneficial to all three parties involved: my customer, the company/business, and my business. The customer would have better parking spots, the companies would be receiving a portion of the monthly subscription fee that the customer is paying, and so would my business. I think this is a good idea because the company might have unused parking spaces that they might want to sell but might not know how to advertise it. I could sell these through my app to customers who already use the app.
Step 2: No interview
Step 3: I think people would agree with me that this next step with subscriptions is a good idea. I think this would help grow my business financially because it would be an extra source of revenue and people would be interested in it because it would mean better and private parking spots that they know will always be there for them to park. It would be very a very reliable way to park.
New market
Step 1: I think that I would be targeting people trying to save money with my original business idea. I think people would use my app to be able to find the cheapest parking in high-volume areas. I think that my new business venture would cater more to people who are willing to spend more because they'd be paying more for a subscription.
Step 2: My venture concept would create value for people in this market because I think that people who have more money might be willing to spend this extra money on a better parking spot that's closer to where they need to go, is more reliable, and will always be there.
Step 3: No interview
Step 4: I believe that this new venture would provide a great second source of revenue for my business. I also think that this venture would open my business up to a new market of people who are willing to spend more money to be able to save time when parking. Many people would be open to the concept of spending money each month to have a great parking spot near where they need to be and where they know it will always be so no one else can take it.
I don't think this new market is quite as attractive as my existing market. The reason for this is that my existing market had a much more urgent need. They are probably looking to save money and time, which my app would help them do. The new market is looking for a less-needed service. They could use my app regularly and they would still save money or time, but they probably don't need to buy a subscription for a better parking space.
I think a paid subscription would be important for your profits as an app. However, I am curious of how profit would work because parking spots are very expensive monthly in Gainesville, so the price per month of the app could be extremely expensive (upwards of $200) and I don't know if people would rather rent out a specific parking spot monthly so it is secured just to them all the time. There would have to be a limit on the number of subscriptions allowed in relation to the number of spots currently bought by your business.
ReplyDeleteHi Kimberly,
ReplyDeleteI like how in your new market, you are targeting a group of people that are willing to pay more. I would definitely be willing to pay if I was ensured a parking spot. It adds convenience and saves time when you don't have to circle parking lots for a spot. Even when we pay for decals at school or a street pass, there are never enough spots, so I would be curious to see how you would alleviate that.
Hi Kimberly,
ReplyDeleteWow, I think it is very cool how you moved on from just people trying to find parking spots to companies. I think it is essential for companies, as they would be able to decrease the traffic and create less of a downtime with their employees. Once you are able to create an application that works for the people that are not looking to spend as much money, I think premium parking would be essential, as many people are desperate to look for parking spots to be on time!
Great work on the assignment.
Hey Kimberly,
ReplyDeleteYou've a great solution to what I think is a very real problem for a lot of people, especially in Gainesville. You're taking a resource thats already there and just finding a way to optimize its utility. I think thats a wonderful innovation. A huge strength you've found here is to create a subscription service. Its similar to the idea of paying for a parking pass on campus, but with a guarantee you'll actually get to use it when you need to lol, Keep up the good work