12A – Figuring Out Buyer Behavior No. 1

-
Segment:
My segment is going to be of new buyers. People who are actively looking to invest in a new house/building. Since my product is a large scale product, that demands a lot of time of the consumer to research and think of the best solution for their want, I know I have to make a large profit over a small sale. I want to have a team of architects that are proficient in building eco friendly buildings and do not fear implementing new technologies.

I will target large corporations that want to expand their business into different locations. On a smaller scale I will speak to ordinary people that I know my product will be interesting. Since I don’t have a big budget to market, I will do research on companies that would be likely to invest.

Interviews:
Since my project is in such a large scale, and with a limited time ability, I was not able to conduct interviews specific to my target. I did speak to individuals who have the means to build a house (some wanting to build in the future, and some who have already built in the past).

From my interviews I was able to gather the following information:
Need awareness:
From the interviews I conducted, all people aged 40+, I’ve gathered that the prime time for me to sell my pitch are newly weds, or people wanting to move out of apartments to a house. From interview #2 I gathered that people with money, and conscientiousness of climate change and sustainability, will eagerly invest in sustainable architecture. Interviewer #3 mentioned something interesting, that it is relative of cost to benefit. If he had a lot of money he could openly spend he wouldn’t think to much of rejecting sustainable architecture, but with his limited money he would have to make sure he would gain something from it. 

Information Search:
From interview #1, the woman was always highly interested in sustainability. SHe gathers her information from the news she watches daily, and word of mouth. So if my product expanded to have more awareness in general, people like this person would have a more direct interaction with the idea I am trying to sell. 

Conclusions:
So my findings, though don’t encompass the whole scope of who I would market to (didn’t get a corporate or government notion), I found that I have to work on primary demand. Primarily on gathering new users because I have to make them want to build this huge investment that they will rarely do in their lives. Increasing usage rates is less important. Also, without being simply limited to the common person, corporations and the government would be interesting because I would be able to focus more on increasing usage rate as they are continuously expanding and growing. They also have the money to invest in this, so even if their thoughts of sustainability isn’t on the largest scale, to maintain social responsibility, they have the means to invest in sustainable architecture.

Comments

Post a Comment

Popular posts from this blog

9A – Testing the Hypothesis, Part 2

-
Who: Through my interviews I found a group of people that could fall outside the scope of my market. First it is people who don’t have thorough knowledge of sustainable architecture, and the second is people who don’t have the budget for it. Interviewer #2 from Fort. Lauderdale stated that he would only invest in something he knows would have a big impact, and he believes that sustainable architecture has very little impact. They fall outside the scope. In my interview #3 AND #4 stated that they would absolutely invest in sustainable architecture, but budget limits them. They would fall into the opportunity, but they have a limiting factor.  What: My need differs from other needs in the sense that it is still architecture and people have the need to build buildings, and so why not make it sustainable. Interviewer #5 said that if she easily found a sustainable architect that she liked and was not pricey she would go for it. So what I am gathering is that this opportunity is mor...
Read more

23A – Your Venture’s Unfair Advantage

-
Fundraising Abilities: increase capital, in the larger scope of things it will involve maybe dealing with loans, but fundraising helps understand logistics of amount of money needed. Valuable: I need money for my project. It is large scale, and requires money to get money. Rare: Not super rare, a lot of people have fundraised in their lives. Inimitable: many people have done, but it takes a lot of will and energy to fundraise a lot. Non-Substitutable: could substitute somewhat with loans Technological Connections: keep innovation up, so I create an always growing product Valuable: super, don’t want to lag Rare: not super rare, but my team would be loyal to me Inimitable: sure, but still a loyal team is crucial for these connections to reap benefits. Non-Substitutable: I can’t think of something that would substitute the knowledge of technology (that I don’t have) Environmental Awareness + Connections: will provide new knowledge on the area Valuable: it is the ...
Read more

8A - Solving the Problem

-
Image
My product is to provide more sustainable alternatives to commonplace products to reduce climate change effects. My solution to decrease climate change is to have products and architecture with lower carbon emissions. This could be applied to governments, corporations, smaller businesses, and the common person; so everyone. The level of importance differs between the different sectors because of scalability (governments and big corporations could naturally have a larger impact by switching to sustainable buildings and products). Different solutions/products: From my interviews I found that the first important step to reduce climate change is to make more people actually aware of the problem. Most of my interviewees were not aware of the scale of climate change and the “close” effects it will have on us (most feel like it does not directly affect them yet). So a solution is to actually SPEAK UP and advocate for this problem. We don’t want big corporations, much less the government...
Read more