In the last "Testing the Opportunity Hypothesis" exercise, you explored the limits of the "who," "what," and "why" of your opportunity. In this exercise, I'd like you to further refine your conceptualization of opportunity, especially focusing on setting the boundaries of your opportunity and determining areas that lie outside your boundary definition.
- 24 year old, female, waitress/student.
- Beauty enthusiast, should be interested in the product line, but prefers the convenience of drugstore brands over a higher-quality alternative offered elsewhere.
- 19 year old, male, very passionate about haircare.
- Loves high-quality products, but doesn't trust that a lower cost product will be as effective as the high cost products he is willing to pay for now.
- 45 year old, female, mother and realtor.
- Very passionate about her haircare but isn't comfortable changing from her current products that work very well just to save some money.
- 30 year old, female, uses other high-quality affordable brands for makeup and skincare.
- Doesn't care enough about haircare to be changing products. Keeps her hair short so she isn't worried much about damage and increasing the quality of her hair products.
- 21 year old, female, enjoys haircare and affordable, luxury brands.
- Has struggled a lot with finding products that work in the past. Doesn't want to change from her current products that are working well for her now.
| Inside the boundary | Outside the boundary |
| Beauty and self care enthusiasts | People who don't care what their hair products are or people who prefer to spend more. |
| Affordable, high quality hair products | Convenient, cheap hair products. |
| Because these products are not yet available in the market. | Some people want convenience more than quality of products, which would encourage them to purchase drugstore products. |
Olivia,
ReplyDeleteJob well done in completing this assignment. Did you ever look into the beauty brand Beauty Pie that I recommended from one of your previous posts? I think you are heading in a good direction with to bring high quality products to a specific target market (e.g. the cost conscious customer). Have you considered where you would like your product to land in between brands? Such as lower price point than Biolage or Redkin but higher than Loreal or Garnier. I have always been surprised that Head & Shoulders continually wins Allure Beauty Awards. I am currently enjoying a Co-wash by Pantene; although, I am usually loyal to Pureology.
Best Regards,
Suzanna
Hello Olivia.
ReplyDeleteGreat post! I will be one of outside the boundary. I don't know it is just because I'm a guy and have short hair, I don't really care about which brand. I always buy 2 in 1 shampoo and conditioner which is on sale or have reasonable price at Walmart or Publix. Only thing I care is the smell of the product. Do you have any strategies that bring people who are in outside the boundary to the market?
Once again, great post!
Kaito
Hi Olivia,
ReplyDeleteI share many of the same reservations as your interviewees. It can be difficult to manufacture salon quality products and make a profit margin on the products when many big name brands are saturating the market. Also, many times it can be an undertaking to convince people to switch from their "ride or die" products to a new unknown. I think marketing to influencers and other people that can reach a broad community and attest to your product's effectiveness could help persuade those who fall outside your boundary.