Existing Market.
Step 1: The first thing I have to do is get a list of suppliers
for the pieces of my product. With the product being biodegradable finding a company
may be a little more challenging. Second I need to find the most efficient yet
beneficial marketing pathway to get the sales rolling.
Step 2: I interviewed three people who are in the same sort
of family as my product (lure business) and they agreed with my first step of
trying to nail down suppliers. They also said to start figuring out who will be
working for you.
Step 3: In the first year of my product I hope to have
several hundred units ready for sale. I hope to also be on several websites and
have a shelf in most of the local tackle shops within a 100 miles of my
headquarters. Also a group of about 5 people to help assemble and distribute my
product to these stores and online customers.
Year 5 I hope for my product to be
in the entire southeast United States including several large retailers like
Bass Pro shops and Dicks sporting goods. I hope to be seeing some good money
coming in and a lot and even more product going out. Hopefully I will have
several sponsored pros who will help spread my product across the tournament trail.
Five years is as far as I will look forward because I feel like it is a good
spot to stop and see where I am at that time and fix any issue then look onward
to another five years.
New Market.
Step 1: I believe this product could in the future impact
the freshwater world of bass fishing also. Some design modifications would have
to be made to account for the deeper average depth also the fact that
freshwater doesn’t really corrode anything. This would however exponentially
increase my sales if I can figure out how to make it work. The world of bass
fishing is way bigger and more spread out than the world of saltwater fishing.
Step 2: Bass a really good schooling fish, they will school
when it’s hot, cold, eating and spawning. They also tend to relate to small
pieces of structure which makes them harder to find if in deeper water. Also
lakes tend to be much dirtier than saltwater so sight fishing is almost
impossible. This freshwater rig will help anglers stay with these schooling
bass even in open water.
Step 3: Both of my interviews said my biggest challenge will
be to get it approved by B.A.S.S which runs most of the big tournaments. They
will ban items that give an unfair edge to certain participants. My product has
the threat according to the people I interviewed to create an unfair advantage.
This could potentially be devasting for my product because anglers wouldn’t use
it if they cannot use it for the tournament.
Step 4: The biggest thing I learned if I were to enter this
market is I have a lot of work cut out for me. I would have to complete
redesign the product which may require new materials and work on getting it
approved for the tournaments.
Having your product possibly banned from tournaments could be a big hit to you but thankfully that isn't your main market. I think that expanding your product and creating as many versions as possible for different situations would be a good way to move forward with your venture. I like that you stopped at 5 years for your prediction, it makes your idea more realistic than saying it will be used across the world.
ReplyDeleteI would say there is a 100% chance that the freshwater product would be banned from tournaments but I disagree with the thought that it would keep it from being successful. I do think it will be much different than the saltwater side. The fact that freshwater doesn't have corrosive properties does change the product idea. This may sound weird but maybe using something that dissolves and leaves a color trail almost like a bath bomb would be a viable option.
ReplyDeleteHey Isaac, I think if your able to get into all local bait and tackle shops within a 100 mile radius then your business will be thriving. I think marketing will be a challenge, however if you could figure a way to get professionals to start using it and have it cleared by the B.A.S.S. then your product sales will skyrocket.
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