The time came to register for our Bright ideas entry. Till this stage we should have information about our product, how will it work, what problem will it solve, how are we going to market it, who are the competitors/alternatives and the elevator pitch.
We were pretty confident from the starting, about how the ‘trusteam is supposed to work and what problem will it solve. For the elevator pitch, we used the template that Janja provided us in the welcome week. We were confused about the competitors and alternatives and how are we going to market it(who will be our first customer)
For our market we thought, as the product solves the problem of following a healthy diet, our first customer should be the people who are more health conscious. For this, we decided that we will market this to fitness studios like gyms, yoga, Zumba etc. These were the people who we talked to for our market research also. So it made sense to market them first. For the platform we went with, Instagram for promotions and Amazon.in for selling. Amazon is a great way to sell a product and most of the population use it. Promoting it on Instagram could give the product a glamorous look, as there are two designers in our team, we thought that we can have good and attractive advertising on Instagram.
We were confused about alternatives/competitors. We thought there are none but we didn’t know if that would be a very good answer. For this, we went onto attend Dwayne Reid’s session on bright ideas. That was the best thing we did, as he told us answering ‘there are no competitors and alternatives’ is the worst answer to give. He explained it with an example. He asked everyone in the room(5 people) that if they get hungry right now what will they do. The answers were
Go and eat in the cafeteria downstairs.
Order pizza from ubereats
One person said that he has brought lunch with him
one person answered that he will go to a Kebab place nearby.
So in this case Cafeteria, ubereats, home made food and nearby kebab place are all competitors/alternatives of each other. Even though they are working in the different market segment. This really helped us to fill out the ‘bright ideas’application and in turn helped us with our dragon’s den pitch which I will talk about in my next blog