What's Next?

Samantha Twohig
ENT3003
What’s Next?
4/9/20

Existing Market:

Step 1: In terms of product/service, the next step in my venture would be to find a reputable social media platform and sell them my idea. They would most likely test the product and see the amount of people who make accounts using this change, before all social media platforms make this change as well. They would need to determine if making this adjustment will further benefit their business enough.

Step 2:
Interview 1: (female, 18) This young teenager uses social media on a daily basis in order to communicate with friends and family as well as sharing pictures. With college coming up she now uses social media platforms to meet and connect with new people who will also be attending her chosen college, Mount Saint Mary’s College in New York. She never thought about the problem of data violation, but after I explained my product to her she agreed that she would feel a lot safer if not as much personal information was required when making these accounts.

Interview 2: (male, 24) This young adult just graduated from the University of Florida after getting his masters in business administration. With that being said, he is moving to New York City in search of a job in that field. He stated that social media plays a very big role in both the job search and the search for an apartment as it makes it easier to communicate with possible employers as well as apartment building managers. After hearing about my product, he stated that we should be coming up with a way to encourage all platforms to make this change.

Interview 3: (female, 50 children 14,16) This woman not only uses social media herself but she also watched her two children use it all the time, many hours of the day. She liked hearing about my product and believes it should be implemented immediately as it made it feel more comfortable especially regarding the safety of her kids. She believed that we need to somehow get this idea out there and get the attention of the social media platforms.

Step 3: In terms of growing my existing market, I will need to find investors. It will cost money to make the product as well as implement it into each platform. Additionally, in order for existing businesses to support me, they need to know that other people believe in the benefits of the new product. As a result, I need to do some research on the different social media platforms and their importance for customer safety and start pitching them my idea.


New Market:

Step 1: This target market is one that is unaware of what social media even is and would not even think about using it.

Step 2: My product does not need to only be implemented in social media platforms but it any types of forms that may require certain information that may be unnecessary. To appeal to my chosen new target audience, my set of required information can be implemented anywhere in order to make all people feel safer when sharing certain information and be aware of where this information will be kept.

Step 3: It was hard to find people in this target market because social media has become such a huge aspect of people’s lives and very few people refrain from using it. However, I was able to find a few people to interview and they greatly helped me build on my idea. My first interviewee was my dad who does not have any form of social media. Although he does not use it personally, he sees people around his use it and feels safety should be these business’ first priority. He also said that this product could be implemented in many places for instance applying colleges.

My second interview was with my grandmother who never had social media and would never think of having it. However safety has always been a big priority to her especially now that privacy violation has become a growing issue. She loves my idea and thinks it should be implemented everywhere in order to appeal to all audiences rather than just people who use social media.

Step 4: After taking a look at this new market, it does not seem to be as attractive as my existing market however it was good to research and see the affects my product would have on different people. A large amount of revenue would not come from this new market. After receiving feedback, it was brought to my attention that although social media is a large aspect of society today, it is not the only thing that experiences violation of privacy and I need to take that into consideration as I enter my product into the market.