25A What's Next?

Existing Market

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

I decided to have different packages available for the musical therapy sessions. I think 3 would be a good start. The first one would include basic services with a small time frame available to use the service while the last one would be a deluxe package that would include everything and have an extended amount of time for service usage.

Step 2: Interview three customers who are already part of the market you have identified and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. 

The first individual I interviewed is a part of UF’s football band. Margret plays the alto sax. When I mentioned my product to her, she thought it was a great idea with much potential, if executed correctly. She says that she desires products that can benefit her greatly and makes her feel as though she didn’t waste her money.

My second interviewee was Ronald and he plays the piano. He didn’t seem too intrigued about my product. His reasoning was that he has tried to do something like this before, but it didn’t work out. He made a suggestion of possibly allowing musicians to collaborate within some of the rooms to produce a greater sense of positivity. I think that’s a solid idea and will look into more details soon.

Hector, who plays the flute, was the last individual I interviewed. He agrees that musical therapy would definitely uplift students’ spirits up, and he would be excited if he could experience it himself.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

I would continue reaching out to individuals about how they usually cope with stress and whether or not they felt a significant change after utilizing my service. I could do this research by conducting surveys, creating polls on social media, or simply asking them personally.

            Another factor I need to consider is consumer behavior. I need to observe and new trends that may appear and adjust to them quickly. Thus, I can continue to meet customers’ needs. Change is always bound to happen and I need to be able to adapt to any alterations.

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

I could reach out to other college students in the Gainesville area, such as Santa Fe students. This, in turn, would create a more diverse market and allow me to precisely make any necessary adjustments to my services.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

As stated before, everyone possesses a liking for music in some way. The main difference between these two populations—UF and Santa Fe students—is dependent upon their academics, involvement, jobs, among other factors.

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? 

Jones is a Chemical Engineering student at Santa Fe College. He has a very rigorous schedule and always finds himself being overwhelmed with his classes and involvement to the point where he can’t even find time to hang out with friends. His favorite genre of music is EDM, and he would love to find a place where he could feel the music enter into his soul and release all the tension he’s been holding. Plus, he would be with others who also share a passion for EDM, making the experience even better.

Marissa, a Biology major at Santa Fe, says that she is able to manage her stress at an adequate level, but she would like to discover other means of doing so. She claims that her friends are always complaining about how they always get headaches or sleep deprivation from being so stressed. She wants to help them, but her methods aren’t enough and thinks that having them listen to some chill Pop would definitely ease their minds.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on. 

            There wasn’t much of a surprise about what the Santa Fe students expected when I spoke to them about creating a music therapy facility. I asked them how they currently dealt with stress, and whether or not those methods were effective enough to reduce tension for a prolonged period of time.

            My expectations haven’t changed after finding this new market. Students are seeking for more ways for coping with stress. As of now, there isn’t a lot being offered, and I believe that my opportunity will be able to satisfy their needs.