Figuring Out Buyer Behavior Part 2
Findings and Conclusions:
In the interviews, I learned that there are a few ways I could have the segment I chose, people who'd like to help homeless people but do not have a lot of money or resources, contribute to their need through my business. My friend Taylor suggested using a means of crowdfunding to help get my business going. I could use crowdfunding to evaluate my business idea, get feedback from customers, and see how plausible the business truly is. Doing this, people can provide money for my business as a small means of indirectly helping the homeless. Essentially a charity of sorts. From the module in class, I could pick from a donation based , a lending based, and equity based crowdfunding vehicle. All of which are for different businesses in different stages.
Also, the interviewees all stated that the need at heart is to help the homeless. What matters to the customers is the self efficacy felt with helping homeless people, and that the firm actually does help the homeless. Essentially, the business just has to work accordingly.
My friend Viren also suggested lobbying to politicians to see if my business idea could be implemented using state and local funding. In Key West, I could get the attention of locals to see if they agree and would want to contribute to the business. Whether in a form of investment, employment, or lobbying, my business can take off in Key West through word of mouth and being politically in favor.
Again, what matters most to this group is seeing their dollar be used accordingly. If my business does a good job at finding those in need, providing for them, and improving society as a whole, then the customer will evaluate their contribution with a feeling of satisfaction and fulfillment.
Zach, crowdfunding is a great idea. A lot of worthwhile projects are funded that way these days and you can get a lot of viral exposure if the idea has legs, so to speak. Government money is another good idea, there is a lot of that to go around, if you know the appropriate channels to look to or lobby.
ReplyDeleteZach,
ReplyDeleteI think crowdfunding is a good idea to gauge public interest. It would give you great insight into the feasibility of the project. My only concern is that people would view your crowdfunding as the equivalent of the donation to a homeless shelter. They may donate, but maybe won't come back as users. I hope to see the crowdfunding work for this project.