Embedded Files
Product Design
Market research
Market research
17 October 2021 - 24 October 2021
Overall reflection: Deadlines are especially important to ensure that we are on track with our tasks. My team had established to have a meeting every week to keep up to date with each other, and make sure we hold ourselves accountable to our respective tasks.
After our business proposal presentation, we had a team meeting to discuss how to go forward.
I had a separate meeting with Stevenson to work on our market survey so that we can get a better idea on the publics' view on terrariums.
One challenge was to make sure that we don't receive any false positives. As such, we've structured our questions strategically such that we will get to receive only authentic answers. We've also narrowed the participants by their interest in our product to make sure that it tailors to our target audience, and came up with a strategy on how to target social media influencers.
After the zoom meeting, we have also been constantly trying to refine the survey.
More analysis
More analysis
Refining process
Refining process
Ongoing market survey (aiming to hit more participants, with sample size of 100+, so we'll be extending the date till end October for this)
General
Filtered to interest - Part 1
Filtered to interest - Part 2
Filtered to interest - Part 3
What's next?
What's next?
25 October 2021 - 31 October 2021
25 October 2021
As written in the team blog, next up will be to come up with a budget plan and the handling of our social media. Stevenson and I met up afterwards to discuss more on how we'll go about with this and came up with several ways on how we'd want to market, and following that, what our budget will be like.
During the next couple of days, I will be handling the social media accounts for Felix Natura (setting up of social media accounts and postings pre-launch).
26 October 2021 - 31 October 2021
I've set up our social media pages and contacted several friends/micro-influencers to help to bring awareness to our product. So far, all of them have been receptive towards it. I'll be looking at interviewing them over the next couple of days.
Will our customers like our product? How do we improve them? I think questions like these can be easily addressed by interacting with our first batch of 'influencers' because they get a first hand glance at our product, thus being able to feedback to us and we can use the feedback given to help further improve our product (i.e. quality control).
Overall, I faced several challenges for our product design phase:
Not being able to give an exact marketing budget
Deciding which marketing strategies for our first phase was most feasible with our product
Under 1, I was worried that there will be misaligned spending as we might have things along the way to account for which we did not. There might also be poor forecasting. For instance, spending all our budget in the 5th month, and having a deficit spending for the rest of the month ahead. Our approach was to be as realistic as possible and be aware of how much everyone was willing to spend. Then, we factored in unforeseen costs into that to derive our final budget.
Under 2, there were many strategies thought out such as special interest groups, media sites etc. However, similar to our 1st challenge, we had to think about the cost we are going to put in. Having established media sites like mothership might be great, but do we have the budget for it? Hence, we decided to focus on micro-influencers for now and continue to think about how we can better market our product by constantly keeping up with the external environment and adapting according to how our product is doing according to that time period, but also keeping in mind our budget to come up with potential strategies to execute upon.
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