This week we read the article Amazon Whisperer by Jason Feifer. A great read, and it brought up great topics to think about when outlining the future of your marketing opportunities and staying ahead of the curve on what customers want. Here are a few points I personally came up with regarding these ideas and my product.
- Revenue Drivers- There are 3 ways I will make money from this product. I will make money from direct consumer sales of the JukeBaux receiver (from retail stores or online site). I make money from businesses that will directly order from the company. And finally, I could see revenue come from app sales.
- What's Next- I believe that the next product consumers (especially "my" consumers) are going to want will be direct correspondence with a music marketplace, that is they will want to share music AND have a place to buy/download it without any further steps.
- Why it's Next- It will add another step to the user experience. Rather than learning what they want, consumers can now act on that and obtain the selected music they want.
- Similar Product- This exercise is hard for me to complete as assigned, mostly because there isn't anything on the market yet that does what I have in mind. There are many bluetooth streaming devices that give the hands-free, cueable, streaming benefits that I include with JukeBaux, but none of the other collaborative and diverse options I have. So theres really no similar products to what I envision. Here's something sorta close though. It's a SONOS receiver. It'll hook up to all your speaker devices and also any phone or portable device you want to play music or use streaming services like Pandora/Prime. It uses wi fi and can expand to include many output devices. It's very sleek. Very cool. Pretty expensive.
- Customer Reviews- It had a 67% 5 star rating and 14% 4 Star rating. Major compliments were given to it's ease of use, ability to enhance existing stereo equipment, and consistence. Major complaints were about price, quality of sound, problems with lack of outputs and incompatibility, and limits of usage.
- Fixes- I would add an aux and optical input like people suggested, bring down price, and fix the "tinny" sound
- Why its a good addition- It's not really, my product has these features plus a few unique ones that make it better ;)
Hi Antuna! Very creative idea! I like that you recognize the different ways your product can make revenue. I feel like this gives you a certain confidence in your product. I also think it's interesting that you found another product but still see that your idea has more potential and are able to build off of previous customer reviews. Great job! I did not complete this assignment but here's the link to my general blog. http://rachelcmead.blogspot.com/
ReplyDeleteHello Antuna, I like how you connected with your business idea about the JukeBaux and the SONO’s receiver. I think those products would be beneficial when it is a party or some event as background music. I also like your next perspective about the product but I would want to know about the package of the product.(the features and the size) In my post, I chose a sushi kit in Amazon to modify my business idea: fast sushi restaurant.
ReplyDeleteHere is my post http://yukikokurashima.blogspot.com/2016/03/my-unfair-advantage-week11.html.
Hey there Anthony! Great job on this post!
ReplyDeleteI really like your idea, and it is very nice to see that you have many ways to get money from your product/business. A business that doesnt have many ways of making money, or relies too much in a single revenue source is more bound to fail than one that can get it various ways. And what you are doing with your product is very good, you are taking an existing product and adding on features to make it more user friendly and functional. I would definately buy one of your Juke Beauxes. If you are ever bored, here is a link to my post! http://gcwindow.blogspot.com/2016/03/amazon-whisperer.html
Take care.