I conducted a series of interviews that revealed to me the desirability of my product and how I can alter it in order for it to seem more desirable to potential buyers. My first interview with Steve was particularly insightful, as he brought it to my attention that the system I want to implement seems to be naturally catering to a higher income audience, as it requires owning a Fitbit/Apple Watch in order to track activity. He suggested to me that maybe it would be better to pair up with local gyms that track attendance and send it to insurance companies, but the possibility of individuals taking advantage of this system and just sitting at the gym worries me.
One of my other interviews with Sam was particularly insightful. She is an active CrossFit member, and her gym is currently competing in a world-wide competition with all other CrossFit gyms. They are responsible for completing certain activities in a certain amount of time, and trying to do the maximum amount of different exercises that they can do. This is all monitored by coaches, and all individuals are ranked on an app against all other people competing. I think this approach might be a unique way to do things, by giving participating individuals an exercise to complete and having someone monitor their completion. Lastly, my last interview with Nicole made me wonder how this opportunity would be marketed to individuals, considering it is mostly a business to business transaction.
This assignment definitely made me more aware of the holes in my business plan. This would definitely be a really difficult idea to develop, especially with established insurance agencies that do not want to expand into another sector outside of the insurance/financial services sector.
I wonder if it might be an option for you to partner with FitBit or Apple on this where you would sell them your idea, to use their partnering with insurance companies. The app would work with select insurance companies, and it could be exclusive to the FitBit or only to the Apple Watch. It would help Fitbit sell more watches. It would help those insurance companies sell more insurance. I don’t know if you would be pushed out though. Not sure, but it might be feasible for you to be the middle-man with the idea of them joining together? Or.. you could develop a new watch say the Health First Watch where the watch is paired with smart technology and one insurance company?
ReplyDeleteHi Meghan, I think the issue brought up in your first interview will not be that big of an issue since Fitbits and Apple Watches have become so ubiquitous among consumers that people of all economic statuses have one. I agree with your concern about the gym tracking attendance as simply attending the gym does not solve a health related issue that should lower your health insurance premiums.
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