- Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
My name is Meghan Wren and I am a third year Finance student at the University of Florida. I have goals to attain my MBA in the near future, and I am interested in pursuing a career in the financial services industry. I have a strong desire to pursue amazing experiences and enhance my life through travel. I have a strong passion for helping people, and I often feel like a caretaker for others. I believe that my business idea will allow me to maximize my passion for the financial services industry, as well as help others by motivating them to exercise and become healthier individuals.
- What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
There are two segments of customers I am targeting, insurance companies and individual customers. To insurance companies, I am marketing a product that tracks the physical fitness of their clients and sends this information to them in order for them to offer deductibles/premiums to their clients. To individual customers, we are offering the opportunity to receive financial benefits from exercising more.
- Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
We are offering this product to all clients within America. More specifically, we are targeting customers that use the gym often, or feel like they need an extra incentive to go to the gym. Additionally, we are targeting those who are looking to save money and live healthier.
- Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will actually pay you money to use your product or service.
The idea is that insurance companies will buy our product and we will help them implement the software into their company. We believe that they will buy this product because it allows them to get more insight on the potential health risks of clients in order to possibly determine how much money you will have to allocate towards covering them. Additionally, I believe that this will help insurance companies because it will encourage more of their clients to exercise more, thus saving them money in the long run.
- What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
I believe that we offer a really unique product that is very different than anything on the market being offered by other health companies right now. Because of this, I think we have great potential to grow and take over this market before it becomes a popular business idea. I believe that I have a more technology-oriented view of the fitness industry than any of the other leaders.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
- I believe that all five elements of my business work really well together. However, the problem I am noticing is that we are selling ourselves as a product that is being offered to insurance companies, not individual customers. So, how do we market our product in a way that intrigues insurance companies but also lets individual customers know about the program? It’s almost wasteful to market towards individual customers, because they are not the ones that can buy our product, but we need to have a high consumer awareness so that they can opt in to the program at their respective insurance companies.
Hi Meghan, I think you did a good job of looking in depth at your idea and how they relate to the five questions we were asked. I think you understand your main problem well: how will you have both insurance companies buy the product but also have consumers use the product. However, I think the solution in that problem is simple. If the insurance companies like your product and think it will save them money in the long run, then they will offer and advertise it to consumers. More than likely you would have to sell the license to your idea to the insurance companies.
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