Opportunity: People in the United States who go fishing are unable to buy affordable fishing rod transportation racks because of the expensive versions that are on the market.
The Who: Fishermen in the United States
The What: They are unable to buy affordable fishing rod transportation racks
The Why: Expensive, more luxurious versions dominate the market
Testing My Hypothesis/Interview Questions:
(I interviewed two college kids who regularly fish, my uncle who fishes, another experienced middle-aged fisherman, and a customer outside Bass Pro Shops)
1). Have most people you know who fish consistently had difficulty buying one of these transportation racks?
2). In your experience, is this a common or rare problem?
3). Do you know any other group who would be interested in this product?
4). Are more expensive racks ever worth the price?
5). Are there any other alternatives to the current racks on the market?
Summary: I learned some interesting things about my opportunity/product after going through the interview process. As I've previously experienced, people who regularly fish are well aware of the need of these transportation racks, and only older, more experienced people generally have these racks because of their price. Every person who transports their fishing rods has to take precautions to keep them from getting tangled or damaged, but many people, especially the younger ones closer to my age, create their own makeshift methods rather than buying a product that costs hundreds of dollars. Although expensive racks on the market are made with quality, they are simply unnecessary to get the job done and go above the budget of so many people, so only experienced fishermen who aren't worried about the cost usually make these purchases. I still don't think there is any other group of people that would be interested in this product, but the current group is extremely large and in need of some sort of solution. Making a less luxurious rack out of cheaper but viable materials would allow the price to heavily drop and open the product up to a lot of new potential customers with smaller budgets.
I think you have a really interesting opportunity here. Fishing is a large recreational sport/ leisure activity for many people, so you have a large group that you could reach to. I think you may needed to go into how you would test your, who, what, and why maybe a little more. Maybe there are more obstacles you may need to address in regards to each. Really great job!
ReplyDeleteHi Brandon, this opportunity is great, it sounds like you're scratching your own itch which is is the best way to go about it. Your product can definitely be sold outside of the United States as well, which enlarges your opportunity. What you want to do with this product can be extrapolated and used for almost everything in the fishing world which would make your product idea a great business idea.
ReplyDeleteHi Brandon!
ReplyDeleteI think your idea will help a lot of people transporting their fishing rods. I really like how you went out of your way to speak to someone outside of Bass Pro Shops as they definitely have experience with fishing. What I think could really help with the development of your product would be finding a way to add depth or breadth as the professor expressed in his videos. Great job assessing an unsolved problem.