Venture Concept Number 2

Opportunity:

The target group of people that would be potential customers are any people who have card issues when they are trying to pay using a pin pad at a store. The actual customer would be banks as a whole that partner with my company to then offer the card to individual customers at their banking institution. The changes in the environment could be due to new technology and the wider use of no contact payments such as apple pay and samsung pay. The market will tend to deal with customers who are in their mid 20s to late 40s, in my research, this is the group that was seem to have the most difficulty with their cards. Customers are not exactly satisfying this need now, they either get a new card every few months when theirs stops working or they continue to use their broken card and be frustrated. This opportunity seems to be a big one because there doesn't seem to be anything else like this being offered.

Innovation:
My product is a new type of card made from titanium that is not supposed to break or get damaged like the current cards do. It works the same as the current debit or credit cards do but it will hold up for a much longer period of time and be much more reliable. I will make money by partnering with banking institutions to give the cards to their members. The banks would pay me a flat rate along the lines of a subscription that is specific to the number of members they have that are using the card.

Venture Concept:
I believe that customers would switch to my product based on the level of reliability that I offer. It does not seem difficult to get customers to switch seeing as how a number of the targeted customers have to get new cards every few months and they could switch to my product at that time. At this time competitors are just the normal debit and credit cards, there is not another option like mine that works to improve reliability and durability of the card itself. I do not think that packaging or price point makes a large impact on thee product distribution, the product has much more to do with customer support and customer experience.  For production of the card, I would outsource to a factory that already produces cards and work with them to modify what needs to be changed for my product's production. I would need representatives to promote the product to banks and get them to partner with us as well as people actually talking to the customers.

The three minor elements:
I think that my most important resource would be that of my knowledge and experience with customers that have this issue. Next for the venture would really just be building up a customer base and working to expand who the product reaches and is able to help. I think that once launched, it is important to start by expanding to new customers and continuing to look out for the existing customers as well, it will be important to have resources available to those customers that are questioning what other options are available to make sure to retain them as customers.

Feedback:

All of my feedback for the first venture concept was very positive meaning I did not change anything for my second submission. I think that I could have changed a few things but overall it was a strong submission and I believe that it would work well to explain to consumers or other entrepreneurs how my venture would work.