Lessons Learned - Week 5
fload TeamThis week of classes was dedicated to reflecting on potential customers. We filled in a customer empathy map to think about what potential customers would think about, feel and do; what their their pains and gains are with relevance to fload. Based on the three different empathy maps we created, we developed three personas representative of customer segments we want to tackle: one student, one young professional, and one person who is older and has a family. Check out our chosen customer segments and the empathy map and persona description for the segment young professionals in the following:
Moreover, we extended our competitor understanding while filling in a SWOT-analysis for our biggest and most relevant competitor. We had a hard time agreeing on only one competitor to be analyzed as we belive our offering is unique. Fo researching competitors we used Crunchbase and other pertinent websites. Check out our competitor analysis in the following:
Apart from classwork we had further learnings:
NARROW DOWN THE TARGET MARKET - HOWEVER ONLY IF SUFFICIENT QUANTITATIVE DATA IS AVAILABLE!
We need to find out on what market to concentrate on - the Portuguese or the German market. We want tot do this early on to derive distinct and effective marketing and sales tools for the market chosen. However, to do so we need quantitative data. In what market would customers be willing to pay more? Are pains we think of existent in the respective markets? To find out further reaching substantial information to make an informed decision we have created a survey to be deployed in the Portuguese and German markets respectively soon. Stay tuned for the survey results!
DEFINE VISION AND MISSION OF THE PROJECT TO INCREASE MOTIVATION!
The past week we have defined our project´s vision and mission jointly. Through doing this we all had the feeling that our motivation to drive the project towards completion was strengthened. We recommend defining vision and mission to other LEP teams. Interested about our vision and mission? Check out our blog post then! :)
CHECK OUT START-UP FUNDING PROGRAMS!
As our project is further developing we started checking out start-up funding programs! We got to know about Herausforderung Unternehmertum for instance - an extensive funding program financed by the German government and offered by the Foundation of German Business. To be honest: After checking out the diverse alternatives for support we are even more motivated to not only drive our project towards completion but to maybe apply for funding programs and turn our idea into an actual business! We are excited! For more information about Herausforderung Unternehmertum check out our blog post! The programs website is in German, however just google-translate and get as excited as we are!
