Existing Market
As described
in SmartStrength’s venture concept, the market that has been targeted up to
this point has mainly consisted of those with prior training experience that
are unhappy with the misleading information the supplement industry has gotten
away with about the contents of their products. It was easy to target this
market because I myself am a part of it as someone who has spent ample time
searching for the optimal training performance supplement. A science-based
preworkout supplement will satisfy the need for more transparency in the market
and be a solution for those who want to maximize the value of their investments
in performance supplementation. One thing that SmartStrength has not focused on
as much as targeting the existing market is reaching those who have little to
no training experience and knowledge of the benefits of a preworkout supplement.
This market is by no means out of reach for SmartStrength, and there are steps
that can be taken to ensure that this untapped market is exposed to the potential
benefits that SmartStrength will provide them.
New Market
SmartStrength’s
goal is to not only appeal to those who are looking to take their training performance
to the next level, but also those who are wary about supplements in general and
who have little to no training experience. One of the already existing ways the
venture concept satisfied this is by having SmartStrength performance, which is
the beginner level supplement that contains 150mg of caffeine, a relatively
lower dose compared to most preworkouts on the market. Our approach will also
be different in that we will aim to have SmartStrength sold at supermarkets and
not just major supplement stores. Having SmartStrength as widely available as
possible conveys a message of inclusivity, implying that one does not have to
be a “gym bro” in order to supplement their training. The beauty of venturing
in the supplement market is that physical training is relevant to mostly
everybody, allowing for SmartStrength to always have room to expand its market.
Hey Dirk,
ReplyDeleteI believe that trying to market any kind of supplements to people who are first learning how to work out would not be a smart business endeavor. People new to lifting would be skeptical to just start spending money on supplements, and would probably feel less inclined to in the future if it were pushed on them near their start.