1) Find a business owner and talk to them about their customers.
I chose to interview Zach Stepp from Study Edge.
Who do they think their target customers are?
Students at the University of Florida - usually freshman taking Calc1 or Chem1 are the largest percentage. After there initial contact with Study Edge during those classes they are more likely to stay for the higher level classes.
Where do they find their customers?
Study Edge tables around UF, they also come to events and give out free prizes, additionally they have a free review session coupon in the Gator Greenbacks catalogue.
What are their customer's demographics?
Science/Engineering/Business majors.
What kinds of media do their customers consume?
Almost all of the users of Study Edge use Facebook, which is the primary platform in which their business operates. Study Edge has an app inside of Facebook in which users can operate their website and use all their resources.
What are their customers' problems?
Loosing tokens from problems with video streaming - clicking the same video twice and loosing 15 tokens. Also - not being able to make review times for weekly or exam reviews depending on their personal schedules.
What are customers currently doing to fix their problems?
Costumers can email the help section of study edge about tokens that were lost or used accidentally. Additionally all review videos are available on the Study Edge app for users to view at their leisure.
2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described.
1. The target costumers of study edge are people who are health science or engineering. They offer a lot of math, chem, and physics help. Usually my friends who are pre-med or engineering use study edge and they find it very helpful. People who use study edge use twitter, Facebook, instagram. Really anything. And it seems as though they're trying to connect on all of those platforms. The only problems I've heard from my friends that have study edge is that it's sometimes hard to get an answer in a timely manner when you post on the class wall.
2. Study edge really caters to the freshman at UF. They offer a lot of intro level classes that can be really helpful. People from many different majors use study edge, some hate it and love their competitor tutoring zone, and some love it. A lot of the costumers for study edge come from friends recommending it to other people, I really don't think study edge has to advertise much - if at all. They have people pouring in the see them, and their exam reviews are almost always packed with students.
3. I have a love hate relationship when it comes to study edge - it's helpful sure - but for $50 a month I bet I could do this on my own and actually learn all the material. Then again, I'm too lazy to do that. Study edge has yet to have failed me and I do think if I were left to fend for myself in chem/calc/physics I wouldn't do nearly as well. I think that there are a lot of good resources like study hours/posting questions on the wall/being able to email them. Study edge really cares about the students and their ability to succeed. They adapt to what helps people learn best and are always looking for more feedback which I think makes them the best at what they do in todays market.
3) Reflect. Does the entrepreneur adequately understand their customers' problems?l
The entrepreneur knows some of the problems, but not all of them. I think because they are not a student themselves they are unaware of the problems we actually face on this end.
Where are the differences?
The students have problems with the logistics of using the website, and the cost. However, study edge has always said that they will not let the cost of the membership affect a students ability to use their services and they will work something out.
Why might these differences exist.
These differences exist because there is a difference between being the costumer, and being the inventor. The experiences are different on each receiving end.
It was really cool that you were able to interview a local entrepreneur at UF! After reading your interviews, (although you should’ve posted some audio or videos) I agree that your entrepreneur seems to understand his target customers and their problems to an extent. The inventor and the customer are on two different sides with different needs such as cost. Check out my Twenty Percent blog post http://ent3003tb.blogspot.com/2016/02/the-twenty-percent.html
ReplyDeleteKristiana,
ReplyDeleteI love that you were able to interview Zach, he has helped me through many courses that I would not have done well in were it not for him and Study Edge! I think that Study Edge has a very good understanding of their customers needs, demonstrated by their thriving business and high demand from students. I believe that in any industry, there will always be those few people you won't be able to satisfy, due to price, etc. My only comment would be that you did not provide video or audio recordings of your interviews, as was required.
If you would like to check out my post as well, here is the link:http://marissaent3003.blogspot.com/2016/02/the-twenty-percent.html
Good job!
Marissa
Kristiana, this is a great interview! I think it is really cool that you were able to interview Zach from Study Edge. He is a fantastic teacher that definitely is able to market himself to the correct audience and does so every semester. I believe that he along with Study Edge definitely know their twenty percent and are able to optimize their business to fulfill the needs of their customers. Feel free to check out my blog post to this assignment!
ReplyDeletehttp://ent3003mt.blogspot.com/2016/02/the-twenty-percent.html
Kristiana,
ReplyDeleteI loved your decision to chose Zach from study edge as your interview! He is a perfect example of someone most of our college peers know of well. Study edge really does know their demographic and target market well, which is well demonstrated through their marketing efforts. I wish you could have included video or audio clips to better understand interview. Unfortunately I did not complete this assignment so I do not have my own link to share.