Problem
To complement your past and present analysis of the Problem, this week’s interviews should focus on the Problem, with the interviewees being prospective or current customers. The Problem chapter of the business plan should reflect an understanding of:
the existing ecosystem;
the current competitors who have significant market share;
the gaps in the market that are not being addressed; and
the target market being considered.
For this Problem chapter, a TWO-PAGE, SINGLE-SPACED length is appropriate and should address:
What is the specific problem you are trying to address? Why is it a problem?
Do people in the target industry care about this problem?
Why do people care about this problem – does it cost money/time? Are they missing ways to make money?
What are people doing about this problem now? Are customers spending money on this problem now?
Has anyone else identified this as a problem? Are there competitive solutions to address this problem?
All questions should be answered from TBSB document attached in files
Your interviews from this week should provide you with answers to the above items.Your insights gained from customer interviews should reflect the customers pain points, unmet needs, and/or issues where the customer is seeking gains.
The sophistication of the questions asked, and the insights distilled from the answers, will determine the grade for this week’s assignments.
TBSB Network: The Next Way to Enjoy Sports
In an era where social media and entertainment technology rule, it is important for industries to integrate with the times. Whether it be fashion, music, or in this casesportspeople nowadays prefer to have their daily dose of action best served hot! Technology has enabled industries to do so. Through the latest news updates and broadcasting dimensions, the sports industry in particular has broadened the access that audience members have to their favorite teams, players, and sport. Just as technology evolves with the times, I feel it is important for industries to do the same.
High performing sports are part of Americas past time. Whether one grew up playing recreationally or was graced an opportunity to perform at an upper level, sports has had some impact on the lives of millions. Considering where this admiration for any particular sport came from, it is expected to have happened at an early age. According to the Minnesota Amateur Sports Commission, the Athletic Footwear Association, an USA Today Survey, and Michigan State in 2013, roughly 35 million kids sign up each season to participate in a sport. While kiddie soccer may not be the most interesting of segments, this data does raise the question as to why high-performing athletes are not broadcasted at earlier stages in their sports careers. Considerably, that [college] would be the phase where professional athletes are segmented from the amateurs. Should they not be broadcasted as well?
Next level entertainment is under way. TBSB Network offers viewing opportunities for lovers of D1-D3 sports, particularly American football. The NCAA is a billion-dollar industry, enabling ordinary young adults to become extraordinary legends in their own athletic right. People from all over the world tune in to watch the NCAA championship and March Madness, but these events are not nearly enough of a fix for football [and basketball] lovers. TBSB sees opportunity in this industry decay, and thus, an app that fixates the right material was created.
From physical distance for family & friends, to time zone dilemmas, it was hard for people to catch my latest tackle if they were not one of the 81,500 fans in the stands. (Mind you, tickets would resell for thousands of dollars and parking was nearly impossible!). The people who were always front row at my little league games where it all started were now lucky if they could catch a glimpse of a play during the years where my football performance mattered the most.
Growing up around and befriending other athletes like myself, it was great to see my friends achieving the very dreams we shared as kids. Some of my best friends are pursuing their careers at the next level, and though I know they are well performing athletes, it would have been great to be able to see them play virtually. The delay was always that our games would occur at the same time. My time on the road when traveling to games was extensive, and I & others like myself would have been extremely amused to see our peers play-by-play. All because we play the sport, does not mean we do not like to see others play it as well.
There are other networks in this industry that highlight college sports and players, but lets acknowledge what they lack. To begin, their highlights are not nearly enough of what actually goes on off screen. Similar to the NFL, D1-D3 athletes train immensely. Many of us come from humble beginnings and inspirational upbringings that make our story more unique. Unless it is draft season, these stories are not brought to light. This disables the possibility for fans to build more interpersonal connections with their favorite player, and for college players alike to lack the chance to show our personal, normal side.
Another disadvantage that these other networks have is that they tend to only show powerful plays. Overtime occurrences, major game-changing plays, and other newsworthy events are what is typically shown after a college football-filled Saturdayand only on Saturdays. However, replays of entire games, as well as other segments relating to the teams and their players, are not portrayed. This creates a massive delay in information for college football lovers, as well as an untapped market that can potential attract billions.
Contrary to broadcasts from ESPN, TBSB offers the latest in college interviews, team updates, games, and any & all other behind-the-scene opportunities. Again, the objective of the app is to maintain a high-level interaction between fans, friends, family, and football players. The TBSB Network would specialize in these interpersonal connections with news updates, live streaming opportunities, and message board features. Through these application features, user connectivity is promoted and practiced.
Fan favoritism is also an element that TBSB plans to promote. During my time at Clemson, there were endless fans, automobiles, and businesses painted our school colors: orange and purple. Inspired by this, users of the application will be able to customize their background/theme to their liking! Daily raffles and weekly mega-raffles will be administered by these teams, giving users a chance to win various prizes and promoting use of the app.
D2 and D3 schools often rely on individual data updates for scores, player stats, and other team information. With D1 and NFL teams, their information is fact-checked and regulated for the most accurate updates. TBSB understands how lower-level divisions may be at risk for data miscalculation, and therefore, information ca only be updated by those with authority over the games [head coaches, referees, and league administrators]. For extra assurance, information will be cross-checked via browsing software with other sources of data [i.e. Twitter, blogs] so that if any potential discrepancies are identified, they can be flagged and investigated.
The audience range for this particular application is massive. Alma-maters & alumni, family & friends, scouts, agents, and many more! Football fans do not fall under the same category of age, race, or ability. TBSB understands that and aims to make the app accessible for all users. From clear & concise new user tutorials, to friendly virus-free add-ons, TBSB Network members can control and customize their usage to their liking!
Most importantly, the application will be interactive, even when inactive. Considering that fan favoritism factor, the app will flash with different colors [of course to the users liking if enabled] that will signify a new sports update on ones favorite team or player. This feature differentiates from ESPN and other sports networks, with their single [and boring] color. The flash feature will attract usage & further exemplify the fast happening news that TBSB is able to provide!
With these features and several more underway, the TBSB is forecasted to be a great success to the sports industry and technology market. The creative approach to intuitive navigation and robust features will grasp the users attention, and the love and passion that we all share for football will lock them in as TBSB member for life! 1
What new factors can you create?
Objectives
Explore value innovation as an approach to
entrepreneurial opportunity analysis and
new venture creation
Explore the impact of creating factors on
your success as an entrepreneur
2
Macroeconomic
Change
Entrepreneurial
Motivation
Entrepreneurial
Behavior
Industry
Condition
Industry
Status
Opportunity
Identification
Value
Innovation
Eliminate
Reduce
Raise
Create
Competition
TheOpportunityAnalysisCanvas
TM
Entrepreneurial
Mindset
Value Innovation
(Kim & Mauborgne, 1997)
3
Be thoughtful in selecting the key
features for your value curve
cnn.com
4
Summary
Are there opportunities to create new factors
that will satisfy customers in new ways?
And make the competition less relevant
If entirely new features or benefits can be
delivered by your product or service:
You are unique in this way
You are highly valuable to customers
You are a viable competitor in the market 1
What Do Customers Want to Know?
The Typical Customer Pitch
Starts out asking me to Define my Problems
Moves to Burning Market Need argument for solution
World is desperately in need of
Dwells on Great Features of the solution
Stays on Great Features for ~60% of pitch
Very little attention to vendor/client fit
Very little attention to competition/substitutes
Very little attention to costs/ROI
The ask is at the end
2
Whats Wrong with the
Typical Pitch?
Person at a Party test:
Someone comes up to you at a party and asks you
what are your current dating concerns?
Then discusses their proprietary date formula: E.g..,
Lots of research shows that eating at an Italian
restaurant and going out to a jazz concert is vital to
building relationships
Eventually they ask you for a trial date to check out
the applicability of the formula to your concerns
Reaction?
An Intelligent Customer Pitch
Take cognizance of four customer thought
patterns that are essential to understanding
an Intelligent Pitch
Is This the Right Solution for My Problem?
Chemistry
Total Cost of Solution
Non-monetary as well as monetary
End State
What will my organization look like/do after the
solution?
3
Customer Mind 1: Right Solution?
Most client problems are multi-factorial
Many vendors are vying to apply their
solutions to all problems
Education sale help the client
understand how the various solutions fit
together
Progressive promise: Help them pick the
best solution even if it is not you
Customer Mind 2: Chemistry
Need for chemistry is emotional, not intellectual
Cannot explicitly tout or promise chemistry, you
must imply it
Chemistry is not necessarily rah-rah stuff
(although it can be)
Always safe to be straightforward, honorable, kind,
empathic, and to do what you say
4
Customer Mind 3: Costs/ROI
Customers want a cost promise:
(BEST): Flat Rate of $
(GREAT): No more than $
(GOOD): Priced According to
Customers are jaded and wary of ROI
promises
Best to have a range for ROI, based
on an algorithm
Customer Mind 4: End State
Customers want a vivid picture of the end
state
What will my organization look like/be/do
when you are done?
How will this result from the project?
What could happen that would be bad?
How will you prevent bad things from
happening?
5
Key Takeaways
Customer Mind 1: Is this the right solution?
Customer Mind 2: Do I have chemistry with
this seller?
Customer Mind 3: Can I afford this
solution?
More than money
Customer Mind 4: How does this impact my
end state?
