The revenue drivers for my current product are
the quality ingredients and the niche market that I supply to. I believe this,
along with a solid marketing strategy, high ROI, and low overhead costs will make
this product a success. I believe that the next product I sell should be an
energy drink. To accompany a study aid supplement that already increases energy
and focus, I think an energy drink will broaden my market, increase customer
loyalty, and boost my revenue in my growing MentalEdge Company. The supplement
I found on amazon that is similar to the product I want to offer would be
5-hour energy. The customer reviews are almost 5 stars, and this product is
known by almost everyone in America as a huge hit. The customers like the
lasting energy and tasteful flavor without crashing or getting the jitters. The
main complaints from the customers had to do with too much caffeine in the
product, or shipping errors where the bottles broke inside the box and leaked
and had to be thrown away. The changed I would make would include be the
ingredients, the size of the container, and of course, the logo/color. I would
make the ingredients more natural, and try to come up with a formula that still
gave lasting energy but with less un-natural stimulant ingredients. I would
also increase the container size slightly, because even though this will
increase supplies costs, I think the visual benefits will make customers
purchase the product more. Finally, to make my product seem more natural, I
would make the wrapper white with a green brain that has muscles on it to attract
customers. I think this product would make an excellent edition to my current
product offering for two reasons. First, it fits perfectly with my previous
MentalEdge supplement. In addition, the energy drink industry is huge, creating
billions of dollars in revenue, so if I can market this product correctly and
get repeat customers I feel that I could be a major competitor.
Oooh, a picture of 5 hour energy! I wish you had broken up the rest of your post into readable chunks so I didn't zoom to the image right away.
ReplyDeleteThat being said, study aids and energy supplements definitely go hand in hand. You've aptly identified another customer need/want. I don't think you've quite honed in on what drives revenue for your business so that may be a working point for you in the future.
You have an interesting point on container size. Personally, I'm not sure whether I would grab a larger energy supplement unless there were perceived health benefits. Energy drinks, pills, etc. have a negative stigma when it comes to health; your incorporating natural ingredients is a good idea, but I'm not sure it would be enough to combat the preexisting perception that energy supplements are bad for us. Heavy marketing and rebranding would have to happen.
I could see you having other product expansions--have you thought of the next step (beyond energy)?
Oh, duh, and here's my post: http://adventuresinent.blogspot.com/2016/03/you-too-can-be-amazon-whisperer.html. It is on the other end of the spectrum from your idea; I am presenting parents with a way to drain the energy from their children. Yay!
DeleteHello Keifer,
ReplyDeleteI think you have a great idea here.I like your idea of creating a "MetnalEdge" supplement. As a student I am very familiar with those long nights at the library and constantly losing focus do to a lack of energy. If there were a natural product that could increase energy and focus, this would definitely grab my attention. In regards to energy drinks. I feel the same way. If there was a more natural alternative to the current market products, I would be more inclined to chose the natural products.
Please check out my post at:http://prosper95.blogspot.com/2016/03/amazon-whisperer.html