Another week gone by…
Hoping that I had learned from the mistakes of the past, coupled with my infinite knowledge about cashing in on trends and a lot of school learning, i ventured into a retake of the ‘Project’ and ended up belly up on the floor. a business ‘FAIL’ if you will. whatever did i do wrong this time?
I am thinking that the product is not ideal, does not have a market in this place but it’s not true, the idea is a sampler, a teaser to the curious minds and appeals to everyone who loves sport or just wants to be macho without having to go through the test of time in skill acquisition.
Perhaps its the timing: one would think that a fitness package at the beginning of the year in time for resolutions would be the ideal product and cash in on the resolution makers, but not this time: Maybe the market capital had drained into the various christmas ventures and the would be patrons have opted to wit for feb to invest in fitness.
Could it be the promo? On a tight budget like mine ($0.00) one would think that the posters in the various malls distributed over a two month period, the serial emails, the posting on social media would suffice. and what about the feedback? 17 interests with no real commitment.
then maybe its the price. what people don’t know or understand is the price of a quality product. it may be high if the brand is established or equally low for an established brand looking to give the layman a chance at the bigtime.
In retrospect, i realize that the promotion of a new product may require that the sample market be given an incentive to try out the goods, those who know what to expect and the prices to pay will put aside a budget and try the product however to encourage them a little ‘Incentive’ may be applied and this was my missing ingredient because in promotion you’re not just telling people that the thing is out there, you’re adding ‘Value for Money’.
On the bright side
The positive side of this ‘Fail’ is the realization of my errors and the recognition of my successes)
Firstly I did get 17 people ‘inquire’ about the project which means that there ‘IS’ a market for it
Secondly I have secured a venue, a coach and a great supplier.
Thirdly I have learned from this experience and I have some ideas to ‘promote’ it better. the only thing i need to do now is ‘Master’ the art of securing sales.
The one thing I am going to do though is change the name and stop calling it a ‘Project’ maybe if i can position the thing in my own mind as a business venture I can go about it as a business venture and maybe then people will also take it seriously.
Ladies and gentlemen behold the birth of…
‘The K O Boxing Gym’