RaceCam Providers•Our initial idea was about providing horse owners, trainers and jockeys with very light and well-developed mini cameras in order to enable them to watch races from their horses’ eyes.•There are nearly 750.000 people who is working in horse racing industry in Turkey.

Team Members

• Aykut AYDINMarket research about consumer behaviours and interviews

• Emre AYTEKİN Interviews and research about increasing brand awareness

• Y. Laçin GÜNEYProduct development and financial analysis and did interviews not only customers but also retailer managers

• Gökhan GÜRDERE Consumer analysis and research about potential markets and interviews

• Selçuk SÜRÜL Research about selling approaches which are direct and indirect sellings and also conducted interviews

What We Did and What We Found?

We wrote hypothesis such as…

• Hypothesis1: Just horse racing industry is only profitable market for RaceCams

• Experiments: We did interviews and market researches

• Results: We saw that it is niche market so we decided to expand our customers segments

• Iterate: We added new target audiences

What We Did and What We Found?

• Hypothesis2: Image recording system can be enough for satisfaction of potential customers.

• Experiments: Interviews with potential customers and market research

• Results: We saw that just image recording is not enough

• Iterate: We added new features to our cameras

• After adding new customers segments, retailers became key partners of our company to reach our new potential customers…

then …

• Our Second draft of business canvas was started to be shaped…

What We Did and What We Found?

• Again we wrote hypothesis and tried to test those…

• Hypothesis3: Our own stores are the best way to reach our customers as direct selling

• Experiments: We researched about costs of opening stores in Turkey

• Results: We saw that opening stores requires high amount money and also rents of those stores are not affordable for us as a start up company

• Iterate: We decided to focus on website selling and we gave up opening our own stores

What We Did and What We Found?

• Hypothesis4: As an indirect selling Using own website is one of the most appropriate way to sell RaceCam

• Experiments: Based on interviews with retailer managers and market researches

• Results: Direct selling also has an important role and we had to use this strategy to reach our customers directly

• Iterate: We did agreement with big retailers and we gave them %10 of our revenue from sales of cams to reach our customers

DIRECT SELLING

RaceCam Company

Giving RaceCams

Selling our products Price XTL

Paying X TL to Retailers

Taking %10 of X TL

Profit = (X-X.1/10)

INDIRECT SELLING

Paying fee of the RaceCam with credit card and having %5 discount and give order

Taking order from Customers

Give RaceCams Cargo

Taking RaceCam and paying fee of the cargo

RaceCam Company

Profit = X – (X.%5)

www.racecam.com

What We Did and What We Found?

• Hypothesis5: 250 TL is an appropriate price for our RaceCam

• Experiments: We worked on our expenses and we did financial calculations then we interviewed with our customers about our price interval which is [250 – 375]

• Results: We saw that customers tend to pay more than 250 and they perceived that price as affordable and also premium

• Iterate: We changed our price and new selling price is 350TL