Date post: | 22-Dec-2015 |
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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