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
