What's Next?

Existing Market. 

Step 1: Talk about what you think is what's next in terms of products and services for your venture:

Parker Claims Management is at expanding our team to allow us to offer expanded services to our clients.

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next:

We are not required to complete the interview due to COVID-19 social distancing, however I believe that if I were conducting interviews they would say that the next thing for my venture is team and geographical expansion.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market:

The future of Parker Claims Management has a couple of options when it comes to the path for the future.  We have the option to remain our current size with team expansion for additional areas of expertise.  This would allow us to offer additional services to our current market with expansion.

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society:

Parker Claims Management has the opportunity to bridge over from the B2C market to the B2B market. 

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome:

In the B2B market we have can offer the same services that we currently offer our consumer market but the claims are typically more complex and a much higher dollar amount.

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market?

We are not required to complete the interview due to COVID-19 social distancing, however I believe that if I were conducting interviews it would be determined that there is the same need for services as consumers currently have within the new business market.  They would have a very strong feeling that we could help them.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on:

Parker Claims Management appears that it would be very successful in this new market and it honestly isn’t surprising.  My assumptions were correct that there is a need but I wasn’t sure if team expansion would be viable at this point in my venture.  The fact that so many of the interviews were filled with an overwhelming interest makes me feel like now is the time to expand and bring on experts that deal with business/commercial clients.