Testing A Hypothesis, II
In my previous set of interviews, I gave more of a synopsis of each one of my interviewees perspectives and thoughts. To capture more of the purpose of the current assignment, I instead discussed major themes and unique points voiced by my interviewees here below.
While all 5 of my interviewees generally echoed the same sentiments, it was strange considering some were currently in very good financial shape. I was rather confused on why those who were in decent financial position were so interested in my questions like "Would you consider selling items you own to make money?" and "Would you be willing to sacrifice some of the future value of an item for money now?" I would assume that they would be less in my segment of the market. However, one of the biggest things I have heard from my interviewees is that they would still be willing to sell items to get that cash in hand because they do not know if their financial situation tomorrow could be radically different from today. For two in particular, they have family back home that could be in financial distress. They might need to leave college in a moment's notice to help alleviate financial burdens. For the rest, they hope to be in a good job after college, but the space in between present and future is no man's land. They would sell anything to stay above water. When pondering these answers, I honestly did not stop to think how close I personally am to being in a worse financial position. Considering that I am part of the market segment I would be targeting, it is a circumstance of which I should be more aware.
An answer that I got more frequently this time than last was a "no" to "Would you sell personal items to obtain money within a relatively short period of time?" I received a "no" more frequently because in my business plan I had decided on uniform prices per bag to offer. When pressed for better description on what kind of pay was offered for these items, I would respond with the $5-10 I had listed in my business plan. However, a majority of the interviewees were offended with the offer and said they would want more for their clothes. While I agree with their indignation, I would rather not change this price as I foresee that the majority of clothes I will be given are promotional items given about by organizations on campus for free. However, I will take it into consideration after a few rounds of actually doing this.
Often, when discussing the market that is present and available to my business, the response was universal. When asked about the prevalence of financial problems at UF and colleges everywhere, nearly all agreed that all college students are broke. It is the way it is. Strangely, a number of students did not really see this problem persisting past college. I say strangely because monsters like student loan debt do not simply disappear after time spent at university. No, this form of debt haunts for many years after college. I am rather surprised that they did not see the need for my service beyond college. This gave me pause in pursuing that market. Perhaps, I should interview more graduate students and post-grad students to truly have a more rounded perspective.
To draw conclusions off of this small of a sample size is tricky, but there is one large takeaway that I certainly will ponder. If I truly want to gauge the depth and breadth of my market, I will really have to do more research into the students who have graduated and see if they would benefit from the same service.
While all 5 of my interviewees generally echoed the same sentiments, it was strange considering some were currently in very good financial shape. I was rather confused on why those who were in decent financial position were so interested in my questions like "Would you consider selling items you own to make money?" and "Would you be willing to sacrifice some of the future value of an item for money now?" I would assume that they would be less in my segment of the market. However, one of the biggest things I have heard from my interviewees is that they would still be willing to sell items to get that cash in hand because they do not know if their financial situation tomorrow could be radically different from today. For two in particular, they have family back home that could be in financial distress. They might need to leave college in a moment's notice to help alleviate financial burdens. For the rest, they hope to be in a good job after college, but the space in between present and future is no man's land. They would sell anything to stay above water. When pondering these answers, I honestly did not stop to think how close I personally am to being in a worse financial position. Considering that I am part of the market segment I would be targeting, it is a circumstance of which I should be more aware.
An answer that I got more frequently this time than last was a "no" to "Would you sell personal items to obtain money within a relatively short period of time?" I received a "no" more frequently because in my business plan I had decided on uniform prices per bag to offer. When pressed for better description on what kind of pay was offered for these items, I would respond with the $5-10 I had listed in my business plan. However, a majority of the interviewees were offended with the offer and said they would want more for their clothes. While I agree with their indignation, I would rather not change this price as I foresee that the majority of clothes I will be given are promotional items given about by organizations on campus for free. However, I will take it into consideration after a few rounds of actually doing this.
Often, when discussing the market that is present and available to my business, the response was universal. When asked about the prevalence of financial problems at UF and colleges everywhere, nearly all agreed that all college students are broke. It is the way it is. Strangely, a number of students did not really see this problem persisting past college. I say strangely because monsters like student loan debt do not simply disappear after time spent at university. No, this form of debt haunts for many years after college. I am rather surprised that they did not see the need for my service beyond college. This gave me pause in pursuing that market. Perhaps, I should interview more graduate students and post-grad students to truly have a more rounded perspective.
To draw conclusions off of this small of a sample size is tricky, but there is one large takeaway that I certainly will ponder. If I truly want to gauge the depth and breadth of my market, I will really have to do more research into the students who have graduated and see if they would benefit from the same service.
Maeghan,
ReplyDeleteI remember reading about your small business plan, and living it. Reading this I really admired the thoughts of those you interviewed. Selling clothes is a great fall back plan, because it’s true you never know. But they wanted more for their clothes? These clothes being discussed have the already been worn? Because I think though the price should increase because of it being readily available, and travel isn’t too crazy, which are upsides. But then you think about it, the wear and tear, the restriction on sizes and designs I think makes the price go back down. But I do think your idea of broadening your interviewee pool is smart, I think it’ll help you get more well rounded answers, and now you’re able to reach a bigger population. Thank you for sharing.
Elly