My Opportunity Belif
I believe that an opportunity exists in the consumer electronics space to create more affordable but better sounding speakers. Many of the speakers that you see at best buy or target are very expensive and don't quite create enough sound to justify their high price points. I know a little bit about speakers and I think that some could be created with better sound for a lesser price. The need for quality speakers has existed basically since they were invented. Everyone wants to hear music in the best quality but for most people, they will never truly experience the music as the artist had intended and instead will hear a distorted and worse version of the song. There are a few companies working on this problem but they still seem to be a bit far off because after a certain price point, the sound gets noticeably better on a pair of speakers.
Customer 1: My neighbor Ben (College student)
I asked ben about his speaker preference and needs. He said that this year when he finally figured out where he was living and took care of the essentials, he started to think about what sort of entertainment system he wanted to build for his living room. He got started on the process of researching TV's and speakers and noticed that many of the cheapest speakers on amazon had horrible reviews. He then went to best buy to hear the speakers in person and he confirmed his belief that the cheaper speakers were noticeably worse than speakers that even cost $100 more. He eventually settled and purchased the best sounding cheap speaker but that decision left something to be desired. Ben is currently still on the market for good sounding cheap speakers and continues to do online research.
Customer 2: Don at best buy store
I actually traveled to best buy to do this one and went to the back of the store where they keep the home theater and sound equipment. I noticed Don looking at various speakers and sound bars so I walked up to him and asked him if I could ask him a few questions. I asked him why he was looking at speakers and he said its because his old ones could no longer connect to his new TV (he was probably around 70). I asked him what kind of speakers he wanted and he said that he wanted one that was relatively cheap that could easily hook up to his TV (Self installed). I told him I thought the best idea for him would be a sound-bar but he said he didn't like the way those sounded and that he wanted a 2 speaker system. This really opened my eyes to all the different wants and needs of different customers and the fact that there really isn't a good option in the speaker market for every type of customer.
Customer 3: My Father
I called my dad on the phone to ask him his opinions and thoughts about the speaker market because he is an absolute stickler about sound and can hear even the slightest distortions in any speaker. He told me that he thinks that the current speaker market is on the right path as speakers are getting better and cheaper but he also think that there is a hump that the market hasn't quite gotten over yet. I thought that this is basically saying that there is an opportunity for a turning point type product that would kick the market into action and force competitors to compete and create great sounding speakers for smaller prices. My dad said that he didn't currently have any speaker wants or needs but that he still closely follows the market and is aware of most new product releases.
After talking to these 3 people I realized how different and diverse the speaker market is. Everyone needs sound but everyone has different preferences about how that sound is delivered. I noticed that two of the people I talked to were working with a strict budget and one of the people I talked to gave me quite the insight into the speaker market. I believe that there is still a major opportunity for the release of a budget but great sounding speaker that will change the marketplace. I also have come to notice that people are very vocal about what they want when asked so it was very easy to get an idea of what each different consumer wanted. I think that if speaker companies took more consideration into consumer wants instead of the money they make on every speaker that they could create great sounding speakers at a lesser price point.
Customer 1: My neighbor Ben (College student)
I asked ben about his speaker preference and needs. He said that this year when he finally figured out where he was living and took care of the essentials, he started to think about what sort of entertainment system he wanted to build for his living room. He got started on the process of researching TV's and speakers and noticed that many of the cheapest speakers on amazon had horrible reviews. He then went to best buy to hear the speakers in person and he confirmed his belief that the cheaper speakers were noticeably worse than speakers that even cost $100 more. He eventually settled and purchased the best sounding cheap speaker but that decision left something to be desired. Ben is currently still on the market for good sounding cheap speakers and continues to do online research.
Customer 2: Don at best buy store
I actually traveled to best buy to do this one and went to the back of the store where they keep the home theater and sound equipment. I noticed Don looking at various speakers and sound bars so I walked up to him and asked him if I could ask him a few questions. I asked him why he was looking at speakers and he said its because his old ones could no longer connect to his new TV (he was probably around 70). I asked him what kind of speakers he wanted and he said that he wanted one that was relatively cheap that could easily hook up to his TV (Self installed). I told him I thought the best idea for him would be a sound-bar but he said he didn't like the way those sounded and that he wanted a 2 speaker system. This really opened my eyes to all the different wants and needs of different customers and the fact that there really isn't a good option in the speaker market for every type of customer.
Customer 3: My Father
I called my dad on the phone to ask him his opinions and thoughts about the speaker market because he is an absolute stickler about sound and can hear even the slightest distortions in any speaker. He told me that he thinks that the current speaker market is on the right path as speakers are getting better and cheaper but he also think that there is a hump that the market hasn't quite gotten over yet. I thought that this is basically saying that there is an opportunity for a turning point type product that would kick the market into action and force competitors to compete and create great sounding speakers for smaller prices. My dad said that he didn't currently have any speaker wants or needs but that he still closely follows the market and is aware of most new product releases.
After talking to these 3 people I realized how different and diverse the speaker market is. Everyone needs sound but everyone has different preferences about how that sound is delivered. I noticed that two of the people I talked to were working with a strict budget and one of the people I talked to gave me quite the insight into the speaker market. I believe that there is still a major opportunity for the release of a budget but great sounding speaker that will change the marketplace. I also have come to notice that people are very vocal about what they want when asked so it was very easy to get an idea of what each different consumer wanted. I think that if speaker companies took more consideration into consumer wants instead of the money they make on every speaker that they could create great sounding speakers at a lesser price point.
Hi! Great post! I'm here again! About speakers, to be honest, I hardly use them. I only have one portable speaker. But I hardly use it, too. Probably because I hardly go to a house party. My friends and me always choose to go to a bar or club. The speakers there are very good. But they are always very big. So, I'm considering that the quality of speakers probably has something to do with the size.
ReplyDeleteGreat job on the exercise! It seems like you really had a great understanding of the objective here and even though the market for affordable, high quality speakers is very saturated and has a lot of competition. While good sounding, cheap speakers are very hard to come by, the idea is not impossible. However, producing these at a profit is going to be very difficult because the cost to produce high quality speakers will be too high to sell them at a cheap price. Just something to think about!
ReplyDeleteHi!
ReplyDeleteI always want to buy a set of good speaker for myself. However the price tag keeps me from them. It's a great idea to make affordable speakers with good quality. I have a harman/kardon Aura 2 and a JBL charge 3 now, they are ok but not good enough. If there's a product with better design and quality, I will definitely go for it! Good job!