Solving the problem of selective feeding for pets.
The IoT is growing and adapting to consumer needs, and the cross-section of dedicated pet owners populating this target-rich environment is growing as well. “Smart” products, connected to the IoT to provide unprecedented user functionality and control, are sought after and familiar to the modern consumer, rather than the high-tech barrier to adoption. Petrics continues to combine the best of both worlds.Ed has been leveraging customer interviews (aiming for a target volume of 200!) by accelerators’ end. This extensive discovery effort is resulting in in-depth user input that has been valuable for defining market segments and fine-tuning desirable product features.With the bulk of his findings facilitating further granulation, both Peter and I have recommended building on those successes with more detailed inquiries. These will help define how much of the problem is based on pet health, versus the need for special foods, pet food competition and so on. Once this “deep dive” is concluded, we’ll be able to use those results to drive customer-centric marketing that will spark interest and engagement.Lean Startup Customer Acquisition
We are constructing a number of tests utilizing industry verticals in order to determine the most efficient route to high conversion rates for presales / traction in our customer base. As these startup costs are capital intensive, we have opted to use a business feasibility study layered atop a capital strategy plan and tied into a finite time line / burn rate. The goal is a clear correlative view based upon considerations such as product features, product development, prototyping, field testing, marketing and sales costs, each required for respective segments and distribution channels. This data will inform our decision to pursue one market segment that has both highest profitability and more feasibility for market entry.