ACTIVITY PREP #4 – Can You Create Value!

Our Party Music App help(s) those that love music who want one centralized music app with the
option of a social setting by avoiding the hassle of deciding between the cons of multiple music apps and
combining all liked features in one place paired with “Party Mode”, unlike other music apps like pandora
that limit their customers also without this party feature.

• Briefly describe a data-driven insight derived from the UCF Library’s IBIS World database or other
credible resource related to your customer, changing preferences, frustrations, or competition that
supports your continued interest in your value proposition.

The industry is looking bright. More and more people users are streaming music and was even credited
as the “next big thing” earlier this year with labels looking to grow revenue.

• Briefly describe ANOTHER data-driven insight derived from the UCF Library’s IBIS World database or
other credible resource related to your customer, changing preferences, frustrations, or competition
that supports your continued interest in your value proposition.

Music Publishing companies are looking to Diversify digital media and even complement the
development of our app by adding that this “may open up new revenue streams for struggling
publishers.” It’s a growing industry looking for opportunities with new publishers.
• Explain your problem to 5 people (ideally, these would be potential customers but for the purposes of
this assignment you can speak to anyone). Ask them:

• Have you ever had this problem?

• How important do you think this problem is to people who experience it?
• What would you do if you experienced this problem?

All but 4/5 have experienced this problem. They know about the problem, but they simply don’t
care about the features of the other apps and are content with their music app choice. I got an
average score of 4.6 out of 10 on how important they think the problem is. When they experience
this issue they mostly deal with going back and forth and don’t often look up different music apps,
usually rely on word of mouth or what others opinions are.

• After you are done discussing the problem you are addressing, explain your solution to the same 5
people and ask them:

1. Do you think this solution would solve the problem we just discussed?
2. Do you think this solution would be more helpful than currently available alternatives?
3. Would you be interested in buying this solution?
4. If they say “no”, ask “Why not?” - If they say “yes”, ask “How much would you be willing to
pay?”

If executed properly and I deliver on the features most desired from competing apps all of them
think this is a perfect solution to the problem. I was delighted to hear more possibilities that “Party
mode” can be used for. This solution would be better that the alternatives because im taking the
best features from the alternatives. All said they would at least check it out and would be willing to
pay just as much as competitor prices.

• List the three most important insights you’ve gained from your research:

1. The flexibility and applications of “Party Mode”

2. People love the idea on paper but making it come to life can prove difficult

3. People are more conscious about the difference between competitors that I thought meaning
they can be more aware of the problem than they know.