Existing Market: I think the future of my venture lies in a continued effort to make the cannabis-based pet care market my own, expanding from medicines to foods and other products that can be produced with cannabis byproducts that I will already have access to from production for the medicine, such as hemp for rope-based dog toys. I also might consider moving into medicinal treatments for humans as well, although that market is already pretty packed with rapidly growing companies.
From my interviews with customers, none of them expressed the idea that I should move from pet products back into medicines aimed at people, it seemed like the novelty of the pet aspect sent them off in that direction completely. When I mentioned that I had considered going that way, I was met with massive amounts of enthusiasm, especially with regards to foods and toys. Customers seem to like the idea of organically-sourced and made products for their animals, regardless of what those products are or how much being organic actually affects their quality as products. Based on the interviews, and on my own thoughts, my plans for the existing market would be to shore up and fend off competitors in the realm of cannabis-based medicines for pets, while growing my brand and brand recognition among the public, before moving into lines of products such as toys and foods. Although the products that are directly derived from cannabis might never see the shelves of a Target or Petsmart, toys and foods based on the concept might have a chance of breaking into those and similar stores.
New Market: The new market I considered would be culinary products, various oils and the like that can be used in cooking that are based off of cannabis. My current venture might be able to create value for people in this market by creating products that add new and unusual aspects to the dining and cooking experience, something that those who are particularly interested in food would certainly eat up, pardon the pun.
Upon interviewing customers in this market I was met with as much enthusiasm as before, but these people were a bit more experienced in the general state of the market, and so were able to provide me with some information that I did not previously have regarding this potential venture. They both, though in slightly different ways, suggested not just producing cooking components but also completed foods and beverages that incorporate cannabis byproducts into them. To a certain extent I expected this suggestion, given that it is the natural conclusion to my initial idea, and I was also not surprised to hear that companies have already started breaking into this sector. Despite this, I think that this new market is still potentially profitable and attractive, especially if I were to work off of the brand recognition that I gathered through the production of the line of animal medications, though I would certainly want to steer clear of any direct association.
As always, great insights in this post; you considered the current market effects correlated with CBD and outlined a specific plan for your company. I also do agree that it would play out too risky and difficult to create human CBD products because that industry has already exploded, and thus it would take far too many resources to enter that market. For your part of the new market, I believe there is an opportunity to breach supermarkets like Publix or even giants like Walmart, since I have never seen any CBD products sold in stores like these. Further, because this will take time for the FDA or whatever government agency to approve of this, you will have time to develop your products.
ReplyDeleteWhat makes your product valuable and unique is the fact that you will be providing treatment to animals. I believe you should stay in that direction. I believe that the most promising path may be to create pet food with CBD as an ingredient. People can give that alternate food to their pet if they see that they are fatigued or suffering.
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