1. MOTIVATIONS
Being interested in and taking care of your health will never go out of fashion. We want to
create a future where people have the tools and understanding to practice their health
more comfortably and more accurately through our smart ring and the software
accompanying it.
2. CUSTOMER SEGMENTATION
We have identified two main target customer groups, the first one of which is private
individuals, who are interested in their health and fitness in general. As the ring would look
like any other, we would also target people who like wearing jewellery. The price point of
the ring is quite high, which is why we would consider it a luxury item and therefore focus
on wealthier consumers. It's for all genders, but because it's expensive it limits the age
group a little bit, perhaps from age groups from 25 years and upwards.
The other group is the sports industry, which is interested in sports performance and
recovery by default. So therefore, we would try to collaborate with big sports team and
associations like motor racing, national football and hockey leagues in the US etc.
3. VALUE PROPOSITION
The product is not only the physical ring that produces a bunch of data, but also a software
that helps you make sense of the data. The biggest difference to the others is that
measurements from the finger is far more accurate than measurements taken from the
wrist. For example the doctors don't measure your heart rate from your wrist, they put this
clip on your fingers for more accurate readings. The customer can also choose different
finishings and styles for the ring, making it look more like nice jewelry than a fitness tracker,
and thus making it more likely to be worn and more comfortable than an ugly wristband or
a chunky watch.
Besides the existing built in functions of the ring such as analysis on sleep patterns, fitness
performance and recovery, the programming interface could be opened up for other
companies, for example for apps for fitness programs and fertility monitoring. The added
values justify the price, and the price in turn makes it more exclusive and luxurious.
4. CHANNELS
We would participate in technology exhibitions to raise awareness for the product.
Promoting the product through public figures would increase the visibility of the product
and exposes it to a larger audience, who also fit the target groups. And if we could get
medical experts to endorse it and recommend it, people are possibly more likely to believe
them than some random instagram influencer. We would however use social media and
other online platforms for marketing and do sales through a webshop and deliver the
product directly to the customer.