Segment: The segment I am targeting is students in Gainesville. Specifically, I interviewed three people who all reside in Gainesville. One student is a Female that attends Santa Fe while the other two are males who attend the University of Florida. All three are specifically not wanting to stay in Gainesville this summer and still have to pay rent. They fit my segment perfectly.
What I learned: While speaking to all three interviewees I realized that their needs are all fairly similar. All of their needs begin in the spring semester and end during the summer where they have to look for new leasing for next year while also having to find out how to pay for their current summer rent. The need is extremely predictable which is important because it could help me or another business figure out when is the best time to advertise and go after students demand for housing. This need does not apply to freshman because they tend to live in dorms their first years, although it may apply to a few. In terms of information search, there are basically two main categories, the internet and family/friends. Students tend to search online for rentals through google and also try to ask their peers and family members where they believe the student should live. Not surprisingly, word of mouth is an extremely valuable resource for info on Gainesville rentals. Their google searches tend to be "gainesville off campus rentals" and they try to filter for fall and spring only leases, yet they mostly are unsuccessful.
Description of segment: I would describe this segments as having a seasonal need which begins in spring and ends in the summer. To solve this need, the segment will either use the internet, friends and family, or a mixture of both. Word of mouth is crucial for a customer to be able to identify and want to rent at your apartment or home.
Hi Josh,
ReplyDeleteI think you have narrowed down a market very well, and then have started to find a buyer behavior early on in the process, which is key. I think you would wanna focus on more local advertising, rather than through family and friends. If i had to guess, a lot of parents are out of the loop when it comes to living situations. They just take their kids word for it, so focusing on advertising to students and finding out their buyer behavior would key as well. But being in a college town, you already know that most of the people would want a lease that does not include the summer. If you were to successfully find a way to implement your new lease style, I think it would spread like wildfire on it's own as well.