So the TV show dragon’s den has been one of my biggest inspirations for starting my own business. It shows people from all backgrounds coming to pitch their ideas in front of business moguls in order to gain investment for their ideas.
So what did we do to prepare for our pitch?
First of all we created a quick prototype product and some posters to demonstrate the design and branding of our idea.
We then researched how much it might cost to produce our product and any competitors there might be as well as alternatives which people might be using.
We came up with a script and split it between the different team members and added some notes about things which might get asked by judges such as pricing and Intellectual Property Rights:
Elevator Pitch: For the fitness-conscious who want to add excitement to their exercise routines and beginners who lack confidence, FIIT ME! is a game that adds variation to workouts, making them more enjoyable unlike HIIT the game which has more complicated rules, our product is easy to play with an attractive design that can be followed by all, building confidence and motivation amongst players working out together.
Problem and Target Group: Many people who are conscious about fitness find exercise routines can get boring as they follow the same workouts day after day. Due to this roughly 44% of gym goers will often stop working out or quit going to the gym. Another problem which fitness beginners encounter is that they are often self-conscious and lack confidence when working out for the first few times so require more motivation to maintain working out regularly. Our target audiences are the fitness-conscious who exercise at home, at work or the gym, that find exercise routines get boring as well as fitness beginners who want to learn about different exercises.
Product: To tackle this problem, we are creating FIIT ME!, which is a competitive exercise game. Through our research, we found that one of the best ways to motivate people to work out is through competition. The players will encourage each other to complete challenges on cards to build confidence in their exercise ability. This helps to create a more exciting atmosphere which will make working out more enjoyable. The game requires no extra equipment, meaning it can be played anywhere and comes in a compact form so that it can be carried around easily for people who travel a lot. We are making the game as simple as possible to follow to make it accessible to the fitness-conscious of all levels.
Competitors / Alternatives: At the moment, the main competitor is a company called ‘STACK52’ who creates a range of fitness card games. Their main card game is ‘HIIT the game’ which aims to tackle the same problem however we found that the game was complicated to follow and is aimed more at experienced fitness enthusiasts. This is very intimidating for beginners who would benefit the most from this type of workout. Alternatively, many people follow routines through apps and online tutorials, however, these are always very structured and do can often get stale after using the same workout multiple times a week. A smaller group of fitness-conscious people will hire personal trainers; however, this is very expensive which puts a lot of people off from going to the gym. We want our product to be accessible to all
Market Entry / First Customers: During our research, we asked fitness-conscious people from the local area and online through chat rooms and forums about the idea and found that many people who work out together would be interested in the product. The majority of those we asked are beginners or at an intermediate level of fitness. We expect our first customers to be the fitness enthusiasts who want to add variation to their workouts.
We would target this group through social media advertising, in particular on Instagram using videos and images to show how the game works. We will also be demonstrating the game at trade fairs with some audience participation. In the long term, we see fitness instructors use the card game as part of a class when teaching more than one student at a time or in schools to teach some basic fitness to children and teenagers in an enjoyable way. We would also look to create an app version of the game which allows a random exercise to be picked on players phones with a global scoreboard so players can play against each other over the internet.
Pricing: It would cost around £5.50 per set of cards plus packaging to print, then we would charge around £15 to £20 per pack.
Intellectual Property Rights: Our product is designed by us, all drawings, the rules, and designs have been created by the team and copyrights belong to the company.
Once we were done with the pitch, judges gave us some feedback to use in order to improve.
Some of the biggest feedback we received were that they liked the design and feel of the card game, but weren’t sure if the ‘reward’ was enough to encourage exercise and we might need to think about this a bit more.
We went back to the drawing board to prepare for our next big milestone, the first trade fair.