How one entrepreneur went from “I’m Out” to making millions
He was virtually laughed out of the Den when he brought his Trunki children’s travel case before the Dragons.
But fast forward 10 years, and businessman Rob Law has made millions from his suitcase solution and is looking to repeat his success with a brand new travel bag.
The Jurni is a hand-luggage sized case which doubles as a seat and bedside cabinet aimed at the teen market. He might have been rubbished by Peter Jones for his “worthless” invention back in 2006, but Law’s company, Magmatic was valued at £13m in 2013.
Not so worthless now, right?
This isn’t an email about his tenacity, drive, or sheer commitment to his product though. Even though that is very impressive and probably worth a mention.
What it is an email about is Rob Law’s knowledge of his customer avatar.
Law spotted a clear gap in the market with his first release, and developed a product that appealed to both his end user – the child – and the decision maker – their parents.
It looked great, was practical, and sat at a price point that worked for his ideal customer.
Likewise with this new release, Law has identified that the teen market are “lazy” – his words, not mind – and will want somewhere to sit when travelling, but will also want something grown up and stylish.
How clear in your mind is your customer avatar?
Do you know their likes, dislikes, wants, needs and requirements? If your end-user isn’t the person handing over the cash, do you know the likes, dislikes, wants, needs and requirements of the decision maker?
It’s so easy for your customer avatar to get diluted over time. Especially as your business grows, changes and develops. Have you taken the time recently to rethink your avatar, and make sure that you’re appealing to the right people?
You might just find that it makes a pretty big difference for you…