25A - What's Next?
Existing Market:
I think the next step in my venture is obviously to bring more services to my app. I want to make sure that any financial need that a college student may have is being met. This could be anything from monitoring student loan payoff to budgeting a weekly allowance mixed with job earnings. I think that while it is important to bring more services to the app, it is also very important to keep the app very simple and easy to use so that people dont get frustrated while using the app. I interviewed three customers about the progression and features of my app and here is what they had to say. The first interviewee said that the app was very easy to use but had not enough functionality. The second interview was with another college student that uses the app. The student said that they were very pleased with the current version of the app and that they really didn't need any functionality added to the app. The third interview was the longest and the most interesting. The interview was with an older professor who knows a lot about finance and markets. The professor said that my app tailored towards college students was a great idea, but it needed more functionality for older individuals who might want to use it. This was particularly interesting to me because I hadn't until that point considered tailoring my product to an older crowd./
I think the next step for this company is to continue doing what Im doing. I think it is important to keep the initial goals of the company in mind and to make sure that the company stays on track in terms of making money and appealing to customers. I really want to make sure that the user interface stays very simple and make sure that no one can complain or have a very hard time using the app.
New Market:
I think a radically different market that my product could appeal to is the market of low income individuals. These people are hard workers that are in low paying jobs and therefore can't make honest money as much as most adults. I think these people could really benefit from my money saving tactics and marketing. The two people I interviewed were the janitor at my apartment and a worker at a McDonalds. My junior said that he would be very interested in an app like that because he never received any formal education about how to manage his money or anything like that. The worker at McDonalds said essentially the same thing but had a concern in that some of the people who may want to use the app dont have a smartphone that could use the app.
I think that this new market is a very attractive idea. I think that combining the college age and low income demographics is a very good idea because these people share a lot of the same characteristics in terms of making and spending money. My app is designed for low income individuals and I think that the ease of access and ease of use will be great for these people who dont want a lot of functionality but want a lot of ease of use.
I think the next step in my venture is obviously to bring more services to my app. I want to make sure that any financial need that a college student may have is being met. This could be anything from monitoring student loan payoff to budgeting a weekly allowance mixed with job earnings. I think that while it is important to bring more services to the app, it is also very important to keep the app very simple and easy to use so that people dont get frustrated while using the app. I interviewed three customers about the progression and features of my app and here is what they had to say. The first interviewee said that the app was very easy to use but had not enough functionality. The second interview was with another college student that uses the app. The student said that they were very pleased with the current version of the app and that they really didn't need any functionality added to the app. The third interview was the longest and the most interesting. The interview was with an older professor who knows a lot about finance and markets. The professor said that my app tailored towards college students was a great idea, but it needed more functionality for older individuals who might want to use it. This was particularly interesting to me because I hadn't until that point considered tailoring my product to an older crowd./
I think the next step for this company is to continue doing what Im doing. I think it is important to keep the initial goals of the company in mind and to make sure that the company stays on track in terms of making money and appealing to customers. I really want to make sure that the user interface stays very simple and make sure that no one can complain or have a very hard time using the app.
New Market:
I think a radically different market that my product could appeal to is the market of low income individuals. These people are hard workers that are in low paying jobs and therefore can't make honest money as much as most adults. I think these people could really benefit from my money saving tactics and marketing. The two people I interviewed were the janitor at my apartment and a worker at a McDonalds. My junior said that he would be very interested in an app like that because he never received any formal education about how to manage his money or anything like that. The worker at McDonalds said essentially the same thing but had a concern in that some of the people who may want to use the app dont have a smartphone that could use the app.
I think that this new market is a very attractive idea. I think that combining the college age and low income demographics is a very good idea because these people share a lot of the same characteristics in terms of making and spending money. My app is designed for low income individuals and I think that the ease of access and ease of use will be great for these people who dont want a lot of functionality but want a lot of ease of use.
Hey Burns,
ReplyDeleteAnother great post! I wanted to say that I admired your response to the new market way of thinking. Indeed, the new market provided a perspective for you to grab on to and build upon. Thus, you effectively determine what the next step forward would have been. In doing so, the app development process is now slightly more streamlined and allows for an inclusive feeling of wellbeing for the entrepreneurial process going forward.
ReplyDeleteHi Burns,
ReplyDeleteI really like your post. I think your existing target market is clear and specific which is a good thing. This can make your business idea even more reasonable to me. Also, I think your app development process is able to bring to your new target customer group since money saving is going to be a life change to low income family. I think it is reasonable that they will accept this app! Good Job!