What's Next?
Existing Market
1. I think what's next for my venture is more in-depth market research on existing financial planning products to understand what sells well in the industry and what doesn't, but also how to give a more valuable product than the existing ones that actually improves consumers' financial positions.
2. I think existing customers in this market would say that the most important thing about creating a product to teach financial planning would be to ensure the information is delivered in a digestible format that is easy to understand. I think concerning my idea that customers would want a web-based version of current planning resources that traditionally exist in a written form would be met with positive feedback, as this would allow consumers to develop an understanding of the subject while enjoying a delivery format that many are used to through systems like YouTube and other media sites.
3. Given the proposed feedback, I think that the next steps for my business would be to analyze existing websites and online systems that have a high user retention rate, and see how they structure their media material to achieve this. I would look at popular social media and entertainment apps like Instagram, YouTube, Netflix, and more to understand how they direct user attention to maintain their engagement and develop useful systems for dispensing information.
New Market
1. I think instead of targeting general consumers for my product on financial planning, I could instead target existing businesses and market the web service as a perk of the job to their employees, who could use the integrated system to automatically divert wages to savings and investment portfolios.
2. Having financially literate employees could be a significant benefit to a company, as employees with more stable financial situations likely have lower turnover rates and have a greater general happiness, both very valuable traits that companies look for in their workers. Also, if a company had an existing system in place to help employees plan for their financial futures, they probably would be less likely to move to a different company if that meant being forced to use a whole new system or none at all, giving a company an edge over competing firms for talented workers.
3. I think a business owner considering my product might be interested in the concept, but would be concerned with how well the system could be integrated within their existing financial structure and accounts. I think I would have to offer a way to produce a company-specific version of the web service that gives the option to tie directly with employee wages and pertinent financial vehicles the company offers, such as company matching in a 401K or company-specific stock options.
4. What I believe is the most valuable lesson I could learn from this market is how to tailor my product to the specific needs of the consumer base, and that maybe I should incorporate flexibility into my product instead of producing a one-size-fits-all solution. This could maybe come in the form of a questionnaire the beginning of the course after the introductory video to analyze the specific situation the user finds themselves in, so that my service can prioritize the most pertinent information for the user and give it to them first. For instance, if a user really wants help with budgeting to create positive monthly cash flow, that could be the first step, but if a user already is doing a self-made budget or already has a cash flow and doesn't want to alter their spending habits, the course could instead prioritize saving and investing goals. All of this would hopefully create a situation where the user is more engaged with the material because it is specifically useful to them and not just a necessary filler step they have to go through.
1. I think what's next for my venture is more in-depth market research on existing financial planning products to understand what sells well in the industry and what doesn't, but also how to give a more valuable product than the existing ones that actually improves consumers' financial positions.
2. I think existing customers in this market would say that the most important thing about creating a product to teach financial planning would be to ensure the information is delivered in a digestible format that is easy to understand. I think concerning my idea that customers would want a web-based version of current planning resources that traditionally exist in a written form would be met with positive feedback, as this would allow consumers to develop an understanding of the subject while enjoying a delivery format that many are used to through systems like YouTube and other media sites.
3. Given the proposed feedback, I think that the next steps for my business would be to analyze existing websites and online systems that have a high user retention rate, and see how they structure their media material to achieve this. I would look at popular social media and entertainment apps like Instagram, YouTube, Netflix, and more to understand how they direct user attention to maintain their engagement and develop useful systems for dispensing information.
New Market
1. I think instead of targeting general consumers for my product on financial planning, I could instead target existing businesses and market the web service as a perk of the job to their employees, who could use the integrated system to automatically divert wages to savings and investment portfolios.
2. Having financially literate employees could be a significant benefit to a company, as employees with more stable financial situations likely have lower turnover rates and have a greater general happiness, both very valuable traits that companies look for in their workers. Also, if a company had an existing system in place to help employees plan for their financial futures, they probably would be less likely to move to a different company if that meant being forced to use a whole new system or none at all, giving a company an edge over competing firms for talented workers.
3. I think a business owner considering my product might be interested in the concept, but would be concerned with how well the system could be integrated within their existing financial structure and accounts. I think I would have to offer a way to produce a company-specific version of the web service that gives the option to tie directly with employee wages and pertinent financial vehicles the company offers, such as company matching in a 401K or company-specific stock options.
4. What I believe is the most valuable lesson I could learn from this market is how to tailor my product to the specific needs of the consumer base, and that maybe I should incorporate flexibility into my product instead of producing a one-size-fits-all solution. This could maybe come in the form of a questionnaire the beginning of the course after the introductory video to analyze the specific situation the user finds themselves in, so that my service can prioritize the most pertinent information for the user and give it to them first. For instance, if a user really wants help with budgeting to create positive monthly cash flow, that could be the first step, but if a user already is doing a self-made budget or already has a cash flow and doesn't want to alter their spending habits, the course could instead prioritize saving and investing goals. All of this would hopefully create a situation where the user is more engaged with the material because it is specifically useful to them and not just a necessary filler step they have to go through.
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