25A – What’s Next?
Existing Market
The next thing that I see in the future of my product is providing a version that is for the average working person.
Based on feedback the best plan of attack is to reach as many opportunity groups as possible without having to invest too much in the changing of what I already have established. As far as growing in the excising market the consensuses was that I need to focus on how I am going to dig deeper and deeper into the different ways the a company can be taken advantage of from the inside. An idea that I had was maybe implement a visa card that is provided by my company to those who would normally receive one in the company. This would make it to were even transaction cards could be followed and assigned making it easier to find out were money is being spent inappropriately.
It was also discussed that the idea of being personal and growing along side other businesses is a great idea. However to capitalize on those partnerships would be to provide favors in exchange for favors or even network possibilities.
New Market
A different market to target would be the average person (the non-business owner), the working class.
I think that my venture would work in a similar way as it does in my current market. It would rely on the basis of financial security and finance tracker. It would also provide the similar service of trigger software and even a card service to make sure that money is being handled properly and not being fraudulently moved.
This new market is definitely harder to reach because it already relies on things like online banking and other financial security services to make sure money is handled properly. Banks are even calling to notify customers of suspicious usage like SecureU would.I was surprised to see how trusting they are of their current banks, not that I expecting to not be, but the idea of a product like mine did not seem to be revolutionary to them. It was suggested that to satisfy the new market that I compete with the banks by developing better ways of keeping track of their money compared to the online banking services of the banks. This new market is not as attractive as the current market I am approaching because it seems the unmet need in the new market is not as large compared to the business owner opportunity.
The next thing that I see in the future of my product is providing a version that is for the average working person.
Based on feedback the best plan of attack is to reach as many opportunity groups as possible without having to invest too much in the changing of what I already have established. As far as growing in the excising market the consensuses was that I need to focus on how I am going to dig deeper and deeper into the different ways the a company can be taken advantage of from the inside. An idea that I had was maybe implement a visa card that is provided by my company to those who would normally receive one in the company. This would make it to were even transaction cards could be followed and assigned making it easier to find out were money is being spent inappropriately.
It was also discussed that the idea of being personal and growing along side other businesses is a great idea. However to capitalize on those partnerships would be to provide favors in exchange for favors or even network possibilities.
New Market
A different market to target would be the average person (the non-business owner), the working class.
I think that my venture would work in a similar way as it does in my current market. It would rely on the basis of financial security and finance tracker. It would also provide the similar service of trigger software and even a card service to make sure that money is being handled properly and not being fraudulently moved.
This new market is definitely harder to reach because it already relies on things like online banking and other financial security services to make sure money is handled properly. Banks are even calling to notify customers of suspicious usage like SecureU would.I was surprised to see how trusting they are of their current banks, not that I expecting to not be, but the idea of a product like mine did not seem to be revolutionary to them. It was suggested that to satisfy the new market that I compete with the banks by developing better ways of keeping track of their money compared to the online banking services of the banks. This new market is not as attractive as the current market I am approaching because it seems the unmet need in the new market is not as large compared to the business owner opportunity.
Hey Mitchell,
ReplyDeleteDeveloping this product for the average person is a good idea. Many times people lack credible advice on how to properly manage their money, and having a financial advisor is very expensive. I think people place too much trust in online banking so your service could be beneficial to them.