Existing Market
An addition to the app in the future would include trading
cryptocurrency. Most people have heard of cryptocurrency but have always given
it second thoughts when deciding to purchase it. I feel as though it is a
rising form of currency especially when we are shifting into mobile and online
payment methods. I would need to include some cryptocurrency investors in the plan,
but it seems like a definite step in the right direction. From the three interviews
I conducted, the interviewees thought that my plan would be quite successful,
there will all quite skeptical about it at first but felt like it would happen
someday in the future. They also noted to include training videos that would
assist users navigate the app as well as other segments within this product.
Overall, I think the interviews went really well and the
plan to expand to cryptocurrency makes a lot of sense. The priority for now
would definitely lie in the stock market portion of the product but we need to
always be ready to take on the next big thing.
New Market
A radically different market I would take this app would be
real estate investment. The reason this is radical is because of the target
audience. A real estate investment app would be ideal for older folks who have saved
up a lot of money throughout the years to make income. Real estate does not
tend to excite younger folks and they tend to not have the initial capital to
start investing. The app would be very similar to the stock market portion but would guide
the user on what/where to look for when purchasing properties, potential times
to begin, and even fees and taxes they would need to consider. The value of this
idea comes from the fact that it would help older adults diversify their assets
and if they buy a beatdown place, they could renovate it, and make a significant
profit from it. There is endless potential in this area. The two people I
interviewed strongly agree with my idea and said they would subscribe to this
service if it ever came about. They are older and feel as if there aren’t many cost-effective
solutions to help them understand the real estate domain. They suggested having
a chat feature when users can share pictures of homes with each other and get a
rough estimate of what people think the house should be worth. I think this is
a great feature to include and would definitely work on it when I am ready to take
on the real estate industry.
I would say the real estate market is more appealing to work
on than cryptocurrency as more people are familiar with it. This is somewhat
surprising to me as I feel like we are shifting into/currently in a tech-focused
era. I feel like conducting interviews with folks around us is a great way of
understanding what the general customer would prefer and helps us target those
specific needs.
Hi Rahul,
ReplyDeleteAfter read your submission I find " trading cryptocurrency" is a new word for me. I think you can also add this to the app since there must be some people like me feel unfamiliar with this concept. I agree that real estate investement is quiet hard in the U.S. since the price is always stable (compare to my country). But it is still to look at other investment type other than stocks. Great job
Hi Rahul,
ReplyDeleteI think adding cryptocurrency will definitely benefit you in the long run. Especially when it comes to understanding the stock market and using an app to do so. The real estate market would be more appealing to work on with the general audience you have chosen. I think these interviews have helped you and I really am anxious for whats to come next in your process. Keep up the great work!
Hi Rahul,
ReplyDeleteWow, very interesting additions to your concept! Having not followed your blog up to this point I had to spend a few minutes going back to understand, but wow, seems like a very good idea! I know several people who could benefit from an app like this. Also, even though I would be more comfortable on the stock market, having access to solid information about Crypto would be ideal for me too.
Hi Rahul,
ReplyDeleteI love the idea of real estate investment. I think that it is a great avenue that other people take that would be equivalent to investing in the stock market. I also agree that its more appealing than cryptocurrency as its less of a “new” trend and has been an established thing in making money for many years already. This plan is great!
Rahul - loved this post. One thing i would disagree on is your notion on not targeting younger adults because they have no capital. You made a great point on helping the older crowd. what do you think the older crowd does when it's time to liquefy? in a lot of cases, they give their net proceeds or assets to their children (young adults)
ReplyDelete