Figuring Out Buyer Behavior No. 1

Choosing a Segment:

                For this assignment I decided to focus on people that are young professionals and are just a few years into living on their own (the scary real world). One of them is a work friend of mine I made over this past summer (Kyle), one is my brother-in-law’s brother(Donald), and the last person is my sisters friend who just finished her master’s degree (Rachel). These people are looking to save money so they will be able to buy things that they want, like a house, a car, new sunglasses whatever it is. All of these people are trying to make it out there on their own.

Interviews:

Kyle:

                He determined that the app will eventually help him. But he was unsure about how long he would be using it. He said it would just be a onetime thing to make sure he didn’t do anything stupid. He didn’t see people coming back to use it on a daily/regular basis. Also he said that he would use it,

he feared that older people (about the age of 50-60) may have difficulties using the app. He also said that younger people may have   trouble with it because they do not trust the security of the app, which is a huge concern right now. He said he would be a onetime user of the product, unless there were other apps that may track finances easily for him and made it easy to understand.

Donald:

                He is my brother-in-law’s brother so he is kinda family in a way. He just started working and supporting himself. He is the type of person to where he signs up for all the monthly free trials he can for certain things and then inputs his credit card to pay for the subsequent months but forget to cancel them in time. Donald said that he would love to have an app that shows what he subscribed to and make it easy for him to cancel. Donald said he would save so much money if he used this. HE said he would use it multiple times to see what was going on, which is good. Donald said that he would tell all of his friends about it which would be nice to help spread the word of mouth about the app.

Rachel:

                She is a close friend of the family so I figured it would perfect to talk to her about this. Rachel said that for the most part she is on top of her finances, and knows where she’s spending

money, and how much she’s spending on everything. She said if people are careful there may not be a need, but she said that she has a lot of friends that are careless in their spending and that this will help them. She mentioned that one of her friends was paying 2 gym memberships without knowing. She mentioned that she would not use the app but she can see it being popular amongst her friends. Rachel mentioned you need to make sure the app is secure.

What I Learned:

                I learned that demand for the service varied depending on the person, which is normal.

Some of the people really needed it like my friend Donald, who spends carelessly. While some people like my friend Rachel wouldn’t use it because she tracks their finances on their own. I learned that security of the app will be important, as it was mentioned in 2/3 interviews. Also, I learned that people would use other finance apps if they were created. People saying that they will be careful will not be sufficient, because people are careless.

How would describe this segment:

                I think that this is very representational of the young people that are willing to use the app. This segment will be willing and able to use the app because they see it as a way to save money, and who doesn’t like saving money.