There is a clear need for budgeting support with budgeting apps being a rage all promising to help you. Admittedly for many, they work but there are several people not being catered to. The ones that cannot simply follow through with their intentions and stick to their budgeting plans. meaning that sometimes they end up developing mental health issues through being constantly stressed about money.
Who might use it/where it might be used?:
Students living from grant to gran, people on low income and people who have mental health issues means they are unable to stick to their budgeting plans. Realistically speaking anyone over the age of 18 may find value in this product/service. Even a multi-million air may want to park cash with CBA simply for the pleasure of knowing it's making money for charities. However, our targeted audience will be the 3 initially listed.
The Market (B2B, B2C or Both):
Sector the idea belongs to:
Why you think there is a demand for your idea?:
In my opinion, it's the next logical evolution of budgeting tools. The respondents to this survey give a clear indication I'm not wrong. https://bit.ly/2TnbFPk Regardless the data relating to financial hardship is clear and vast and undoubtedly in existence. We aim to become a solution in part for these issues.
Who would be the ideal customers?:
A single mum working part-time, a student with no one to turn to when things get tough, an old age pensioner, a person who suffers from mental health issues ...
What ideas do you have to reach these customers?:
Our marketing strategy of utilising social media would be where the majority of the marketing campaign would be assigned. However, I would like to use the local sports team and sponsor them to the point where everyone in the league has us on their kits.
How far have you developed this idea?:
A business model with possible pivots planned, strategy for scaling and a basic prototype started. I believe I have POC but some say I need a live MVP before I can say I have POC
What – if any – feedback have you had for this idea so far?:
The ideas intentions are good i picked a great one to move forward with but not many have been willing to delve too deeply into it. I understand I've been fully aware from the start what a poop storm I've chosen to go with but everyone understands the value it aims to bring to its target audiences however getting there is too great a journey with too many variables to consider. This product need an established financial institution becoming dedicated to it.
What supporting material – if any - would you like to add to your proposal?:
https://www.cashboomerangs.app/deck https://drive.google.com/file/d/1mP-Sua6bXLHZ-n9a-ZZ0l7k24fZ0wGmv/view?usp=sharing The sales funnel will give you some insight into the target demographics although the product will be openly available.