15A – Figuring Out Buyer Behavior No. 2

Business Idea Recap:

A software that analyzes trader’s micro expressions as they trade to enhance portfolio return by eliminating losing trades that are tied with signs of anxiety and/or stress.

There is currently no software/product out there in the market that traders can get their hands on.

Big Banks:

Most traders for investment firms have therapist for their traders to cope with the stress that comes with the trading. The same goes for the hedge funds, and other small firms.

Common products like mine

·       Books on how to handle stress with trading

·       A therapist

·       Trading Coach (extremely expensive)

(3-4)

 I believe price matters the most to traders. I mean we’re talking about people who buy and sell for a living. They care about whether their investment in this product is going to return a greater profit. When it comes to trades, they want to buy the cheapest thing with the strongest result. Books are their answer, right until nothing changes over time. Traders want results that happen relatively in several months, especially day traders. Therapist may not be able to cope with someone’s personal trading style. Trading is unique to each trader, a therapist may be able to point on some basics, however, may not be able to give you money. What has the most quality out of the product like mine? Trading Coaches. One of the interviewees had a trading coach to help him with his losing trades, although, it cost him a lot more than what he made those six months with him. The quality is there, the interviewee had one on one actions and some of his trading improved, however, cost and results were a huge factor in this product. What matters most is the results that come from the purchase. One of the traders I interviewed went on to elaborate a concept:

(5-6)

If you spent 50 dollars on a book that teaches you how to handle your losses on your money, the results better out way how much you put into it. Not only did you pay 50 dollars, but you also put in valuable time that you could have put elsewhere. If you didn’t learn anything from that, then you’re losing money.

A crucial customer segment is time needed in order to see results. You don’t know how much time it takes for you to learn something from a book or a trading coach and apply it to your trading. A software that instantly eliminates those bad trades in several months to get accustom to your trading habits is significant. Seeing progress along with the purchase is what matters most, furthermore, progress that you see growing from a purchase that outgrew what you originally payed for. Accessibility is also one of the factors another interviewee pointed out.

What do you love most about trading?

-          He answered: The ability to trade anywhere. If I have internet and a laptop, I can make money. Accessibility is the one of the most important things when it comes to be a trader who likes to travel as well.

I thought about how the software was going to be implanted. Online would be best, which would have the software to be downloaded and kept on someone’s laptop. A custom camera that’s also portable would be available to customers as well. Traders would most likely use cash to pay for this software, which all three of them agreed on. This is not a B2B purchase.

Overall, the three interviews led me to make this product as easy as trading. Make it an online purchase. A software that’s easily downloadable. A portable camera that tracks micro expressions more accurately was liked by all of them. They said that they all travel with a monitor and some time of laptop, so a just having a camera was no problem at all. They all related to how quickly they can see results and whether their purchase was worth it.

Conclusion: Traders don’t want to change anything about their routine for trading. And neither do I, that would ruin the results of my product. From these interviews, I see how simplicity is crucial in this and going through the online route is the best option. As far as post-purchase satisfaction, traders want to feel that they are making progress along with their purchase.