25A – What’s Next?

Existing Market

1.       I believe what’s next for me is installation of my website to make it look professional as well as creating an easy platform to use for many users. I want to make my website as simple as possible so that users won’t be discouraged to download the product.

2.       The three interviewees all loved the idea. All three of them are heavy traders, one of them trades for a living and the other two have made thousands of dollars in the market. Mark, the one who trades for a living, suggested creating live videos on how the product works. The live videos should be based on different scenarios that the trader is trading. Richard is one of the most experience traders I know. He suggested creating customizable cameras incase a trader wants a specialized camera for different angles, brightness, etc. This will allow for more revenue by creating different divisions in the revenue segment. The main line of revenue will be done through fees and buying the software. The second being the camera the works with the software. And then different types of cameras that will enhance the experience. Allowing different types of revenue streams will benefit me in the long run. When I talked to Jason, he mentioned that I should create some type of social media accounts that relate to trading and create following base. This will allow me to market the business product for free and have a following that is likely to buy the product.

New Market

1.       Since I am focusing on a wide variety of different people who trade. I should focus my attention to traders who trade for a living who want to lower their losses to gain a greater profit.

2.       Wealthier people are likely to buy the product because it is easy for them to do so. Traders who are wealthy still want to lower their losses to gain more money. Fees will be low; however, the download will be expensive enough to cover employee’s salaries and some profit. Eventually, I want to be able to afford to offer my product to retail-traders around the world and make it affordable, however, the software is difficult to maintain.

3.       Michael is one of the first traders I met in the trading world. Michael suggested targeting a specific section of users on Stocktwits. The pricy stocks that users usually chat about that are too expensive for retail-traders with small portfolios to buy. When focusing on this section, you can separate the big fish, from the small. Robert one of my close friends that started trading, thinks I should focus my product on retail-traders, instead of wealthy traders. He thinks retail-traders have a difficult time with emotion while trading, and that they may be easier to connect to with my product. I believe that he does have a point and that I should consider his opinion. Clark has no experience in trading; however, he has released many products in athletic training to the public. He suggested, going out and giving samples to people by showing them the software and the camera. He also said to do walkthroughs in public as well in business events.