Amazon Whisperer Week 11

·         Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

    1. There are three main sources of revenue after creating this app. The first one will be the cost of downloading the app which will be $1.99. There are a lot of free budgeting apps but none of them actually force you to stop at a specific cap that you, yourself has chosen. As well as send you alerts after every purchase. The next source of revenue will be through advertising on this app. There will be multiple different apps wanting to advertise their games, as well as businesses specific to my app like bars who are having specials, ladies night etc. Lastly I will have an option that will allow the app to be app free. The cost will be around $5 monthly and this will be for people trying to save time from listening to videos or advertisements in between setting up budgets for different bars.

·         Describe what kind of product offering you believe should be next. What's the next thing your customers want?

2. The next big thing that I would like to work on is making a software that allows you to put money into an app. This would work like a visa gift card. When $40 is transferred from your bank into this app you now have a balance of $40. You can then take your phone out and bars can scan a barcode that acts as a debit card. It will automatically deduct the cost out of that account. This way you are as limited as cash without the fear of losing it. Also it is safer than a credit card because one cannot simply steal it and swipe it at bars. You must first unlock your phone, then type in another password to access the app.

·         Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

3. The next product may not enhance my first product but it will compliment it. I believe the users who are wanting a more all in one app will like the next product even more than the first one. The hassle of having to pick out every place they want to go for the night and then setting up a budget is a lot of work. There is also still the chance of losing your credit card which are two things my new app would eliminate. The one downside is some people do not like to put that much trust into technology and would rather remain sticking to my first app. This app will foster customer loyalty in the sense that they will continue using my apps as long as I am catering to their needs.

·         Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

4. I have searched the app store and could not find any product that is like mine except for apple pay. This app to my knowledge still does not give you the option to cap off your spending for the day. Or send alerts when you are close to your cap.

·         What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

5. Customers actually love the apple pay app. It received 4-5 stars on almost every website I visited. It talked about how fast and secure the process is. This would be great for bars as well as the customers. I bars get the process done much quicker because there is no signing process since there must be a touch ID process on the phone to reach my app. Also cards and money can be stolen but if the iPhone is people still cannot get access into your account and run up a ridiculous bar tab. People do not like that it only works in the US and that it is much easier to spend money this way/ harder to keep track.

·         Describe what design/usability changes you'd make to the product. My two main differences to this product will be the fact that you can be alerted every time this app is used to keep track of your spending.

6.    Also if this is still a struggle you can load a certain amount of money onto the app and it will not allow you to spend any more than that.

Describe why you think this product would make a good addition to your current product/service offering.

7.    I believe this new product I am coming out with will cater to most of my customers’ evolving needs while still allowing my old app to attract the older or more cautious crowd that would still rather be using a wallet over a cell phone for every payment. Either way both apps will help customers save money on a night out. This is just a way to reach a larger target audience.