12A: Figuring out Buyer Behavior No. 1
Buyer Behavior:
- Pick a Segment: My Market Segment I intend to isolate is a demographic of middle class Americans between the age of 55-70, and their need for care opportunities for their aging parents.
- Interview, Need Summaries and Information Searches:
- Interview 1: My first of the series of interviews was with a Gainesville local woman who fits right into my segment. Her need summary was exactly what'd i'd expect for a prototypical customer. Her need comes from her mother being in her late 80s and beginning to falter due to old age, and the where aspect is finding care facility that's right for her due to the fact she has alzheimer's. Her information searches consisted of googling for "nursing homes" and asking fellow co-workers if they have a similar situation to hers and where she might be able to turn to.
- Interview 2: This interview was conducted right outside of a Super Target with a 63 year old man named John. John's need summary also fits right inside of the definition I have laid out for my business opportunity. His father is beginning to have issues caring for his wife, as she has suffered 2 falls within the past 1 and both requiring surgery. The care she needs can't be supplied by his father so John needs an outlet to solve this problem. His information searches just devolve to using newspapers and inquiring where he might be able to find a care facility that he can afford.
- Interview 3: The final interview happened right at an Ocala gas station with a woman who also fit quite well into my demographic. She explained her need summary from the standpoint that she needs to find a place that's capable of caring for her aging mother due to her mother beginning to have mental issues and along with it consequences of an earlier hip replacement a few years prior. Her information searches tend to fall around using facebook as research outlet to poll for where she might be able to send her mother to live a quality life on the budget of a school teacher.
- Conclusions: From my interviews, I've realized that as long as I can reach out to my intended segment in the business market, I stand a fair chance of making a profitable business so long as the under the hood costs can be managed in a way to make the cost to customers manageable with middle class income and insurance. The need awareness can be categorized into simply needing a care facility that does 2 things: Cares for their loved one properly, and is affordable on a paycheck to paycheck basis.
The key thing, as explained by these interviews, is the need for quality life on a budget. Most people are unable to dish out a lot of money for care. The middle class, which you've seemed to identify as your target market, must be economically fair, along with the excellent care. Even if the care is fantastic, people will likely shy away from your company if the prices aren't reasonable.
ReplyDeleteI am a bit conflicted as you state that you focus on those living from paycheck to paycheck but also state to focus on middle class Americans. I am not trying to throw definitions out there but don't believe a middle class American is living from paycheck to paycheck. I believe middle-class states that you are not rich nor poor but comfortable to make ends meet. Someone living from paycheck to paycheck sounds like a student or someone in the lower income class and would then present different variables to consider. Variables such as financial help from the government. I do applaud your efforts toward improving quality service to the elderly but also believe the income segments have to be defined a bit more to really help people know if they qualify for the service or not.
ReplyDeleteI think it's really cool that you were able to meet with people who precisely fit your target demographic. I also find it interesting how your interviewees all had different methods of accessing information. I think the biggest issue is sustaining a business that continues to be profitable especially while being affordable to customers. I look forward to where you go with your idea.
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