Interviews
My business model involves the elderly population and with the current state of the coronavirus finding in-person interviews with the elderly was very difficult. To compensate, I did some research into the buyer behavior process of my target segment.Alternative Evaluation
The elderly tend to move toward leisure activities meaning they would not want to consume or consider purchasing a product that would take time from their day or come off as too complex. This target segment has tremendous purchasing power so price would be taken into consideration when purchasing a product or service. Furthermore, the elderly are more likely to purchase and use services over products especially as they age. Most of my competitors are selling products. I think my subscription service model will help set me apart.
Post-purchase Evaluation
The elderly, in focus groups, view generic products as better than name brands. Almost half of the sampled elderly spend their leisure time reading. This is important because my service is sending physical pamphlets with information about current scam tactics. If this segment didn't participate in reading at high levels, my service would not be considered in the first place. Those over the age of 65 are more likely to try new products and services just to try it. In other words, they are open minded and listen to recommendations. How they perceive the product or service is greatly influenced by friends in the same age group.
Source:
https://www.acrwebsite.org/volumes/6307/volumes/v11/NA-11
Hey Aaron!
ReplyDeleteI completely relate to your struggle of finding people to interview, and that was also something I struggled with during this exercise. I enjoyed your alternative evaluation, especially your discovery about how elderly folks tend to purchase services more often than products as they age. Immediately after you mentioned that I realized that my grandparents are quite guilty of that and it intrigued me.