19A – Idea Napkin No. 2

Idea Napkin

About Me

My name is Aaron Harvey and I am a second year Information Systems and Operations Management major determined to specialize in cybersecurity or data science. Over the last four years, I've been working to improve my programming, networking, and IT skills. I have experience with assisting the elderly who fell victim to phone and email scams; My grandparents were victims and going through that experience is what inspired me to further pursue this business concept. As I conducted more research on fraud and senior citizens, I realized that this problem is nationwide. I want to spread my business presence across the nation to meet the needs of every senior citizen. 

Value Proposition

My business is focused on providing senior citizens with relevant and current information about phone and email scams and other fraud tactics. The subscription-based business model will deliver packets of information straight to the elderly's doorstep. These tangible packets are easily understandable for all reading levels and ages. Also, unlike information on the internet, the tangible information the business provides can always be referred to at a moment's notice. While other businesses focus on software prevention or post-fraud recovery, my business will satisfy the heart of the need: a growing knowledge gap between the elderly and scams. 

Target Audience

The target audience and market segment the business is marketing to is senior citizens, age 65 and older, living in the U.S independently with no care takers. In addition, this segment must have access to phone, home or mobile, and computers with internet. The breakdown of my target consumer's psychographics:

A - Trustworthy, emotionally driven, family focused

I - Interested in reading, protecting retirement, 

M - Live without hassles, relaxation, staying safe and secured

What's in it for You?

You are a hardworking individual who spent decades building the retirement and lifestyle you are living right now. As you continue to age, your risk of falling for a phone or email scam increases. Don't think that scammers won't approach you; they have been scamming people like you for years with the same tactics. Why continue to put yourself, your retirement, and future at risk? Let my business keep you informed and secure. 

What sets us apart? 

There are many businesses on the market that are providing technology-centered preventative measures to keep you from falling victim to fraud. For example, caller-ID and Norton notify you of potential scammers and fraud, but even with these services many senior citizens still become victims. We believe the best form of protection from scams and fraud is keeping the individual at risk constantly informed. Our competition does not take into consideration the fact that many senior citizens simply do not understand the complexities of their products or services. If you don't understand how it works, how can you be sure you are staying secure?

Summary

Since the last idea napkin, I've done more research and conducted more interviews to get a better understanding of the feasibility of the business concept. With a better understanding, I still believe the aspects of the concept, mentioned previously, work well together. I mentioned in the last idea napkin that the customer's willingness or evaluation of the service would be an area of concern. I need to place more emphasis on marketing and exposure to strengthen this part of the concept. 

Feedback

From the two comments made on my last idea napkin, there was a lot of praise on the value proposition section. Using the feedback, I added more detail to the value proposition for a better understanding. I personally thought my "What sets us apart?" section was lacking, so I took more time to explain the differences between my company and others in the market.