HelloWallet is marketing a product that the consumers are not keen to adopt. It could be argued that the American consumers need a personal financial management service. Nevertheless, they are not demanding such a service. Therefore, the challenge for HelloWallet is to market the product in such a way that customers start accepting it. It might be true that the services offered by HelloWallet are highly beneficial to individuals and can greatly improve their financial situation. Still, there are a few psychological barriers that inhibit the potential customers from jumping the ship and using HelloWallet. One of the most significant obstacles is that people are hesitant to confront their financial reality. As mentioned, 70% of the people in America live on the basis of their current income. In other words, these 70% of the people are the potential customers for HelloWallet. The situation indicates a clear opportunity for HelloWallet. HelloWallet should make an effort to make these people see beyond their fears. If these people can recognize that confronting the reality of their financial situation might actually improve the financial position, they might be more open to HelloWallet. The company should try to market itself as the tool, which can not only make people understand the mechanics of their finances but also improve their financial circumstances.
How do the concepts of behavioural finance create opportunities and challenges for HelloWallet?
What are the market forces that create opportunities and challenges for adoption of HelloWallet?
How should HelloWallet allocate its resources for its two distribution channels?
How should HelloWallet price its service for its direct-to-consumer channel and its enterprise channel?