Figuring out Buyer Behavior No.1

The segment that I have chosen to target is University of Florida students aged 18-22. People of this age are much more interested in this newly developed market and are more willing to invest in a riskier asset than older generations. On top of that, University of Florida is a hub for open-minded and intelligent individuals who are researching into new technologies.

Choosing 3 students at random, I began the stage of need awareness by questioning if these students had any prior experience with investing. Next, I inquired about whether or not these students have any background knowledge about cryptocurrency or blockchain technology.

After identifying that, for the most part, these students had minimal investment experience and great interest in crypotcurrency, I sought to find why they have not yet entered the space. The first student was interested enough to reach out to a very experienced and knowledgeable friend. Unfortunately, after an hour-long discussion, the student felt completely lost and discouraged from trying to learn more. On another hand, the second student conducted some research by spending a week visiting five of the the largest cryptocurrency-based subreddits. He found that each day he was reading conflicting information and felt that he could not trust any of his sources. Lastly, the third student had gone the furthest along the in the process by conducting thorough research on the history of blockchain technology and developed a fundamental understanding of the value behind cryptocurrencies. Still this was not enough, for as he began exploring the vast number of exchange sites available and tried to navigate the various types of virtual wallets, felt overwhelmed and decided to give up.

As expected, the segment that I have interviewed is the perfect target market for my service. Each of these students gave up at a different step in the research process because the barrier to entry is so high for this market. My service will satisfy the need for an informational on-ramp into cryptocurrency investing.