12A: Figuring Out Buyer Behavior No. 1

For my segment, I picked low-income students who come to UF on a need-based scholarship. 

 In the three interviews I conducted, I found that all three first look in the UF bookstore to see how much they offer the books for. If the book is too expensive, they then look for their textbooks online, on Amazon or through other cheap rental or purchase websites. They do this once add/drop ends, and they know they will have to buy their books. One of the interviewees said they use Amazon as a baseline for what the book "should" cost, and look for options that cost less than that. Some also use Facebook textbook groups to buy, sell and trade books. When they search on Google, one said: "I usually search for the ISBN of the book." Another said, "I look for the title of the book, and click on the first page of results on Google. The last said, "I usually just search for the title of the book." None of the people I asked said they speak to family or friends about the purchase process, other than to ask if they have the textbook they need. 

 For all three interviewees, they all have a multi-step process for finding their books that can become tedious and tiresome. This process is especially hard for low-income students with a tight budget. This segment is in dire need of a solution, and they know it. The current process can become stressful for some, and an easy fix would save time and money. 

Comments

  1. laityn russellFebruary 13, 2019 at 3:36 PM

    Hi Federico,
    Low-income students certainly are your main market tactic as students with more money most likely do not worry so much about book pricing. It seems like this process of finding books is pretty much a baseline for all students as I too follow this same procedure. Something that might be beneficial to you is including these prices at the UF bookstore, Amazon rentals and other online websites. I think that by breaking down these individual textbook costs might make the subscription fee seem more appealing and worth the price.

    ReplyDelete
  2. VictoriaFebruary 13, 2019 at 7:17 PM

    I think you could really build on what you have learned from your interviews. If you could connect with the buyers before they even started looking for the books. Say for instance advertising before the registration period. You could even add a table that shows what the book is selling for at the UF bookstore and Amazon and why your service would save them money. By showing them upfront how much money they are saving and saving them time having to search through the entire process this may be beneficial to your company.

    ReplyDelete
  3. ChrisFebruary 15, 2019 at 12:40 PM

    While the lower income students will certainly use your app, I think it would be useful for any body that doesn't want to waste money. The company I work for is basically paying for my entire education but I still find myself looking for better deals on books. It seems like the responsible thing to do.

    ReplyDelete

Post a Comment

Popular posts from this blog

8A: Solving The Problem

Opportunity: University of Florida teachers often cast an enormous burden on students by requiring expensive textbooks distributed by massive book publishing corporations. I want to create an annual subscription service for textbooks. The service would be created and subsidized by the University of Florida, that allows students to view and read the required textbooks for their courses. The University has an endowment of over $1.2 billion, so this would be a drop in the bucket. The University already has an “opt-in” system for specific textbooks, but students are still required to pay the full price of the book. If the University offered an optional flat price for all students, let’s say $250 for the year added to cost of tuition, I’m sure many students would opt in to this option for the ability to read digital copies of required textbooks. If students want hard copies of the book, they can buy it at full price, but if they want to save money, they can use this book subscription servic...
Read more

28A: Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? To be honest, as this is not the field that I want to spend my career in, I would be completely open to selling the company for a return. If I can find a buyer that I know will take care of its clients and employees, I will gladly sell it. 2) Why have you selected this particular exit strategy? Book publishing software is simply not the world I want to live in for the rest of my life. I found a solution to a problem that affects thousands of college students around the country, and I've done my job. I would rather spend my time doing something else that interests me. I would sell the company to someone who I know cares about the company. 3) How do you think your exit strategy has influen...
Read more

7A: Testing the Hypothesis, Part 1

Opportunity: The high costs of required textbooks for UF courses University of Florida teachers often cast an enormous burden on students by requiring expensive textbooks distributed by massive book publishing corporations. The who: Students suffer from having to pay for these expensive books on top of tuition. The what: Teachers require expensive, unaffordable textbooks in order for students to complete assignments in the course. The why: Universities usually have contracts with book publishers, and require the newest edition of the book instead of previous versions. Testing the who: Every student I have met has had at least a semester’s worth of classes requiring $100+ books. Testing the what: Many teachers force students to buy the newest edition of the book directly from the publisher, instead of renting or buying a used, previous edition of the book. Testing the why: Publishers benefit directly from students buying the newest edition of the book, as universities sign exclusivity ...
Read more