Save to Save
User Journey; how to create and use an offer through the App
"Sharon wants to increase her savings to live a similar lifestyle in retirement as she currently enjoys
Sharon struggles at times to be disciplined enough to put the required spending in an investment account.
She also has always been active for her community, and is happy to put in some effort to not only help herself, but also others like her.
She finds that saving coupons and other discounts typically just make her more relaxed about her spending and she may overspend.
If only she could get offers which force her to save more! And what can she do to help others?"
ok, lets follow Sharon into her favourite coffeeshop where she meets Ben
Now we follow the interaction between Sharon and Ben on her phone, she simply opens the app on her mobile and is guided through the process
The estimated value is important here as it eventually the amount which will get deposited in the savings account when you avail of the offer. AT this stage, i imagine that someone from Save 2 Save would verify the offer with the proprietor. Ideally this is automatically generated and send to the proprietor.
Lets step forward 2 weeks, Save to Save has verified the offer and added it on the app!
the voucher code generation is a simple idea for control purposes, and for the app to get the saving deposited, before the purchase is completed. Without the deposit, you don't get a voucher code and the offer is not valid. Of course there could be other ways to do this.
Lets also circle back to Ben to see what he thinks!
I could imagine that co-op/ save to save would recruit exclusive non competing offers from larger service providers. For example, it would be possible to recruit a national airline carrier. Write a tender for what % discount they would offer for app users. The one who provides best value could be selected. Not participating in the tender risks the service provider to lose market share among the most affluent demographic. Or perhaps another example is Starbucks vs McCafe... Save to Save would provide the exclusivity for a contract duration, with the exemption of small merchants (such as Ben, who has one coffee shop). After all, we would still want the Save To Saver to be active in recruiting local small deals!
Overall Save to Save would help with the following aspects, all geared towards better attainment of retirement goals!
Provide Clarity on Aspired Lifestyle Costs
Save to Save visualizes your current spending against your aspired lifestyle. By categorizing your current budget, spending as well as aspired budget, you can visualize whether your aspired lifestyle-spend deviates a lot from your current spending as well as budgeted spending. This in itself is a powerful notion and possibly worth a product on its own.
Realize Financial Objective
Save to Save helps reach your retirement objectives in the following ways:
- Reduce current spending by encouraging to use offers
- Reduce the cost of future lifestyle by creating saving habits
- Increase savings as a result of using the offers being deposited in an investment account
- Increase returns on savings by balanced investment scheme
How to encourage saving
Advertisers would create offers which only work through the app. Therefore to avail of an offer, you would have to save the saving to your investment account.
Reduce Lifestyle Cost
By promoting the use of offers for your existing lifestyle, the cost of it is reduced. This creates habits which in turn will decrease the cost of the aspired lifestyle if these habits are sustained.
The realized savings are pooled into balanced investment portfolios. As the lifespan increases the 50+ individual’s greatest investment risk is not making the investment return required to sustain an aspired lifestyle. No longer is an investment horizon for a 50-plusser short term. Making additional savings straight into an investment account will increase the long term return.
Community members can recruit the offer in the app and share with their communities. It requires some effort on the individual which in turn is rewarding especially knowing that your peers are benefiting from this.
Comparison to what is in the market
It is probably possible to re-create the above idea using a complex set up of apps and institutions. It is however not convenient and not community based. The above idea is to draw on the strong sense of community which exists in this demographic and builds on that trust. It will help get people over the hump to use technology of it is fun, socially connected and easy to use and visualize