Thursday, August 27, 2009

The Tylenol of Currency Exchange

I finally figured out what our appeal is to our customer segment - we're the Tylenol of currency exchange.

The simplicity of PeerFX lets our users breathe a sigh of relief. With our focus on spot trades and 3 click booking process compared against the large menu of services provided by other forex services and financial institutions - right away our users know what they can get from our service - spot currency exchange.

Sometimes I wonder whether financial institutions and other services make it extremely hard for a user to understand what choices they have. The worse thing about this is that even though we are actively trying to understand all the combos and choices we're given, 80% of regular people would NOT want to take the time to understand it.

Pitfall: Customization doesn't always mean bombarding your users with choices.

You can customize your service to one group and market the heck out of it to THAT group. Instead of them making the choices, you make a choice for them (of course given that you've done the customer research and you know they will BUY your choice).

Nowadays most people don't want to take a lot of time to make a choice; and with things like financial services, they often rely on people whom they believe to be more knowledgeable (ie. supposedly...YOU) to help them make the decision. Most people just don't seem to trust their own judgment when it comes to financial service selections.

This is why I find marketing so interesting, it's different in every industry, market segment, location, etc. Alright, back to work.

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