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Spendology Washington, DC Launch: Helping People Achieve Their Financial Goals in the New Year
Jan 02, 2012 (07:01 AM EST)
Creating Disruptive Innovation Using the Customer Value Discovery Process
WASHINGTON, Jan. 2, 2012 /PRNewswire/ -- The process for creating disruptive innovation hinges upon significantly improving the performance attribute of a product or capability. Building Spendology started with founder, K. Alexander Ashe, trying to solve his own problem. He wanted a tool that would help him plan and prioritize his expenses.
Find the Real Problem - Discovering the real problem began with examining current online personal finance tools and talking with friends and family about their budgeting habits. The next step was to survey potential customers to discover what they found most difficult about budgeting. The initial research effort indicated that one of the most challenging things about budgeting is creating a budget in the first place. Existing online personal finance apps were great at aggregating expenses and categorization but the budget creation tools lacked analytical rigor. This fact inspired Alexander to create the Spendology Budgetizer, a free web app that helps users create a budget in less than 10 minutes.
Standing Out: Focus on Value - Steve Jobs and Henry Ford have said customers don't know what they want. Alexander often says "customers speak in terms of capabilities and attributes - not products and features." After developing a prototype and testing it with friends - he worked diligently to discover the desired outcomes that people wanted from the budgeting process. Spendology differentiates itself by adding analytical rigor and personalization to the budgeting process.
Disruptive Innovation - Henry Ford was noted for saying that if you asked the customer what they wanted they would say a faster horse buggy. However, customers were speaking about improving speed, a performance attribute of the transportation capability. The Spendology Budgetizer can help someone create a budget in just 10 minutes whereas it would take much more time to aggregate and correctly categorize expenses using conventional tools.
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