Venture: Mydoh is a money management app designed to help parents help their kids learn money values and skills.
Link to Analyst Report: https://analystreport.wixsite.com/522-a1
A1: Analyst Report: Mydoh
2 responses to “A1: Analyst Report: Mydoh”
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Wow- this presentation has real interest to me as a parent. I was actually looking into apps just like this one, but don’t think I stumbled across Mydoh in my search. I started by skimming your site, but found myself genuinely interested in the details- convinced that this might be the app I’m looking for! That being said, most similar money management apps for kids shocked me with their high cost for subscription. I was looking at paying $5/month or more to manage my kids accounts, when they only make $20/month in allowance! What is the pricing model for Mydoh? How do they keep their costs lower than competitors as claimed? Are there hidden costs like a charge for every cash card? I think hidden costs are what drive me away from a product, so I am keen to know! Thanks for this- it was a very informative read!
Hi Hayley,
Thank you for reviewing my work, and for your feedback. Glad to hear that you might actually consider Mydoh to be the Money Management App that you were looking for. Great question, hidden costs are scary and not only they drive away potential clients, but they can also do significant reputational damage to a business. My Doh offers services for the whole family (up to 5 kids) for $4.99 per month. If you are already an RBC client, the cost will go down to $2.99 per month. During my A1 analysis, the research revealed that Mydoh is currently employing a market penetration pricing strategy with the mere intention of attracting new clients. Market penetration basically means that during the initial product/service offering, the company would settle for below-average cost, hoping that volume would make up for it. Quite a number of famous startups have utilized this strategy to disrupt their industry and attract customers. Having said this, given that market penetration pricing is not long-term, I would suspect that Mydoh will gradually increase its prices for future customers.