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Your idea for a budgeting app to curb impulse and mood-based purchases falls into the 'Minimal Signal' category. This means there isn't a lot of established market activity, potentially because the problem is quite niche or not deemed urgent enough by most. With only two similar products identified, our confidence is low, which means we're working with limited data. Engagement in the similar apps is also low, suggesting that these solutions aren't sparking intense discussion or interest. Given this landscape, it's crucial to approach the market cautiously and focus on validating demand before committing significant resources. Essentially, you need to prove that enough people experience this problem acutely enough to seek a solution like yours.

Recommendations

1. Given the minimal signal, your initial focus should be on proving that a real need exists for your app. Start by identifying online communities, forums, or social media groups where your target audience (people struggling with impulse buying or mood-based spending) gathers. Engage in discussions, understand their pain points, and gauge their interest in a solution like yours. This will provide invaluable qualitative data on the viability of your idea.
2. Before building the app, offer a manual or semi-automated solution to a small group of potential customers (2-3). For example, you could provide personalized budgeting advice and track their spending for a week or two. This will give you direct insights into their spending habits, challenges, and preferences, helping you refine your app's features and value proposition. This will help you in collecting real-world data to guide product development.
3. Create a short, engaging explainer video demonstrating how your app could help users overcome impulse spending and emotional buying. Focus on the specific benefits and address their concerns. Monitor the video's viewership, completion rate, and comments to assess interest. A high completion rate suggests a strong value proposition, while comments can provide valuable feedback and identify potential improvements.
4. Gauge commitment by asking potential users for a small deposit to join a waiting list for your app. This provides a tangible measure of interest and willingness to pay. If people are genuinely interested, they'll be willing to put down a small amount to secure early access or a discounted rate. This is a strong indicator that you're solving a problem they're willing to pay for.
5. Based on the user feedback for similar product, 'Balancey', consider features that go beyond just budgeting. The suggestion to incorporate goal-setting highlights the importance of helping users visualize their financial futures. Integrating goal-setting functionalities could enhance user engagement and provide added value.
6. Set a clear deadline (e.g., 3 weeks) to find at least 5 genuinely interested individuals through the methods described above. If you're unable to reach this threshold, it's a strong signal that you need to re-evaluate your idea or target audience. Don't be afraid to pivot or explore alternative solutions based on your findings. A 'no' now is better than a 'no' after months of development.

Questions

1. Given that similar apps had issues with downloads, how will you ensure a smooth and frictionless onboarding experience for your users from the very beginning?
2. Considering the 'Minimal Signal' category, what specific assumptions about your target audience's behavior and needs are you making, and how can you validate these assumptions quickly and cost-effectively?
3. How will you differentiate your app from existing budgeting tools, especially in terms of addressing the emotional and psychological aspects of impulse and mood-based spending?