What needs space is Perked! in?
What Market Segments exist and what product substitutes are available in these identified markets?
Universities have the largest population of millennials who would most likely use application based help. Furthermore, stress and anxiety are considerable issues within universities.
Product substitutes include other applications, specifically Healthy Minds and MindShift. Other non-technological alternatives include health and counselling (individual sessions, group sessions, therapy, etc) as well as other university endorsed health programs
Corporations specifically in high-stress industries like those in Silicon Valley. These companies are hiring millennials as they graduate from university and are in the high technology industry so would adopt technology quickly.
Product substitutes include other applications, the two most popular include Peak and Headspace. Other alternatives include Mental Health First Aid initiatives, Training, and Outsourced health services
Mental Health Professionals
These include psychologists, counsellors, and physicians. Rather than meeting once per week it would be possible to have long term data to help diagnose and monitor patients.
Products substitutes include traditional diary and checkups, prescriptions and drugs, and group therapy.
Wellness Oriented Individuals
These individuals actively seek to improve their own lives through the use of applications. Most likely involved in activities such as yoga, fitness, and meditation. They may also associate with certain community groups like the YMCA, wellness and Happiness centers, and charity or government lead initiatives.
As this is such a broad category of individuals there are a significant amount of substitutes. On the application stores (Google Play, and Apple’s App Store) there are thousands of mental well-being applications that are similar including Whats Up? MindShift and MoodTools.
Where does each segment fit in Industry Evolution?
Universities have 1 or 2 competitors realistically, as they need to endorse the application
Corporations have 1 or 2 big Apps, but lots of traditional options including training and outsourcing
Mental Health Professionals have no substitutes, this would complement the individual sessions
Wellness Oriented Individuals have lots (thousands) of small competitors
HealthyMinds is a problem-solving tool to help deal with emotions and cope with the stresses you encounter both on and off campus. The goal: Keeping your mind healthy. HealthyMinds was developed by The Royal thanks to a donation by D.I.F.D. The Royal is one of Canada’s foremost mental health care and academic health science centres. Its mandate is simple: to help more people living with mental illness into recovery faster. App is in French and English available.
The app provides you with:
- Daily mood tracker and timeline to track your progress
- Journaling feature with photo entry capability to help you stay mindful of emotions
- Problem-solving guide linked to calendar which helps identify and develop a plan to address life challenges
- Stress buster strategies to learn how to cope with daily stresses
- Video breathing exercise to help calm the mind
- Bug fixes and other performance enhancements.
The app scores 3.9/5 on GooglePlay (37 reviews).
The app helps people deal with mental health issues and has a customer-friendly design, is easy and handy in use and focuses on the individual (similar to Perked)
How income is generated:
App is free to download (free service for students was the goal)
Brain Training App
Peak is a personalized training program. It is specifically designed to help you track and improve your brain with memory, focus, problem solving, mental agility and language skills – all backed by scientific and educational research.
- Over 20 great challenging mini games across different categories (memory, focus, language, mental agility or problem solving), all designed with the help of experts in neuroscience to be fun, challenging and rewarding. One new game added each month!
- Adaptive and dynamic game difficulty to keep the brain training challenging.
- Personalized daily workouts of brain game challenges in the categories that most suit your needs.
- In-depth performance tracking with insights including personal and comparative brain maps, data visualizations and per-category graphing (memory, focus, language, mental agility or problem solving). Understanding your performance is key to improving your productivity.
Peak is more of a brain-training app (lifestyle app), rather than mental/health app like PERKED! This would be an indirect market competitor.
- It has over a million downloads on Play store, with approx. 50,000 reviews
- 5 Stars on both Google Play and IOS APP Store
- Lots of happy users who say they have seen results and learnt new skills
- Named “AppStore Best of 2014” in 24 countries.
- Problems recently with update that causes crashes on app
- “History of spam emails”
- “ Problems with new paid version freezing or losing previous data”
In the News:
The Guardian : “Its mini games focus on memory and attention, with strong detail in its feedback on your performance.”
The Wall Street Journal: “Impressed with graphs in Peak that let you see your performance over time.”
Techworld: “The Peak app is designed to provide each user with a profound level of insight into their current state of cognitive function.”
PEAK PRO Option
Peak is completely free to use, but you can get even more from your training and improve up to 40% faster by upgrading to a Pro Training Account. Peak Pro offers personalized workouts, unlimited access to all games, and even more statistics and insights so you can track and review your performance.
PEAK PRO PRICING & TERMS
For Peak Pro upgrades we offer the following subscriptions:
1 month from £3.99
12 months from £25.99
Health & Fitness
Headspace teaches the basics of meditation in just 10 minutes a day. The app aims to train your mind so you will have a happier, healthier and more enjoyable life.
The app provides you with:
- A free 10-day trial period. This is 10 x 10 minute basic meditations.
- Personalised progress page to track your stats
- Buddy system for you and your friends to motivate each other in your journeys
- Rewards for regular meditation
- Reminders to keep you on track with your practice
- Options for you to continue your journey after Take10, with inspiring packs and one off sessions on a range of topics such stress, happiness and appreciation
- Ability to download sessions for offline use
- The app scores 4.3/5 on GooglePlay (14,662 reviews).
- Installs: 1,000,000 – 5,000,000
- ‘Been using Headspace for almost a year know and all I can say is go get some Headspace. You won’t regret it!’
- ‘It really helps me calm down when I’m stressed or keep having thoughts that distracts me from working. It empties your mind in 10 min :D’
- ‘You need to hire new developers. App is glitchy, your web form is failing and preventing payments going through error handling, downloads are massive, absolute rubbish. Shocking. Worst app ive ever used. Maybe the content is good, guess I’ll never know.’
- ‘The guide is very good. However the mindful buzzer didn’t really work. And I tried to disable and then enable it again. And then it worked… for a day. Then the next day it never buzz me again. It is supposed to buzz us daily, right?’
The app helps people deal with mental health issues and provides an alternative to costly medication. Headspace provides a beginners guide to meditation.
How income is generated:
App is free to download and includes 10 x 10 minute meditation techniques a day.
For unlimited access to the headspace collection:
- Monthly subscription = $12.95/month
- Yearly subscription = $7.99/month
- Two year subscription = $6.24/month
- Forever (lifetime subscription) = $419.95
Health and Fitness, Specific to Anxiety
MindShift is an app designed to help teens and young adults cope with anxiety. The goal is to stop running from anxiety and “shift” to face it. It provides education and steps to provide users the ability to deal with anxiety
- Education on anxiety and helpful tips
- Thinking right function that allows users to tackle specific common situations
- My situations which is a diary for the user
- Check yourself which acts a screening tool and daily test of your anxiety levels
- Chill out tools which provides mediation and other activities
- Active steps gives users options on how to cope with anxiety
- Inspiration provides motivational quotes
- 4 Stars on both IOS and Google Play Stores
- Over 517 reviews with 50,000-100,000 downloads
- “Amazing!Great for insight in anxiety, best self help app. Edit: Dev fixed the problem”
- “App is very well laid out and contains an impressive selection of tools and information. It is a great companion to apps like HeadSpace.”
- “This app is like a personal counsellor. So many apps leave the individual to rely on their own introspection and statements of the obvious. This app is like having a personal therapist help you along when you need it. A soft pillow to fall on.”
From customer reviews it seems they are satisfying the needs of their customer well. The application is mainly targeted towards teenagers and university students and most of the scenarios concentrate on this, such as test anxiety. Unlike perked it requires the user to keep on top of their anxiety themselves and gives little direction to how to use it to be most efficient.
How income is generated:
This app was a joint venture between AnxietyBC (http://www.anxietybc.com) and BC Mental Health & Addiction Services (http://www.bcmhas.ca). Both are non-profit organizations. Therefore, the app is free to download and generates no revenue.