DMD is operating in a hyper-competitive and saturated market, with a few already established and dominant competitors like Bankrate, NerdWallet or Dave Ramsey. There are low barriers to entry and customers have many options and hold much of the power in the relationship. The financial industry in general suffers from having a terrible reputation. Most people do not trust that any of those companies have their best interests in mind. There’s high fear and skepticism to overcome.
Becoming debt free is exhilarating and euphoric for some people. For others, it fills them with hope and a sense of endless possibility. During our research, we found that the moment people find out they are debt free is actually anti-climatic for most. Many people report simply feeling a weight lighted off their chest. They simply experience relief.
The market is littered with generalists that offer advice and resources on every financial topic. While most companies of its kind focus on financial freedom, which most will never achieve, DebtMD will focus on financial wellness instead. The first step to financial health is tackling your debt, so we would focus primarily on Debt Relief. We would serve people with large debt amounts or on the verge of bankruptcy for whom the problem is so acute and chronic that they need to enroll in a debt relief program. Using the insight we found during research, we crafted our campaign around helping people Breathe a Sigh of Relief.
For millions of people, living in debt is part of the American Dream. Whether it’s taking strategic debt such as low interest mortgages and student loans, or racking up large, insecure, high-interest-consumer debt from credit cards, most Americans have accepted debt as a necessary evil. However, this American Dream quickly turns into a nightmare for millions crippled by debt. Like a disease, it negatively impacts every aspect of their lives, from finances and relationships, to career and health. With debt constantly hanging above their heads, life is full of fear, anxiety, shame and regret, with seemingly no way out of that vicious cycle. At DebtMD, it’s easy to empathize because we bear witness to these struggles every day and because our company was born out of thousands of conversations with people saddled with debt and looking for help in all the wrong places. We created DebtMD to provide objective, transparent and professional guidance to those people saddled with toxic debt. Our mission is to help people become debt-free and get their financial health back. Becoming debt free is exhilarating and euphoric for some people. For others, it fills them with hope and a sense of endless possibility. But what most people experience after achieving this incredible milestone is relief. So fundamentally, our goal is to help those saddled with crippling debt finally breathe a sigh of relief.