Insights Realigned Financial Services Startup’s Strategy
Business Challenge
Which potential product offering is our target audience most likely to add to their wallet?
Goal: Size and validate the market for a potential new set of offerings
Test: 6 potential product versions
Audience: Those open to a new product in the category
Methods Used
Mixed methodology to compare offerings and gauge differentiation and appeal.
KNow conducted a mixed methods study – a survey followed by deep dive interviews with key participants who fit the target audience profiles.
This approach allowed KNow to both quantify the relative interest in the new product offerings as well as individual offerings, and learn why participants might or might not add the offerings to their wallet.
Business Outcomes
None of the proposed options would perform as powerfully as a new solution with a new audience.
Insights showed audience interest was not strong enough to make any of the proposed offerings viable.
KNow saved their client the financial burden of launching a doomed-to-fail product. The startup to pivoted to a new strategy within a matter of weeks.
“We’ve changed our strategy based on our findings, and now we’re building the world’s first impact-as-a-service platform to help other financial institutions to add environmental and social impact features to their products.”
