Shaping a GTM strategy for a new financial product
The challenge
A US financial services company wanted to understand what small business owners (SBOs) thought of a new digital card prototype that promised enhanced security. Research was needed to shape both the product experience and the go-to-market strategy, as well as facilitate stakeholder alignment.
What we did
We conducted 10 in-depth generative interviews with SBOs about their expectations and experiences with digital cards. The interviews were approximately an hour long and included a short usability study using a prototype of the digital card product.
As the client was keen to explore any generational differences in how SBOs reacted to the prototype, the sample was divided as follows:
3 x ‘Gen Z’ (18-27 years old)
2 x ‘Millennials’ (28-43 years old)
2 x ‘Gen X’ (44-59 years old)
3 x ‘Boomers’ (60-78 years old)
The team had a number of hypotheses about how SBOs’ might respond, such as ‘customers don’t have any concerns that their physical card will have a different long number to their digital card’.
The discussion guide was designed to test these hypotheses by gathering participants’ prompted and unprompted reactions to the concept and prototype.
The hypotheses also provided an initial frame for the analysis, in which we qualitatively assessed whether the data proved or disproved each hypothesis. We also conducted deeper, thematic analysis to surface any broader insights.
As the client team were conducting similar research with the consumer segment at the same time, we organised a comparative analysis workshop to capture any similarities and differences between the two groups.
What we found
Overall, our research disproved the majority of the client’s hypotheses, which broadly assumed that SBOs would appreciate the enhanced security afforded by the digital card prototype. Indeed, most SBOs viewed the enhanced security features as unnecessary and inconvenient.
Furthermore, most SBOs struggled to understand the concept i.e. a digital version of the physical card, with a dynamic long number and security code. Many had a mental model closer to something like a digital wallet i.e. Apple Pay, indicating the need to educate users about how it functioned as well as its benefits.
From these insights, we identified several opportunities about how teams could improve the digital card proposition and prototype:
Demonstrate how fraud prevention can save SBOs time, and therefore money, in the long run.
Demonstrate how a digital card saves time waiting for a physical card and facilitates spending upon approval.
Linking usage to specific rewards and benefits to incentivize adoption.
The outcome
Our recommendations were worked into the revised GTM strategy. As of writing, the next iteration of the prototype is being developed ahead of usability testing.