Digital Wallet Product Uncovers Key Targets Holding Most Growth Opportunity
Business Challenge
A well-known FinTech client with a digital wallet product needed to answer some key questions in order to develop their short and long-term marketing strategy.
Normally, simple questions like, “Who are your competitors?”, “What is your market share?” or “What is the true size of the opportunity?” aren’t difficult to assess but they became difficult because market dynamics are constantly changing in FinTech and so many new players are entering the industry. We cautioned: “You may think you know your competitors, but your target may see the market very differently, particularly when they use alternative means to accomplish the same end.”
Our client needed to accurately calculate their market share within their own customer segments. They also needed to identify which segments offered the biggest opportunity and how to target them to accomplish digital payments growth.
TRC’s Solution
Our expertise in FinTech market research implemented a complex real-time customer engagement approach – market share monitor. It used intake surveys to examine key targets, answered ‘whys’ and defined specific tasks for the diary. The diary was carefully designed to capture the moment and to ensure adequate coverage of high-frequency users. It used text alerts to increase compliance and included a professionally designed interface to feel more like an app than a survey. Competitive intelligence and further secondary data added assurance of market reality based on Total Payment Volume (TPV) dollars and number of transactions.
Successful Implementation
The analysis of the market share for digital commerce (online and in-store) and peer-to-peer (P2P)—which we made available by category and brand across 8 countries—informed our client’s 3-6-year strategic planning. In turn, that research impacted marketing efforts, identified competitive in-roads into critical products, and helped to overhaul their regional product and sales priorities among segments and channels.
