Fintech Company Launches New Product for Large Financial Institutions
A fintech company successfully launched a new financial data solution targeted toward large financial institutions globally
The Challenge
Fintech company struggles to communicate value proposition
The fintech company was planning to launch a new financial data product targeted toward large financial institutions managing over $100 million in AUM. However, it was struggling to communicate the value proposition in a way that was succinct and impactful with its target audience.
The fintech company needed a strategy in place for how to go to market with its new financial data solution. It called for a B2B market research agency with deep experience in fintech market research to undertake concept development and testing with senior decision-makers at large financial institutions globally.
Our Approach
Testing a complex financial data product in global markets
Werk Insight, a B2B market research company, designed a concept test to assess the viability of the new financial data product in some 18 countries across 4 continents worldwide.
Our innovation framework focused on 5 key areas:
Clarity – Do respondents understand the innovation?
Appeal – Does the concept resonate with them?
Differentiation – Is it meaningfully distinct from existing solutions?
Relative Appeal – Is it more attractive than their current solution?
Credibility – Is the innovation believable, and which brands would they trust to deliver it?
Given the challenges in communicating the value of this highly technical product to decision-makers at large financial institutions, we started by working with the client to distill the product’s lengthy value proposition into a clear 100-word statement. This was critical to the quality of the data because it ensured that respondents were engaged with, and could easily understand, the stimuli.
We then designed a questionnaire based around our innovation framework. It also included a relative appeal metric; rather than assessing the value of the new solution in isolation, it evaluated whether it would be a better fit than current solutions. This was a critical component as it provided a more reliable gauge of the fintech solution’s commercial viability.
The questionnaire was translated into 5 languages, ensuring clarity and relevance across local regions. We surveyed 775 decision-makers at large financial institutions (over $100 million AUM) that purchase financial data. The respondents were spread across 12 global regions, with quotas in place to ensure representative sample size for each region.
Using our innovation framework, we assessed the product’s appeal with financial decision-makers, based on clarity, appeal, differentiation, credibility, and relative appeal. This research approach uncovered deeper insights into whether decision-makers truly saw the solution as relevant, believable, and better than existing fintech data solutions.
The Insight
Revising the go-to-market strategy
The research findings gave the fintech company a clear, unbiased view on the potential for its solution to disrupt the market for financial data solutions. We identified key insights into how to position the product to decision-makers at large financial institutions that differed to what the fintech company was expecting. Finally, we highlighted key regional differences on the reception toward the product.
The insights significantly impacted the fintech company’s go-to-market strategy for its new product in terms of its positioning and messaging, resulting in a successful launch of the new product.