Within three months of launching their retirement savings app, Honest Dollar had customers churning. Why? And where do we go from here? Before they could go forward, they needed answers.
What we heard.
User churn after three months meant there was a clear product-market misfit. But where was the lack of fit coming from? Was the market wrong or the product wrong…or worse, both? The business goal was acquisition in five years, but with no users and a missing product-market fit, Honest Dollar was hardly an acquisition target…yet.
What we did.
We started with competitive and market analysis. The goal was to understand how the retirement savings market has evolved and where it's headed. We took to the streets and had conversations with Honest Dollar clients and potential users with one large segmentation, two focus groups, 100 website tracking recordings, 27 usability tests, and a robust product audit.
What we delivered.
Competitive and market analysis opened up a world of possibilities, a new market that wasn’t being served by all of the available options in the marketplace—the gig worker.
We identified the target audience and delivered a path to product–market fit. With the necessary product features and a clear go-to-market strategy, the Honest Dollar app was cleared for take-off. By the end of year 1, Honest Dollar was acquired by Goldman Sachs. Mission accomplished.
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