Focus Groups and A/B testing works

It has been a while since my last article, new clients, new business, and new industries to learn about and work for, but I want to share how proud I feel about two fintech companies that make all their product roadmap focused on their user needs.

I had the opportunity to hear from Nequi from Colombia and Reba from Argentina. They are new solutions built for a specific market that banks couldn’t reach because of their business model. They started as a new service/product from big and positioned banks in each country, but as they polished their service and received more users' requests, they left their “house” and created an independent business.

One of the things they shared was how they do some product testing with users and the importance this has to the product growth. Reba’s business manager said they understood that the concept of a package or set of characteristics wasn’t working for their type of customers. They need individual and punctual services that give solutions for only one need. They decided to changed all the blueprints of their offers, getting to have a product market fit.

On the other hand, Nequi’s Head of product development told us they usually make focus groups with users, where the objective is to hear and watch how they use the product. They do a lot of A/B Testing on different landings to see what functions are more valuable and also ask them what other needs they have to see if they can make alliances and design a solution.

For example, recently they designed the function to buy bus tickets for national trips because a user study showed that today the process of buying those types of tickets for Nequi users, made them leave the product and move out the money from their accounts. So they talked with the vendors of those tickets and created the function.

I enjoy watching and hearing about businesses who have a growth strategy based only on their users. These is the best method to reach easily the product market fit.