Building loyalty through deep user segmentation

Thesis is a cryptocurrency venture production studio that builds and launches projects in the crypto space. Our main focus was on Mezo, which is a project developed by Thesis that aims to create a "Bitcoin Economic Layer" by expanding Bitcoin's utility through decentralized finance (DeFi) applications.

Goal

Thesis approached us to learn about neobanking users and determine if there's potential to turn them into loyal Mezo users. The goal was to understand users’ needs, behaviors, and motivations, and identify how Thesis could best meet those needs to build long-term user loyalty.

Challenge

Thesis faced the challenge of identifying neobanking users' needs, behaviors, and motivations to create a design that encourages long-term loyalty. Understanding how cryptocurrency, especially Bitcoin, fits into neobanking was another key aspect of the project, as the intersection of these financial services is relatively new and evolving. We had to quickly understand these complex topics to run effective interviews. We maintained an open communication with our client and could ask questions anytime to make sure we were on the right track.

Outcome

The project successfully identified key behavioral and attitudinal patterns related to money, investments, savings, and cryptocurrencies within the target group. We segmented the audience into four distinct personas, each with unique goals, motivations, frustrations, and needs.Based on these insights, we developed actionable recommendations for Thesis, providing clear strategies to convert these potential user segments into loyal customers.

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Research goals

In this phase, we concentrated on understanding the core problem, establishing clear research objectives, and creating a structured research plan. We collaborated closely with the client through regular emails and meetings to ensure alignment. Open communication helped us refine our approach and develop a targeted research strategy that effectively addressed the project's needs.

Key topics we explored:

Key research questions: attitude to money, investment, neobanks and cryptocurrency, usage of neobanks versus traditional banks and risk tolerance

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Interviews

Research process

After defining the research goals and objectives, we initiated the recruitment process and successfully conducted 24 interviews.

With a detailed screener we ensured that the participants represented a diverse range within the target audience.
The two-week-long interviewing phase proved to be intense as we conducted 24 interviews across two continents and several time zones.

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Data analysis

We examined each interview in detail to uncover key user attitudes / behaviors and both spoken and unspoken needs. Through careful organization of these insights, we identified:

Significant trends related to the target audience's attitudes towards money, savings, investments and cryptocurrencies.
Comprehensive and persona-specific behavioral patterns related to finances.
Major motivations, goals, frustrations and fears, particularly regarding investment decisions and financial platforms/applications usage.

Following this comprehensive analysis, we created actionable recommendations that included both short-term and long-term strategies to effectively address key insights.

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Report

As requested by the client, we created a Power Point presentation to summarize and present our findings. As we prepared the final presentation, we paid special attention to making the results understandable for those who were not involved in the process of planning and conducting the research. This way the final report will be interpretable and usable for Thesis in the future when our collaboration is over.