Even though summer is slowly slipping away, exciting times await VouchForMe as bursting autumn is already knocking at the door. When everyone’s coming back from their vacation fully recharged and eager to get back to work, autumn usually tends to be hands-on the busiest season of the year. Nonetheless, the VouchForMe team kept the pace also through the hot summer months, as we have been fully occupied developing and optimizing our platform (you can read more about our progress in the Product Development blog post from July and June).
At the same time, we paid extra attention to make sure that our product suits the needs of our future users. To do this the best way possible, we have decided to conduct a market research with a few focus groups to help us better understand wishes, needs and requires of our primary target group. We tested the case for motor insurance.
Our key objectives were to:
· find out about product understanding and perception
· explore the perceived benefits, motives, barriers to decision
· gather suggestions for communication/messages
· identify the target group and its social network
· understand attitudes about the financial aspect of the product and rewards.
The results confirmed that our product is heading in the right direction. Individuals younger than 35, who are our primary target group, concluded that getting a discount on their insurance premium would be very helpful, desirable and useful. They were also highly intrigued to use the application once it would launch.
When asking for an endorsement, they would first think of their immediate family, and in the second place, they would consider close friends. They also expressed immediate readiness to endorse in return and believe that the idea of endorsement would put highly moral pressure on the VouchForMe user, which would trigger positive effects towards the safer driving community. Focus group individuals stressed that the product’s key success factor is also an easy-to-use application demanding a minimum amount of personal data entry.
We are making sure all of these critical findings are carefully ingrained in the VouchForMe platform for which we are already receiving positive feedback as we are presenting the alpha demo to potential business partners. Currently, we are in discussions with nine interested parties for possible business collaboration, spanning from health and motor insurance to property rentals and pension insurance in seven different countries, including UK, Portugal, Switzerland, Romania, The Netherlands, Russia, and Slovenia.
Apart from finalizing our platform and getting ready to launch the product, VouchForMe is keeping up the pace promoting the social proof blockchain model across the globe. We are always looking forward to presenting our platform and vision at events that give us the opportunity to address potential business partners and attract crypto/insurtech enthusiasts. As we mentioned before, autumn will be extremely busy as it will also be packed with fantastic events. We promise to disclose details on the first events quite soon and as for now, we can share the information that they are spanning from the USA to Japan.
https://medium.com/vouchforme/behind-the-scenes-37d10a1b3c32
