This new paper features case studies on fintech startups around the world that have successfully grown their value propositions during the COVID-19 pandemic . These startups, all portfolio companies of Accion Venture Lab, illustrate three core strategies for growing value among existing users:
- Motivate increased usage of existing products,
- Broaden the suite of products specific to users’ needs, and
- Create a graduation pathway to reward retention.
The first strategy seeks to improve the user experience through features that encourage more frequent or in-depth use of products and services. The second strategy requires studying and applying users’ needs to craft a suite of products that address their particular pain points and fulfill more of their needs. Finally, the third strategy boosts value for users by sweetening and improving their terms over time so that they stay engaged. To execute each of these strategies, startups must stay closely attuned to users’ needs and experiences, and apply that knowledge to develop products that meet those needs.