How can we explain the 25% decline in new education institutions adopting Flywire's payment platform over the past 6 months?

Introduction

The 25% decline in new education institutions adopting Flywire's payment platform over the past 6 months is a significant issue that requires thorough investigation. To address this problem, I'll employ a systematic approach to identify, validate, and address the root cause while considering both immediate and long-term implications for Flywire's education sector growth.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this decline been consistent across all regions, or are some areas more affected than others?

Why it matters: Seasonal patterns could explain the decline and inform our solution strategy. Expected answer: Variation across regions, with some showing more significant declines. Impact on approach: If regional, we'd focus on region-specific factors; if global, we'd look at broader issues.

• Considering recent product changes, have there been any significant updates to the platform in the last 6-8 months that might have impacted adoption rates?

Why it matters: Product changes could directly influence adoption decisions. Expected answer: A major update was released 7 months ago. Impact on approach: We'd investigate the update's features and any resulting user feedback.

• Regarding market dynamics, has there been any shift in competitor offerings or pricing structures during this period?

Why it matters: Competitive pressures could be drawing potential clients away. Expected answer: A major competitor launched a new feature set 4 months ago. Impact on approach: We'd analyze our value proposition against the new competitive landscape.

• Thinking about our sales process, have there been any changes in our outreach or onboarding procedures for new institutions?

Why it matters: Changes in our approach could be impacting conversion rates. Expected answer: Sales team restructuring occurred 5 months ago. Impact on approach: We'd examine the impact of the restructuring on our sales funnel.