Introduction
To make Ozow's instant EFT service more attractive to small businesses, we need to identify and address their specific pain points while leveraging the unique advantages of instant EFT technology. I'll approach this challenge by first clarifying our understanding of the current product and market, then segmenting our users, analyzing their pain points, generating solutions, and finally prioritizing and measuring our proposed improvements.
Framework overview
I'd like to outline my approach to ensure we're aligned on the structure of this discussion.
Step 1
Clarifying Questions (5 mins)
Why it matters: This helps us understand the market penetration and potential growth opportunities. Expected answer: Perhaps 30% adoption among small businesses, lagging behind credit card payments at 70%. Impact on approach: Lower adoption would focus our efforts on onboarding and education, while higher adoption might prioritize retention and advanced features.
Why it matters: This information helps us tailor our solutions to the most common use cases. Expected answer: Average transaction value of $100, with most businesses processing 50-100 transactions per month. Impact on approach: Higher values or frequencies might lead us to focus on security and reliability, while lower values could prioritize ease of use and cost-effectiveness.
Why it matters: Understanding our current strengths helps us build upon them and identify areas for differentiation. Expected answer: Speed of settlement and lower fees compared to credit card processing. Impact on approach: We'd focus on enhancing these strengths while addressing any weaknesses in other areas.
Why it matters: This directly informs our product improvement priorities. Expected answer: Integration complexity, limited reporting features, and concerns about customer trust in EFT payments. Impact on approach: We'd prioritize solutions addressing these specific pain points in our product roadmap.
Tip
I'd like to take a brief moment to organize my thoughts before we move on to the next step. Is that alright with you?
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