2. CUSTOMER/PROBLEM HYPOTHESIS
• People who have more than one
credit card have a difficult time to
decide which card to use in a
specific location to maximize their
cash-back.
3. MAX, A CASHBACK LOVER!
Description
• Is in his early 20s to late 30s.
• Works part-time.
• Does not earn a lot of money.
• Has more than one credit card
Needs & Goals
Wants to maximize his cashback rewards from his cards.
Behaviors
Values cashback rewards from his cards.
Will try a free small app to save some money.
May pay a small amount for the same app.
Even if he can keep in mind which one of his cards has
the best cashback in each category, he finds it easier
to use an app helping him.
4. CUSTOMER DISCOVERY FINDINGS
• 92% of respondents who have more than one credit card (12 out of 13),
are willing to use a free app to help them maximize their cash back
rewards. 46% of them may even pay $1 for the same app.
5. P RO S
- Does not engage the user.
- No social network connection.
- Has a few bugs.
- Does not use Apple’s
instructions for UI.
C O N S
Direct Competitor: Wallaby
- Wallaby uses the user’s location to
find the store.
- Has a great UX.
- Has a huge database of cards.
- Has a financial blog.
6. COMPETITIVE ANALYSIS FINDINGS BRIEF
It’s not easy to beat Wallaby, according to their readily killer UX and
$1.1M funding. However we can have our share of the market.
Caishen should engage the user more, and give him/her reason to
continuously use the app. Connecting to social networks, and
encouraging the users to share his/her experience with the app on
his/her social network can help the growth.
We are in a purple lake! It’s not blue, because Wallaby has already
done a great job. It is not red, because Wallaby is the only
competitor. Furthermore, it is not an ocean. The market does not
look very large. So let’s call it a purple lake.
7. R
1. Max does not know which one of
his cards has the maximum cash
back in this store.
2. He opens his new app, Caishen, to
figure out which card he must use.
3. 3. Max is at BJ’s Restaurant and he
easily found this store on almost
top of the near-by places.
8. 6
3. By tapping on BJ’s Restaurant he
easily finds out which one of his
cards has the maximum cashback
at this restaurant.
10. MAJOR FINDINGS OF GUR
1. All of the interviewees (4 of 4) are interested in using the app and they will love to have it.
2. All of the interviewees (4 of 4) suggest that store searches must not be limited to the
current location.They want to be able to search for stores in a any location.
3. All of the interviewees (4 of 4) find the app flow pretty intuitive.
4. It is important to emphasize that user do not need to enter their credit card information,
just the name is enough.
15. AD CAMPAIGN FINDINGS
• Conversion rate of ads were acceptable, according to the fact that action was
asking for the visitors email address.
• Facebook ads seems to be cheaper!
• We set $10 for Google ads, but it stopped after spending $3.The reason is
the high biding of other competitor ads. Our ad was competing with ads
from credit card companies.
• Advertising is not a feasible growth plan for our free app. Each click costs
about $1.5. With a conversion rate of 8%, each potential download of app
would cost $18.75. SEO, viral advertisements, and referrals are other options.
