We launched Worth.Business in April 2020, right at the beginning of an unprecedented COVID-19 hard lockdown. What a time to go live with a business!
It has been an interesting journey and we continue to learn each day. From the onset we decided to be open-minded about what our subscribers might want, so we adopted a build-measure-learn approach to feedback and implementation. We continue developing our product guided by what subscribers and potential subscribers tell us. We trust this approach tailors our product to meet demand in the market, and address our subscribers’ needs consistently.
Our management model has led to many minor revisions to streamline our product and introduce new features required by subscribers. In addition to this we have discovered a major insight into our market:
A one size fits all approach is not what our target market wants!
Our target market is (broadly speaking) comprised of two types of users with differing needs.
Some users require more sophisticated features, as well as the ability to generate customisable and comprehensive reports for their clients. Other users need a simple version that gives a clear indication of the valuation, without the need for complex features and analysis. The latter are also more cost sensitive.
So who are these types of users? Our analysis reveals they are broadly speaking the following:
Basic users: Auditing and accounting firms, boutique management consulting firms, financial managers and accountants in small to medium enterprises, financial advisors and wealth managers.
Sophisticated and more technical users: Specialist valuers, CFOs, finance executives in larger companies and private equity- and VC fund managers.
We adapted our service offering to introduce a new basic account for basic users. It is quicker and produces a fully automated abridged valuation summary. Our professional account users have access to all the features available for basic account subscribers but can also generate a report with more flexibility for customisation, as well as have access to more advanced features.
How will this evolve? We will continue to add more sophisticated features for the professional subscribers but always aim to keep things simple, quick, and robust for the basic account subscribers. Our ongoing product development is focused to achieve both these objectives.
What type of user are you?
Auditors & Accountants
Consultants
Business Owners
Financial planners & Insurance brokers
Fund Managers