market-did-not-know

Objective

A new “fintech” startup launching later in 2016 with an investment strategy and transparent fee structure that disrupts Wall Street “too big to fail” business-as-usual methodologies asked Verifeed to help it find its customers.

Challenge

Because the early focus of this investment platform is retirement savings advice, it understandably believed its target market are Baby Boomers. Makes sense, because Baby Boomers have been bad at saving for retirement. In fact, according to BlackRock, the average 55-65 year old only has $136,200 saved for retirement (that’s only $9,129 a year) when they need $1.1m if they want $45,500 a year in annual income.

 

Our job at Verifeed was to test the assumption – and to find and segment the startup’s addressable markets.

Approach

Verifeed took an open-minded and contextual view of social conversations to see where Baby Boomers fit in the context of wanting what the newcomer was selling.

 

We searched variously for people talking critically of Wall Street, “too big to fail” and hidden fees, as well as people who said they were “saving for” something, whether retirement, a new house, their kids’ college education or something else.

Result

 

What we discovered came as a bit of a shock.

 

The biggest and most lucrative market for what Plynty.com is offering is comprised of millennial women. In fact, millions of women aged 25-35 were talking specifically about wanting what Plynty was offering: Transparent fees, the opportunity to access wealth as they built it, and a more flexible and accurate prediction model.

 

The Verifeed findings saved Plynty a lot of time and money: They now launch later this year with a product that is focused on the most responsive and most lucrative market – a market they didn’t know they had when they began developing their product.