Mar 16, 2023
In-depth Interviews to Understand User Needs, UX, and Reactions to Potential MVP Features in Core Emerging Markets
Project Aim: Unveiling P2P Crypto Exchange Insights 🎯💸
MindMarket partnered with a leading cryptocurrency provider to investigate user needs, user experience (UX), and behaviours related to peer-to-peer (P2P) cryptocurrency exchanges in Nigeria and the Philippines. The objective was to gather in-depth insights and gauge reactions to a potential Minimum Viable Product (MVP) feature set.
Methodology: In-Depth Online Interviews 💻🗣️
We conducted 6 in-depth online interviews (IDIs) via Zoom in each market, totalling 12 sessions. Each interview lasted 60 minutes, providing ample time to explore the intricate details of user experiences and preferences. MindMarket's local researchers facilitated the interviews to ensure cultural relevance and accuracy.
Research Focus: Comprehensive Topics and Questions 📊❓
The interviews covered a wide range of topics and research questions, including:
Motivations for purchasing (or attempting to purchase) cryptocurrency.
Provider brand awareness and usage.
Brand perceptions of cryptocurrency providers, including Coinbase.
Selection criteria, usage, and behaviors for current/former providers.
Brand perceptions of P2P cryptocurrency services.
P2P cryptocurrency service selection criteria, usage, and behaviors.
Usage and importance of USDT (Tether) with current exchanges.
Unmet needs, features, or use cases that Coinbase’s offering could address.
Desired payment methods, such as banks, cash, and e-wallets.
Importance of cash payment options in/out Coinbase (“cash on-ramp”).
Requirements versus nice-to-have features for the MVP offering.
Reactions to a hypothetical Coinbase offering.
Reactions to a simple automated seller matching based interface versus an elaborate marketplace interface.
Reactions to an order placement workflow without chat.
Challenges: Ensuring Cultural Effectiveness and Relevance 🕵️♂️🌐
Recruiting respondents and conducting culturally effective interviews in diverse markets like Nigeria and the Philippines presented unique challenges. MindMarket’s local researchers played a pivotal role in overcoming these challenges, ensuring that the data gathered was both accurate and culturally relevant.
Deliverables: Actionable Insights for Product Development 🚀📑
The insights gained from these interviews provided the client with a detailed understanding of P2P crypto exchange behaviors and user experience (UX) in Nigeria and the Philippines. The feedback on potential MVP features and user needs will guide the development of a tailored product offering that addresses specific market demands.
Impact: Informing Strategic Decisions for Market Penetration 🌟📈
The comprehensive insights from this study are critical for the client’s strategic planning and product development. By understanding the motivations, preferences, and unmet needs of P2P crypto exchange users, the client can refine their offering to better serve these key markets.
This project demonstrated MindMarket's ability to manage and execute detailed qualitative research across multiple markets, delivering high-quality, actionable insights that support strategic business decisions.
#MindMarketInsights #CryptocurrencyResearch #P2PExchange #UserExperienceResearch #Nigeria #Philippines #MarketResearch #UserBehavior #QualitativeResearch #CryptoMVP