Competitor Analysis
Based on the competitive analysis, some potential weaknesses of Qwale's competitors that Qwale could leverage to differentiate itself and gain a competitive advantage are:
1. Limited target audience:
Some competitors have a narrow focus on a specific demographic, such as students or small business owners, which may limit their market reach. Qwale could target a broader audience to appeal to a wider range of users.
2. Complexity:
Some competitors offer a lot of features and functionalities, which can be overwhelming and confusing for users. Qwale could differentiate itself by offering a more streamlined and user-friendly experience, with a focus on simplicity and ease of use.
3. Lack of educational resources:
Some competitors do not offer educational resources or guidance on credit building and financial literacy. Qwale could provide educational content and resources to help users improve their credit scores and make informed financial decisions.
4. High fees:
Some competitors charge high fees for their services, which may deter potential users. Qwale could offer more affordable pricing plans to attract cost-conscious users.
User Interview
🔵 Participants: 10 participants (Age 18-50, Diverse Financial Backgrounds)
🟢 Interview Method: One-on-one, in-person, approximately 45 minutes each
🟡 Objective:
The primary goal of these interviews was to gain insights into the potential users' needs, pain points, and preferences regarding their experiences with credit-building tools, specifically with the Qwale website.
Key Questions:
1. How often do you check your credit score, and what tools do you currently use for this?
2. What challenges or pain points have you experienced while using the current Qwale website or any other credit-building tools?
3. What features do you find most useful in a credit-building tool?
4. What features do you wish existed but are currently missing from available tools?
5. How important is the security of your financial information to you on a scale of 1 to 10?
6. Do you prefer using a mobile app or a web platform for managing your credit?
7. Would you appreciate real-time notifications or alerts related to your credit score? Why or why not?
8. How important is educational content about credit-building for you?
9. What would make you choose Qwale over other credit-building options?
🟠 Key Findings:
🟣 Recommendations:
