Image
Top
Navigation

Crediful: Credit for SMEs

Helping small businesses get paid for what they sell and unlock their cash

Project with
Allianz X
Location
Munich, DE – 2017

At Allianz X I support entrepreneurs to develop and validate their business idea in preparation to get funding. In this case I worked with the team to define and shape Crediful a new service offer for micro SMEs in the UK.

Crediful supports SMEs in three ways:

  • Grow their business by identifying the right partners to trade with.
  • Reduce their cash flow gap by accelerating an invoice payment.
  • Avoid non-payment by insuring an invoice.

Understanding customers

The first stage was to conduct interviews with SMEs in the UK in order to understand their pains and gains regarding cash flow and payments. Based on the research we created two personas to define the customer archetypes which represented the target audience.

 

Refining the service proposition

After analysing findings and looking into the customer characteristics we were able to further define Crediful’s proposition, identify the main product benefits, and define the pricing models.

 

Defining a validation strategy

With a clear idea regarding Crediful’s proposition and key customer benefits we were ready to test the service as a credit solution for SMEs. We defined a validation experiment that would allow us to assess if there was a product-market fit by testing the customer’s willingest to pay.

In order to achieve this, we mapped the service journey with a focus on pre-purchase steps. By mapping the journey we were able to pinpoint which channels could be used to address our customers,  direct them to the product website, engage visitors by providing the information they are seeking and guide them towards subscribing to the offer.

 

Designing the website

Based on the journey we began to design the website that would be used for the experiment. Using pen and paper as well Sketch for wireframing we designed the site’s structure, the different user-flows and the features that would enable users to experience Crediful first hand. In parallel the Visual Designer created Crediful’s brand identity. From designing the logo to selecting the brand colours and creating the illustrations to showcase the product benefits and features.

 

Prototyping

In order to implement the website, the visual designer and myself worked hand in hand with a front-end developer. Using Wordpress we made sure to be quick enough and had something up and running as soon as possible in order to test the solution. To facilitate the prototyping process we worked in sprints and used Jira as planning and communication tool.

 

Running the validation test

Once the website was in place we implemented different marketing campaigns to address the target audience and direct them through the purchase journey. We ran both online and offline campaigns using Facebook, LinkedIn, email, AdWords and even post mailing to reach potential customers.

We used tracking to measure conversion from different channels and heat-maps to quickly find and fix usability issues. The leads that were generated were also interviewed at a later stage in order to further understand the benefits and challenges that Crediful would have if being launched.

Visit Crediful: www.crediful.co.uk

Next project: Philips: Enhancing hospital performance Read