Back in early 2018, property investment startup Propio was generating healthy revenue with a crowdfunding platform that matched investors to pre-vetted SME property firms.
People loved the simplicity and openness, and things were ticking along nicely.
However, the Propio team were hungry to scale, and while their original high net worth users were great, they’re definitely not ten a penny.
So, when they spotted an opportunity gap to engage with a different, larger audience – millennials making their first foray into investment – they were keen to explore it.
But what did this new user type need from the product?
Seasoned investors have time and experience to research individual crowdfunding deals, but this is not the case for everyone. The initial hypothesis was that millennials are tech savvy but time poor, and value the convenience and affordability of hands-off investment methods such as ISAs.
Rigorous user research and focus groups were used to validate these assumptions, and we came onboard to help ensure that this emerging investor type loved Propio’s new simple Property ISA. It was important that consistent, high-quality experience that helped frame Propio as a hassle-free and trustworthy product.
For us, Propio is a shining example of how making a change to the direction of your product helps it to grow rapidly.
However well things are going, good product teams never stop learning. It’s vital to keep your eye on the market, identify what a new type of user needs, and roll it into what you’re doing.
That’s how successful products scale and thrive.
We’re supporting Propio at every step of their growth. Together we’re already working on finding their next vertical and set of features to onboard the next set of users.
Here’s to the future!
Read more about Propio here – and look out for tube ads featuring our designs across London!