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The client is an NFT-based platform for brands & creators to mint product-linked NFTs, offer perks & engage communities to boost revenue, deepen loyalty and utilise NFTs to overcome operational and marketing challenges. The client's difficulties can be classified into the following deliverables: Market Research: A issue in this domain is the lack of comprehensive market research that includes both quantitative and qualitative product-based market research. Product Analysis: Product analysis entails developing solutions to identified difficulties and recommending potential new product features (or improving existing ones) while iteratively improving the product. Competitive Analysis: This deliverable contained an analysis of all the direct, indirect and substitute competitors in the market and comparing them using relevant metrics.
The following are the solutions suggested in terms of deliverables: Market Research: Creation of a database of the target brands (80+) to get a decent sample size, identifying the Point of Contact to Scheduling of 1-on-1 meetings to identify their problems, expectations, and ideas to drive customer loyalty, prepare transcripts of each interview for qualitative analysis. Product Analysis: We ideated solutions to the identified probable user pain points associated with implementing specific functionalities Competitive Analysis: This deliverable entailed researching prominent competitors in order to obtain insight into their products, marque clientele, and marketing tactics through the use of tools such as user-journey mapping, feature-comparison matrix, and sentiment analysis.
The following is the deliverable-wise impact of our recommendations: Market Analysis: Through extensive market research, all of the KPIs required for their application were gathered under applicable umbrella features. To integrate it with qualitative analysis, one-on-one meetings were held with prominent companies such as Bewakoof and startup clothing firms such as Loudless and Shaberry to obtain individualised perspectives on the many niches in the fashion sector. Product Analysis: Several use cases were identified with analysis products having potential digital collective based-value for our client to focus on when developing their product. Competitive Analysis: A feature comparison matrix of competitors assisted our client in determining their optimal market position. The word cloud developed after researching competitors' application reviews from online sources indicated several important attributes for the client to focus on. Achievements: We helped our client gets its first customers such as Loudless for whom 100+ NFTs have been minted and operationalized. Our customer has now increased their staff by employing interns in the areas of growth, development, and design, indicating a significant indicator of progress. The competitive analysis and user journey mapping created by us led to client building key functionalities in their app and website.
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