The Work
"What if" – a simple phrase that unlocks the vast potential of human creativity and innovation. Language shapes our reality and powers our imagination. Our work starts with these two words, expanding possibilities before narrowing to deliver impactful results within the cruel but necessary constraints of time and budget.
From data overload to insight-driven. ASX-listed Selfwealth invests in stakeholder voice to grow market share.
Context
In 2021, Selfwealth were in a period of rapid growth, largely off the back of a doubling of the active investor market. There was a huge amount of competition in the market and the Selfwealth leadership recognised early that they needed to be proactive about ensuring their ongoing sustainable growth. Having just invested in a research project with a Big 4 consulting firm which left them with lots of data but little direction, Selfwealth engaged Ne-Lo to support with deepening customer understanding, building culture, and focusing strategy, product roadmap, and brand.
Solution
Over the past two years, Ne-Lo have worked closely with the Selfwealth board and executive team to clarify purpose, and bring the voice of stakeholders into the boardroom to inform bold decisions. This has largely focused on the evolution of a customer-centric product, and a repositioning of the brand.
Throughout this process, we have engaged:
100% of Selfwealth employees
8,500+ current customers
1,000+ prospective customers
Based on insights gathered, the Selfwealth team have clarified a company purpose to guide their long term growth, developed a new product roadmap and successfully launched a number of new markets and features, and repositioned their brand with a clear focus on the target audience they provide value for.
Outcomes
Selfwealth have increase active traders from 85,000 to 128,000.
Selfwealth is now the 3rd largest (from 5th) investment platform in Australia, behind only Commbank and NAB.
“Ne-Lo’s approach gave us a firm grasp of who our customers are, why they choose us, and what they value. We also clarified our company purpose which aligns and focuses the business to achieve strategic outcomes.”
ASX-listed Selfwealth invest in deep customer insight and refreshed purpose to focus strategy and support ongoing growth.
It all begins with an idea.
Context
Ne-Lo were initially engaged by Selfwealth Chief Product Officer, Josh Sprague. He was developing his strategic product roadmap in response to an ever more competitive investment market, with the intention of adding more value for customers and avoid price erosion and aimless feature adding. To do so, Selfwealth needed clearer insight on what mattered most to their customers.
While there had been recent work conducted by a big 4 consulting firm, the report delivered plenty of data and little insight, leaving three pressing needs:
Go beyond a demographic understanding of their customer by understanding their beliefs, behaviours, motivations and perception of value in relation to investing
Turn customer data into targeted insights that inform focused strategy
Align the exec. Team around an objective view of what matters most and where to focus attention and resources
The Solution
100% of employees engaged
3600 current customers surveyed
600 target customers surveyed
The Ne-Lo team first engaged the Selfwealth executive team, board and all employees via 1:1 interviews and focus groups to define the strategic questions to be answered and identify any known unknowns. We then identified the target customer groups who would be best placed to give insight into these areas before designing and managing a mixed methods research that saw us collect targeted data from 3600 current Selfwealth customers and 600 target Selfwealth customers. Data was then analysed through the lens of the research question(s) to provide targeted insight that informed pressing strategic decisions.
Through the initial research project, it became clear that Selfwealth required an objective approach to inform aligned strategic decision making. The company was experiencing significant change as a result of rapid growth and had new expertise and new perspectives joining the business. We worked through a purpose framework program, engaging the board, executive team and employees across the business via 1:1 interviews, focus groups and online forums, to clarify the Selfwealth company purpose, consisting of shared belief, vision, mission and values. The Purpose Framework program led to a Selfwealth rebrand, in partnership with BigSpace Agency (insert case study link) and the subsequent launch of the Selfwealth GYGT employer brand.
The Outcome
Selfwealth have a set of customer behavioural archetypes that help to frame conversations and shape the strategic direction of the company. This led directly to the launch of the strategic product roadmap, in burger form.
The clearly articulated Purpose Framework has aligned the business on future direction and strategic focus and led directly to a re-brand, in partnership with BigSpace Agency and subsequent launch of the Selfwealth GYGT (Grow You Good Thing!) employer brand.
“Ne-Lo’s approach gave us a firm grasp of who our customers are, why they choose to use our platform and importantly what delivers them value. We have also benefited from having a clearly articulated company purpose that aligns and focuses the business to achieve strategic outcomes.
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