Case Study
Business Opportunity Assessment
The rapidly evolving business landscape demands innovative solutions to meet emerging needs. This case study examines the potential of an online accounting service proposed by a tech company. By assessing appeal of the solution and unmet needs, the study provides valuable insights for refining the service to align with market expectations.
Objective of the Study
The primary objective of this study is to assess the opportunity for an online accounting service. The tech company aims to explore new territories and address unmet needs of businesses by offering a digital solution for managing their accounting processes. The study seeks to assess the appeal of the concept and identify key concerns and benefits.
Methodology
SAMPLE:
- Qual Phase – 15 in-depth online interviews
- Quant Phase – 500 questionnaires with various company types – ranging from small (10 employees) to large (over 250 employees).
METHODOLOGY:
- Qual Phase: In-depth interviews with business owners or managers/decision makers.
- Quant Phase: Mixed Mode questionnaires with business owners or managers/decision makers.
LOI:
- In-depth interviews: 60 minutes
- Questionnaire: 14 minutes
MAIN RESULTS
Interest in Online Accounting: The study revealed that businesses are generally open to exploring and using an online platform to manage their accounting. The proposed solution, which involves cost optimization through direct involvement in uploading documents while having final reports manually verified by qualified accountants, received positive feedback.
Initial Thoughts and Concerns: During the qualitative phase, potential customers’ first thoughts and concerns regarding this approach to managing financial data were explored. Key concerns included data security, user-friendliness, and the reliability.
Quantified Business Views: The quantitative phase helped to quantify and clearly identify businesses’ opinions of the online accounting service. This included measuring their interest level, perceived benefits, and potential barriers to adoption.
KEY TAKE-AWAY
- Understanding Client Interest Levels: The study revealed that businesses are open to using an online platform for accounting. This willingness is crucial for market entry and adoption.
- Addressing Client Concerns: The study uncovered ways of addressing clients’ concerns, such as such as data security and user-friendliness. Emphasizing how direct user involvement can reduce expenses was particularly effective.
- Refining the Digital Solution: Insights from the study guided the client in refining the online accounting service to better align with business expectations and needs, ensuring a more targeted and effective offering.
