The Request
Conduct a research sprint to expand on Ness’ product hypothesis by quantifying the potential of Ness’ initial market, the market’s defining characteristics and the offerings that would best appeal to prospective customers.
The Details
Ness aimed to create a “Chase Sapphire card for health” with a premium credit card that rewards wellness as part of a broader mission to democratize healthcare. Ness had a strong understanding of its initial market (younger, health-focused individuals with disposable incomes who spend extensively on health and wellness outside of medical expenses), but needed a stronger grasp of its ideal customer profile to progress from product hypothesis to product development.
We were hired to bridge the gap between hypothesis and development by deeply researching the market and helping Ness articulate a product strategy for a viable and desirable offering.
The Challenge
Ness had an ambitious go-to-market timeline, so the combination of quantitative, market and qualitative research necessary for analytical rigor needed to occur in a compressed time frame. Additionally, Giant Machines had to ensure that the product strategy emanating from its research findings clearly addressed issues such as the value proposition for the customer, product-market fit and Ness’ capacity to solve customer problems.
The Insight
Ness identified an opportunity in converging two concurrent but previously distinct trends: 1) health and wellness has gone mainstream, shedding perceptions of being niche or superficial; and 2) younger generations have new mindsets around finance and credit, particularly around values-driven consumption. By building a financial product designed around rewarding wellness, Ness could disrupt the reward card industry with an offering that motivates healthy behavior and improves the lives of its customers.
The Approach
Giant Machines’ research sprint took a three step approach: 1) quantitative research to gauge the customer problem and assess product-market fit at a high level; 2) market research to further explore the fit and customer profile; and 3) qualitative research to hone the value proposition and deliver an actionable product strategy for Ness.
The quantitative research consisted of surveying roughly 500 consumers aged 21-55 with an annual household income exceeding $55,000. Participants were asked about their primary motivation around health and wellness, the importance of health and wellness in their lives, and the centrality of health and wellness to their lifestyles. The findings validated Ness’ hypothesis that an underserved and motivated marketplace existed for a prospective product offering.
Yet, crafting an offering to win wallet share amid the already-crowded field of rewards cards was an execution priority Ness knew they had to nail. Giant Machines conducted user research to learn what their target market considered in opening new cards, what offers may be available, and which rewards may be compelling and therefore indicate possible traction.
The Delivery
Giant Machines delivered a product strategy grounded in the research findings in just four weeks, with a focus on evidence-based recommendations to ensure that the product resonated with Ness’ initial target market.
The Results
Thanks to Giant Machines’ research sprint, Ness had the insights and strategy to launch a rewards app in April 2022 that attracted 800 users in its first month. Ness has subsequently released an alpha version of its rewards card in October 2022 and is currently in public beta launch as of May 2023, with a full-scale launch set for later in 2023. The beta product has already seen more than $80 million in cumulative spend across more than 200,000 transactions during its first two months of operation.
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