09 Rapid Value Proposition Design for Debt-Free Confidence
VALUE PROPOSITION DESIGN
THE COMPANY
Creditly - A Seed-Stage Startup in First Round Capital's Portfolio
THE CHALLENGE
In a rapid one-week sprint with First Round Capital's portfolio company, Creditly, our design challenge was clear: How might we design a pre-product experience for Creditly that empowers people to confidently embark on a journey towards a debt-free life?
THE PROJECT
Collaborating closely with Creditly, IDEO embarked on an intensive design sprint aimed at defining a compelling value proposition and streamlined signup flow for the debt adjustment startup.
The outcome of this effort was nothing short of transformative, as it set Creditly on a path to accelerate its mission. The CEO of Creditly expressed appreciation, noting, "You did fantastic work and came up with some great concepts—and a number of ideas that I don't think we would have landed on without you. I think this will really help accelerate things for us and help us create a much better customer value proposition."
During this intensive week, IDEO's team immersed itself in understanding the intricacies of Creditly's target users. Insights emerged regarding what truly resonated with users and how to craft a debt management process that was not only effective but also stress-free and devoid of shame.
With embedded IDEO team members collaborating seamlessly with Creditly's own talent, three distinct variations of consumer-facing value propositions for the debt adjustment company were swiftly prototyped. This whirlwind of creativity and innovation served as the cornerstone for Creditly's future success.
Moreover, IDEO's team embarked on the rapid prototyping of a user flow that would lay the foundation for the upcoming launch of the Minimum Viable Product (MVP). This pragmatic approach ensured that the design and user experience aligned seamlessly with Creditly's vision.
A key revelation during this process was the inherent intimidation and shame often associated with financial matters. IDEO was meticulous in using inclusive, human language on the landing page to ensure that individuals felt not only accepted but also seen.
For example, acknowledging that financial education often omits crucial topics, the team highlighted the absence of lessons about Annual Percentage Rates (APRs) in school, despite learning about historical events like George Washington crossing the Delaware River. This approach immediately resonated with users and fostered a sense of relatability.
Furthermore, to address concerns about the trustworthiness of the product, IDEO implemented a clear message from the outset: individual consumers would not bear the responsibility of paying for the service; instead, their banks would cover the costs. This transparent communication reinforced trust and eliminated potential barriers to engagement.
Through this intensive week of design and prototyping, IDEO and Creditly succeeded in creating a value proposition and user experience that not only accelerated Creditly's mission but also fostered financial confidence, free from shame and intimidation.