Overview and Market Challenges
Kenya is widely regarded as a global leader in mobile money services, with a high penetration rate and a well-developed ecosystem. The client, a multinational financial services provider, sought to enter the Kenyan market with a differentiated offering in the mobile money space. The primary challenge for the client was understanding the unique dynamics of the Kenyan mobile money market, the competitive landscape, and the regulatory environment to develop a successful market entry strategy.
Some of the unique challenges in the Kenyan market included a highly concentrated market dominated by a single player, complex regulatory requirements, and the need to understand the preferences and needs of a diverse customer base. In light of these challenges, the client engaged 3i Consulting to conduct a thorough market assessment to inform their market entry strategy.
Market Research Approach
To address the client’s objectives, 3i Consulting adopted a multi-pronged research approach, which included:
- Desk research to gather information on the competitive landscape, market dynamics, and regulatory requirements.
- Interviews and surveys with key stakeholders, including customers, agents, and regulators, to gain insights into market preferences, pain points, and opportunities for differentiation.
- An in-depth analysis of the client's proposed product offering and its potential fit within the Kenyan mobile money ecosystem.
By leveraging these research methods, 3i Consulting was able to provide the client with a comprehensive understanding of the Kenyan mobile money market and potential opportunities for differentiation.
Results and Impact
Based on the market research conducted by 3i Consulting, the client identified specific
opportunities for differentiation in the Kenyan mobile money market, focusing on value-added services and innovative product features. This enabled the client to develop a tailored market entry strategy that addressed the unique dynamics of the Kenyan market while leveraging their global expertise in financial services.
As a result of the successful market research, the client was able to establish a strong presence in the Kenyan market, capturing a significant market share and positioning itself as a key player in the mobile money space.