Pavlo’s approach
We had a successful product for personal finances management, TA was adults who need to track their daily expenses (groceries, gas, utilities, etc). The monetization was a subscription based access to premium features. But after a few years of success and relatively stable competitive environment, new players came to the market. Those were big banks which upgraded their online platforms and mobile apps, so users can track their finances easily and free. Since banks had very good instruments to communicate with their existing clients, a lot of our users started to switch from our product to the banks platform. We couldn't compete with the banks directly, so we needed to identify more specific group of users who still need our product and target them. Under my leadership we had analyzed past behaviour of existing users and found that there were people who need to track their business related expenses in a simple way, they didn't need heavy online platforms with overloaded accounting functionality, but a simple workflow to track and check expenses, income, budget. These users used multiple bank accounts so they couldn't switch to a single bank app for their needs. Also they had business related expenses, so they were fine to pay a bit more than other average users. Considering this, we upgraded our platform with a specific functionality for this category of users and increased prices, which compensated the loses we got from other users outflow.