Ledgy is an equity management platform aiding high-growth companies in managing cap tables, employee participation plans, funding rounds, and investor relations.

Ledgy offered this project to the student team at “Hochschule OST” (Campus Rapperswil) for their first-year field project (CAS User Research), of which I was a part.

While Ledgy primarily caters to large company users, particularly those on the “Scale” or “Growth” payment plans, many small startups utilize the free “Launch” plan. The current focus for Ledgy is understanding the needs and pain points of these smaller startup users and improving their onboarding process.

Process

1. Project definition

As a first step for the project, Ledgy stakeholders have engaged in discussions regarding deliverables, scope, objectives, and target group within the project definition.

1.1. Target group

Stakeholders hypothesized that Ledgy users in the “Launch” version (free plan) experience the most problems in transitioning into payment plans.

1.2. Objectives

Initial research questions, formulated by stakeholders, aim to improve user experience and address potential challenges in plan upgrades:

1. How can we improve the upgrade flow to promote self-onboarding?
2. What motivates users to upgrade from a free plan to the Growth or Scale Plan?
3. How can we address user doubts and questions during the upgrade process?
4. How can we better integrate social validation messaging to explain the benefits of upgrading?

Recognizing the absence of prior user research, the research team has refined these inquiries, embracing a user-centered approach:

1. What are the needs and pain points of founders and investors of startups?
2. What challenges did they face before transitioning to Ledgy?
3. What drives their decision to use Ledgy currently?
4. Are users familiar with the terminology used in the Ledgy app?
5. What is the experience level of the users?

1.3. Scope

To address the research questions, the research team developed a comprehensive User Research plan. The scope was defined as follows: validated Personas and a detailed research paper containing insights will be provided upon project completion.

2. User research

User research forms the cornerstone of our project, guiding us in understanding the needs and challenges of startup founders and investors. Through meticulous analysis and engagement with our target audience, we aim to uncover valuable insights that will inform the enhancement of Ledgy’s user experience.

2.1. Data Analysis

As an initial step in our research process, we analyzed chatbot messages from the past two months, collecting and categorizing topics. Using a codebook, we mapped and coded these topics. The most recurring ones were then used to create the initial set of questions for user interviews. In a subsequent step, we conducted an interview with Ledgy’s Head of Customer Experience to further refine our hypotheses and enrich the set of questions for user interviews.

2.2. Stakeholder Interviews

The interview with the Head of Customer Experience covers the following topics:

• Key concerns for users
• Internal procedures and processes
• Daily operational challenges
• Pricing plan considerations

2.3. Recruitment & User Interviews

Users within the target group are identified via chatbot analysis and subsequently recruited through email invitations, offering incentives for participation.

A structured questionnaire is devised by the team, with two subgroups formed comprising an interviewer and an observer.

In total, 11 users were interviewed.

2.4. Synthesis

The insights gathered from the user interviews were meticulously organized and synthesized using an affinity mapping technique.

This approach facilitated the extraction of actionable insights and the identification of recurring patterns from the research data. Similar to an affinity diagram, the resulting synthesis provided a visually structured representation of the users’ perspectives, enabling a deeper understanding of their needs and pain points.

Outcome

1. Deliverables

Following the research phase, three Personas and one non-Persona were identified. The non-Persona serves as a valuable tool for the CX team to allocate resources effectively. A comprehensive document containing research insights was provided to the client. This document validated certain hypotheses formulated during the data analysis stage, while also identifying and correcting misconceptions.

2. Results

The results of the research yielded valuable insights into the needs, challenges, and preferences of users within the target group. Through the synthesis of data gathered from user interviews and affinity mapping, key themes and patterns emerged, providing a deeper understanding of user behavior. These findings enabled the identification of pain points experienced by small startup users, as well as opportunities for enhancing their experience with Ledgy’s platform.

Additionally, the delineation of Personas and the non-Persona offered a clearer picture of the diverse user base, facilitating tailored strategies for engagement and support. Overall, the results serve as a foundation for informed decision-making and the implementation of user-centric improvements within Ledgy’s ecosystem.