Challenge

A renowned European financial institution embarked on a groundbreaking initiative, the Youth in Business Programme (YiB), aimed at empowering young entrepreneurs in accessing finance and knowledge. To ensure the success of this program, the institution required a comprehensive understanding of the local market landscapes in Morocco, Western Balkans, and Central Asia, specifically related to YiB financing.

Solution

To tackle this challenge, the financial institution partnered with a specialized financial services consultancy firm that approached us as a market research expert to take part in the project. Leveraging our respective areas of expertise, we designed a multifaceted approach that encompassed qualitative and quantitative research methodologies.

W-Adviser led the qualitative research phase, working collaboratively with global teams and diverse industry specialists. The global team developed six interrelated focus areas for the YiB market assessment, including desk research, key informant interviews, PFI portfolio analysis, primary research (online surveys, in-depth interviews, focus groups, social media testing), and market sizing.

Within the partnership, W-Adviser took charge of primary research qualitative activities, conducting in-depth interviews (IDIs) and facilitating focus groups. Through meticulous local agencies selection, rigorous training of moderators and project managers, and close collaboration with local partners, W-Advisor ensured a consistent and comprehensive approach across all target countries.

Process

The qualitative approach undertaken by W-Adviser sought to generate original and insightful findings about the characteristics, behaviors, needs, preferences, and motivations of the youth MSME segment in relation to finance and business development services (NFS).

The process involved extensive coordination and collaboration with the multidisciplinary team spread across different time zones and linguistic backgrounds. Despite the challenges posed by language barriers, cultural differences, and varying time zones, W-Adviser overcame obstacles through dedicated efforts, reliance on transcripts, consultation with local experts, and leveraging technology for effective remote collaboration.

To ensure cohesion and integration of findings, W-Adviser engaged in close alignment sessions with the key informant teams, story-telling teams, and desk research teams. They also collaborated closely with the segmentation teams to create a matrix linking the qualitative personas with the quantitative segments. By maintaining a region-specific focus and engaging different teams as per country requirements, W-Adviser successfully captured the nuances of each market.

Key Findings and Insights

The market research initiative uncovered intriguing variations between the markets in Morocco, Western Balkans, and Central Asia. Despite Morocco being considered a developing country, it exhibited certain highly developed areas compared to Western Balkan countries, which were considered part of Europe. The findings shed light on political and economic situations, gender differences, religious influences on decision-making in Central Asia, and the phenomenon of brain drain, wherein YiB participants sought opportunities beyond their home countries.

Outcome

Following the implementation of the research findings, several Youth in Business programs were successfully launched. The financial institution expressed great satisfaction with the level of detail and granularity obtained from the research, which facilitated informed decision-making and tailored approaches in each market.

Collaborative Success

The collaboration between W-Adviser and the specialized financial services consultancy firm proved to be a formidable partnership. Despite the logistical complexities, including time zone differences and remote working arrangements, the teams worked together for nearly a year, fostering a strong bond and demonstrating that distance is not a barrier to effective global operations.