Why Personas
The mortality rate of new offerings and startups is above 90%. Research suggests that the topmost cause of failure (42%) is the lack of product‑market fit.
One root cause: Not knowing or catering to the target user persona.
Not knowing the target user means lacking clarity about:
- Who the customers/users actually are?
- What problems they face?
- How they currently solve those problems?
- What they're willing to pay for?
Very few can predict future customer needs and fund end-to-end bets. Most teams cannot and should not rely on intuition alone.
For everyone else, avoid a common trap. Engineers often fall in love with solutions before understanding the user problem.
Gaining Traction¶
Most successful startups invest time and resources in understanding their target users. They do this before implementing solutions. This is a necessary step, but it is not enough. Understanding users alone does not guarantee adequate product traction.
Staying aligned with users’ needs benefits product, design, marketing, and sales. It creates cross‑functional alignment that is crucial for success.
Web3 adoption is driven by the interplay of several complex factors. Adoption level and the rate of adoption varies depending upon the demography, technology literacy, economic necessity, local governing laws, and social influences.
Being aware of these vital adoption factors in the context of target user personas, their mindset, motivation and must-have requirements can inform and fine tune Web3 solution building, designing and communication efforts towards better chances of gaining traction and eventual adoption and success.
Factors Driving Adoption¶
Web3 adoption adoption studies and the latest worldwide adoption reports point towards a higher awareness and ownership of cryptocurrencies among young, educated males with proficient computer skills in both developed and developing nations.
Following is a list of primary factors that impact Web3 solution adoption in the context of some popular Web3 use cases:
| Use Case | Vital Factors |
|---|---|
| Wallet Usage | Trust, Usability |
| Investment Purpose | Social influence, Perceived usefulness and risk, Financial literacy |
| Transferring Value | Security and risk perception, Performance and effort expectancy, Social influence |
| Other Use cases | Audit trails, Transparency, Cost efficiency |