In 2020, a new fintech company from Russia entered the Romanian market. Mokka is a payment service specialized in financing the purchase of products and services, with the buy now pay later option.
Together with the digital creation agency Minio, Mokka Romania commissioned MKOR Consulting to carry out a study to test the proposed branding and positioning concepts for the local market.
The company wanted to measure the potential of the considered branding concepts, but also the possible risks and opportunities associated with each concept. Moreover, because the brand name has homonymous connotations in Romanian (for free, mocca coffee), we explored the associations with this word through open-ended questions, specific to the qualitative research.
Brand Concept Testing for a New Fintech Company
The quantitative study was conducted on a simple random sample, consisting of people with a demographic and behavioral profile similar to that of the Mokka target audience in other markets (Russia, Poland).
The analyzes captured the reactions of consumers to different brand concepts, depending on their demographic, behavioral (the existence of installment purchasing behaviors) and intentional profile (the intention to use a new prepayment service).
Based on the statistical analyzes performed, we tested the associations between existing behaviors, attitudes towards the proposed concepts and the potential to use the new application.
This enabled us to investigate the reactions of the target audience, independently from those of the general public. We also determined the profile of the potential consumer, depending on the intention to use the Mokka service in the future.
The quantitative approach also included a qualitative component (with open-ended questions inside the questionnaire), which enabled us to explore in more depth the associations with the various branding concepts. Thus, along with the quantitative measurement of the tracked metrics, our approach also allowed explaining them from a qualitative perspective – a fact that added more value to our client.
The research objectives
The research project aimed to measure the attitudes towards the proposed branding concepts, depending on the existing behaviors and the potential to use the new application:
- Perception of the Mokka brand (associations);
- Perception of brand descriptors;
- Favorite descriptor, rationale;
- Slogan testing;
- Intention to use (the new service);
- Potential user profile.
About the research
The quantitative methodological approach also took into account a qualitative component, giving us the opportunity to measure people’s perceptions of the proposed concepts, while also enabling us to explain them.
- Target Market: Romania
- Research tool: online questionnaire
- Sample: simple, random
About Mokka
Mokka is a fintech company from Russia, which was recently launched on the Romanian market (end of 2020). Mokka is a payment service specialized in financing the purchase of products and services, with the buy now pay later option.
More details about the services provided by Mokka in Romania, here.
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As marketers, concept testing studies arouse our interest and curiosity. When they also have a strategic component, we are all eyes and ears.
If you think we can help you, we, the MKOR specialists, assure you that:
- We will choose the right methodology to achieve your objectives,
- We will conduct the project at a high quality level,
- The end results will exceed your expectations.
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MKOR studies during the COVID-19 pandemic
The COVID-19 pandemic impacts consumption behaviors in ways that are difficult to predict. In this context, MKOR consultants are up to date with the latest recommendations of the global research community regarding new approaches that can be used in predicting consumer behaviors.
Similarly, MKOR conducts its own research projects on the impact of the Coronavirus pandemic both in the case of the general population and the business environment. You can download these studies for free from the website section dedicated to Public Research.
