Welcome to another edition of ‘Making Dough’ — a transparent peak into what we are building at Donut and why. This time we are taking a look into the Donut Test Kitchen 🧪 ...
Transparency is the foundation of everything we do at Donut. For us, transparency is not just about how we select our assets and being honest about our fee structure... we believe that even our product development process should be as open as possible (hence this blog series).
But transparency is a two-way street. We also want to hear and learn from you. In order to build the future of investing we need your honest feedback. That is why we started the Donut Test Kitchen.
What is the Test Kitchen? 🧪
The Donut Test Kitchen is a series of user research initiatives we started to get a better understanding of what product you want us to build. Rather than spending months in secret perfecting a product we think people want, we decided to open up our development process and test every single ingredient so that you can tell us which recipe actually tastes best.
Step 1: Quantitative Feedback 👩🔬
Key ingredient: Typeform
We want to hear from as many as you as possible. So we decided to tell customers about our Test Kitchen right after they've signed up. Once users confirm their email address to get onto our waitlist, we ask them to join the Test Kitchen by filling out a quick Typeform survey.
We've been blown away by how many of you decided to join us our quest to re-invent investing. Since we added the Typeform link to our sign-up flow just a few weeks ago, more than 500 of you have joined the Test Kitchen and completed the survey.
With the survey we are trying to find out:
- Why you signed up to Donut
(👉 Are we building what you expect us to build?)
- How well versed you already are in crypto
(👉 Should we build an app for beginners or pros?)
- How you would like to invest?
(👉 One-off or regular investments? How about round-ups or habits?)
- What features are you most interested in?
(👉 What should we build first?)
If you haven't done the survey yet, please click here - we'd love to get your feedback!
Step 2: Qualitative Feedback 👨🔬
In addition to the quantitative data we collect via Typeform, we constantly talk to users in 1:1 feedback sessions. So far, our CPO Dan has talked to more than 350 customers to better understand how they (want to) invest, test various investment mechanics and get their feedback on prototypes we've been building.
We are still amazed by the enthusiasm from all of you in helping us build Donut without any monetary incentive. Dan spoke to users on their lunch breaks, evening commute and in some cases even on their holidays 🏖. Users have contributed from across the world from Berlin to Bali!
Many of the design iterations and features we are building for V1 of the app have come directly from these conversations. For each round of testing we identify hypotheses we wish to test based on user problems, build a discussion guide to help us explore each hypothesis and then conduct as many sessions as possible with a diverse group of people.
We end up with some clear trends (using tools such as Otter to take the pain out of transcribing conversations), areas we need to dive deeper into and loads of new ideas of how to make investing effortless. We play this back to the full team to ensure this knowledge permeates throughout everything we do at Donut.
Step 3: Reward 🧫
Key ingredient: Kymono
Based on our estimates, our Test Kitchen participants have spent a collective 230 hours just giving us feedback. Thank you so much - we really appreciate your time and effort! 🙏
And while we know that getting early access and helping us shape what Donut looks like is reward enough for some of you, we decided to treat our most active Test Kitchen users with some exclusive swag ...