// C A S E S T U D I E S
/LARGE FINANCIAL CORPORATION LAUNCHES NEW PRODUCT
Problem
A large financial services concern is planning to expand into
a multi-million dollar market. The client is uncertain of the
target customer demographic and profile in the target national
market. Questions about the value proposition remain unknown such
as:
 |
What will be the customer receptiveness to
this new service? |
|
What is the desired and necessary components versus the
non value-added components of this new service? |
|
How will the new service be priced? |
|
How will the client reach the target customer base? |
|
How will this service be positioned in the marketplace
against incumbents? |
Speed and confidentiality were required to bring the new product
to market quickly and competitors unaware.
Solution
Strategic Metrics partnered with the client to quickly develop
the research approach and requirements. SMI started the research
project by initiating focus group sessions across the country.
A special challenge was that the target clientele for the focus
group was very protective of their privacy. The initial focus
group formed the early findings for more detailed research.
A larger survey was then undertaken to confirm early findings.
Four thousand mail surveys were sent to professionals. Telephone
interviews with a pool of over three thousand potential customers
were conducted.
Analysis of the findings gave a comprehensive understanding
of the target customer's needs and perception of value.
Throughout the research project, the client was given regular
milestone findings. From inception to final analysis and
executive presentation spanned three months.
Results
Within three months of the project's inception, the client was
able to get detailed executive analysis of the target customer,
their perception of value-added services and their price sensitivity.
The client refined their initial offering and confidently introduced
their new product to market.
