Establishing a Financial Services Concept Development Program
Challenge
A leading global financial services firm sought a sophisticated yet agile concept development program to ensure that top-tier innovation ideas are prioritized.
Approach
M/A/R/C® developed a comprehensive program among key audiences: business owners and consumers.
- In-Depth Interviews (IDIs): 60-minute qualitative webcam interviews to understand attitudes toward the category in general, as well as reactions to the benefits of a new offering including key drivers of consideration.
- Conjoint Evaluation: A choice-based conjoint approach to model the impact of various features/benefits on new customer acquisition and current customer retention.
- Rapid Results Testing: A monadic test to evaluate each concept’s ability to activate the target audience. Other key diagnostics include concept perceptions and highlighting, open-ended reactions, and custom questions.
Outcome
- Approximately 150 concepts have been tested to date, including credit card, banking, and rewards program offers.
- This framework offers a dependable, iterative method for shaping and refining high-potential ideas. Qualitative and conjoint insights lay the foundation for concept creation, while Rapid Results testing identifies which concepts merit further investment.