Finetuning New Offerings for a Financial Services Company
Challenge
A well-known financial services company wanted to optimize their expanded online only banking portfolio and determine which branding strategy was preferable.
Approach
A two-cell ASSESSOR® + Choice concept evaluation was conducted by M/A/R/C® among the general market with subgroup reads among predefined consumer segments.
ASSESSOR®’s proprietary Activation Potential score measured the percentage that would consider opening any type of account, taking out the overstatement found in a single intent metric.
- A Discrete Choice model revealed which combination of costs, restrictions, and benefits would maximize adoption.
- Activation skews provided a detailed profile of the customers that would be motivated by the offering, if aware.
Outcome
- Interest in the base concept was moderate, but there was good upside with program optimization, particularly with the money market product.
- There were no notable differences between the two branding options though higher awareness and better perceptions gave a slight edge to one of the two options.
- Rates, average daily/minimum balances, and ATM fees had the most impact on Activation Potential.
- Activated consumers were more likely to be younger, urban and luxury vehicle owners. However, there were barriers to overcome with specific targeted segments.