Case Study: Financial Services Company Seeks to Expand their Product Selection
WE WANT TO DEVELOP A NEW CONSUMER CREDIT PRODUCT. What should we create to both retain existing customers and acquire new customers?
Our client, one of the top global banks, asked High Start Group to help determine new customer segments in the US marketplace for which they could develop new credit card value proposition innovations to drive mass appeal within the target segments
We developed attitudinal clusters to track different target populations and determine their preferences. Using these clusters we co-developed product concepts, and then iteratively tested these concepts. To determine which iteration of the value proposition would be most successful, we utilized a multi-step quantitative approach to predicting customer acquisition volumes.
High Start Group was able to create two highly differentiated product concepts for two high priority target segments. These concepts included the value proposition definition, the specification of the features and benefits, customer acquisition and behavior estimates for business case development and the overarching positioning requirements to create a successful launch program. These recommendations gave the internal stakeholders confidence to move forward with the product build and launch.