Developing and Validating a New Credit Card Proposition
When looking to introduce a new product or service a financial company needs to understand what its target audience require and what specific features are triggers for purchase. This type of research can provide vital insight in selecting features, name, price and communications and gives a high degree of direction in designing and/or refining a successful proposition. Using several techniques Harris Interactive designs projects to facilitate financial clients in creating or refining products to enhance market share and/or profitability.
- A major credit card provider wanted to understand the impact of different product features, benefits and branding upon the credit card market.
- Discrete Choice places respondents in a real purchase situation, presenting respondents with a more realistic and natural purchase decision task, which includes current competitive products. Respondents are then asked which product (if any) they would purchase.
- The output showed the optimum product offering and demonstrated the potential market share that could be obtained. In addition, it demonstrated the impact on share of each single, independent, change to any product feature or brand.
- Using the resulting ‘What If’ Simulator, the client was able to clearly identify the impact upon penetration of different features, benefits and enhancements.
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