CASE STUDY
A large regional bank wanted to gain market share in commercial and business segments while building customer loyalty and engagement by identifying new customer acquisition and cross-sell opportunities. We developed a research approach that captured market needs and provided specific recommendations for a path forward.
Challenge
In financial services, business owners and CFOs are not common audiences for custom research, but their input is critical in understanding customer behavior. For example, less than ten percent of all businesses shift banking relationships in a year, and most new business is given to current banking partners.
To help the bank develop the right growth strategy, we examined what drives deep customer loyalty and looked at the role a consistent and seamless client experience plays in developing lasting business relationships.
Custom Approach
We developed a holistic voice of the market online survey targeted to executive decision makers asking for detailed assessments of the bank, secondary banks, and awareness of other banks. For this approach, we took the following four steps:
Step 1: Created a clear picture of current market dynamics in the financial services industry that included top business goals and perceived barriers to achieving goals.
Step 2: Gathered perspective on specific client experience elements and the impact of banking channels on customer engagement.
Step 3: Developed a competitive outlook for the bank which included key financial institutions in its space.
Step 4: Identified market opportunities for the bank that could improve relationships with top-tier clients such as:
- Developing a more consultative approach.
- Tailoring solutions based on customer’s specific needs.
- Focusing on helping customers grow their business.
- Offering guidance for managing expenses and cash flow.
- Showcasing superior financial expertise and skill.
- Providing valuable ideas and advice.
- Resolving issues and problems to meet customers’ satisfaction.
To help the bank develop the right growth strategy, we examined what drives deep customer loyalty and looked at the role a consistent and seamless client experience plays in developing lasting business relationships.”
Outcomes
Our voice of the market survey delivered rich insights for the bank. In addition to detailed information about how potential customers perceived their specific market, we were able to deliver specific recommendations the bank could activate to deepen loyalty and engagement. These recommendations created new cross-selling opportunities and provided focus for new customer acquisition campaigns.
Ultimately, the bank took three key steps to refocus their approach:
- Elevated the performance of their personal bankers to impact customer loyalty and engagement.
- Aligned specific solutions to address unmet client needs such as developing better case flow management and providing deeper support for client growth goals.
- Developed a training program for relationship managers to improve customer experience and attract new relationships.
Read a recent blog on incorporating financial service expert interviews into your research mix.
Reach out to find out more about our qualitative research approach.
