A financial services company wanted to deepen the level of brand engagement with customers by pinpointing how to best motivate them to purchase products across verticals.
A quantitative online survey, which included a Key Driver Analysis exercise, was administered among new customers to understand which benefits are most likely to drive new product consideration within the brand.
The study provided insights that helped the company better understand motivations so that they could build targeted customer engagement strategies. Recommendations included:
- Centralizing products for customers who currently carry only one product (either banking or insurance) is the first step. Once customers purchase two or more products, they prefer personalization, including customized content and benefits.
- Discount offers are motivating for new customers and present opportunities for the brand to deepen the customer relationship. Discounts serve as an appealing secondary motivator that can sweeten the deal when new customers are considering multiple products.
- Personalized welcome kits that contain information about important contacts and tips on product features and benefits make new customers feel secure. The kits establish positive communications and serve as a launching point for ongoing engagement.
Understanding customers’ motivations is a critical component of deepening brand engagement and promoting additional product purchases.”
Understanding customers’ motivations is a critical component of deepening brand engagement and promoting additional product purchases. Our custom quantitative approach identified key drivers of motivation and provided the company with insights they could leverage to tailor their marketing and product offerings to better meet customers’ needs. As a result, the company was able to activate specific growth strategies with their new customer base.
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