Case Study:
Optimization of Offerings
Challenge
As part of a larger effort, a retail investment firm wanted to revamp its long-term offer and strategy. Specifically, they wanted to explore reactions to their current retail service model and understand which aspects of the model were most and least important to customers.
Custom approach
With the goal of helping the firm build an improved future model, we developed a choice-based design that mirrors real-world decision making. We identified three areas to study, looking first at the firm’s current offering as compared to a likely future state offering and the optimal offer. Next, we tested the impact changes to service experience might have on overall consumer interest, and then we studied current clients and prospect profiles to identify likely attributes of future customers.
We designed a 20-minute online survey and interviewed more than 2,000 retail investors. Respondents included a mix of clients and prospects representing a range of asset tiers including ultra-high net worth.
A discrete choice exercise was used to evaluate current and potential future elements of our client’s retail offer. The resulting model allowed us to identify the most appealing combination of features that would attract the highest number of target consumers.
By focusing on customer-centric enhancements, designing digital enhancements, and ensuring cost competitiveness, the firm was positioned for growth and customer satisfaction.
Growth Outcome
Research insights pointed to specific areas where updates could have the most impact on business growth, either by cross-selling within the client base or through organic prospecting.
Respondents felt that optimizing the digital experience and providing self-guided investment tools were the most important features. Customers also showed a preference for digital-based support over live human support. Keeping costs low was also important to this category.
By focusing on customer-centric enhancements, designing digital enhancements, and ensuring cost competitiveness, the firm was positioned for growth and customer satisfaction.
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