Locating Growth Opportunities in New Markets
Identifying what drives potential customers to choose a competitor’s brand is as important as confirming what draws new ones to your own. A deeper understanding of those dynamics is essential to help refine customer acquisition strategies.
One of our clients, a leading U.S. financial institution, needed to pinpoint key factors impacting brand selection. We partnered with them to design and conduct a nationwide win loss research study which would reveal opportunities to sharpen their competitive edge.
Understand consumer perceptions, considerations, and behaviors influencing the selection of a financial institution including:
Underlying motivations for opening a new financial services account
Key reasons for selecting one institution over another
Perceived competitive advantages between brands
A nationwide online survey conducted on an ongoing basis:
Comparing behaviors and types of consumers who had recently opened or closed an account
Covering a wide range of relevant financial products and services
Capturing representative data on both wins and losses among the core competitive set
Findings are being used to develop and refine customer acquisition strategies to:
Strengthen brand perceptions and drive interest in a broad range of products
Define the path consumers take when selecting a financial services partner
Increase market share in key regions
Refine product offerings to meet consumer demands