An example of how an online study can effectively be used to evaluate the value of product options, using allocation and trade-offs, to design the ideal offering to a particular market.
A nationally-known financial services provider was in the process of developing a package of services for the small business segment. Prior to introducing it to the market, it wished to test, with small business owners (its target segment), the value of the package and the trade-offs to be made among its various components, prior to introducing it to the market.
Melior designed a two-stage approach to elicit information from this segment. Qualitative research with business owners gave insight about how banking decisions are made, the relevancy of the package, and the top 7-10 components for further evaluation. A nationwide online survey of small business owners was conducted as Melior’s second stage to measure interest in the packages by evaluating the components using a “trade-off game” – that is, arraying 100 points among the various options and then statistically-analyzing them to better understand which components matter most – and how/if there are differences by business characteristics (e.g., size of business, geographic location).
Three components of the banking package emerged as major benefits to the market, as a whole. These were the “must haves” for the package to be a success. The bank found ways to deliver these three components at price points that businesses found within their ability to pay. In addition, ideas emerged for naming package.
- 06 Jan 2016
- Financial & Insurance