Market knowledge produces revenue growth – studying the client base is key to opening cross selling opportunities and gaining new customers.
The Challenge:
Senior management at a leading wealth advisory firm wished to grow its business by expanding the range of clients it served. To develop the right strategy, the firm’s leaders needed the clearest picture possible of its competitive position – the power of its value proposition for attracting and retaining clients, an assessment of how satisfied clients were with the firm, and a detailed description of unmet needs were all on management’s information “wish list”.
The Process:
Melior’s custom-designed surveys of current and targeted clients yielded the necessary data; our proprietary analytic tools revealed the story behind the data. Melior’s Opportunity Mapping Model (MOMMsm) uncovered cross-selling opportunities within the existing client base, growth opportunities related to product/service enhancements, and opportunities for client base expansion. Melior’s Financial Services Benchmark database (MFSBsm) created a picture of the firm’s market positioning and its unique competitive advantages.
The Outcome:
Our client used the knowledge gained from the research to confidently re-tool its strategy and tweak it brand messaging. Even more importantly, the firm achieved two important goals related to client base expansion: the number of new clients acquired in targeted market segments doubled over prior year figures, and the average number of products/services used by existing clients rose.
- 09 Apr 2015
- Financial & Insurance
