Business market strategy for new financial services solutions in the business sector

The client, a major banking organisation, needed to test the business market prior to the launch of new financial services products and solutions.

The overall objectives and outcome of this research were as follows:

• To formulate and create a range of value propositions around the proposed financial products and allied services that will maintain significant client retention, acquisition and allow for future growth
• To understand the optimum product and relationship or support mix for the proposed financial services products
• To understand the process in the mind of the business organisation: will this new service be a process of migration or a process of existing product substitution?
• To understand the envisaged uptake and levels of adoption plus the time scales as to when adoption would take place

The client had a need for market information in order to fully understand the target market; areas where the proposed financial products are best deployed while still creating and providing ongoing profitable revenue streams. There was a need to identify the factors that would drive the business preference of one product over another, how to develop the marketing message, pricing levels, benefits and attributes for the business sector. 

The Research Approach

BMI-T conducted in-depth personal interviews with key organsiations that were identified prior to the project beginning. The research analysts used a semi structured discussion document that had input and prior approval from the client. During the course of the research, there was ongoing communication with the client as to how the project was progressing and as to the quality and depth of information that was being compiled.

The Outcome of the Research

The client was able to use the research provided to determine which areas of the market were the most lucrative and also to tailor their offerings to the market. This research provided a comprehensive view for the client about the business market’s opinions and suggestions for the proposed new financial products plus their envisaged levels of adoption and pricing points.