Case Study : Detailed investigation of customers journey to taking out financial products
|With the emergence of digital as a channel of choice for many, our leading 'Financial Services' client wanted to understand the real impact of the internet vs. telephone and branch on the product purchase process.|
The whole research to purchase process was explored in great detail for 7 specific financial products. Half day workshops and a series of in home depth interviews were designed and conducted for each individual product.
Consumers who had purchased the specific product within the last three months were recruited i.e. Bones, Mortgages, Current Accounts, General Insurance, ISA's, Loans and Credit Cards and prior to attending the workshop respondents completed a detailed questionnaire / journey log documenting the steps they had undergone when shopping for their product, including; channels used, brands considered, at what level etc.
In order to provide the business with an unprecedented level of client insight, 4 - 5 product and marketing managers attended each workshop; partaking in consumer discussions, addressing and asking direct questions and developing a real understanding of their consumers. Ultimately delivering an invaluable understanding of how business process needs to support their prospective customer.
Compass delivered the insights from this extended initiative via a series of 3 hour 'exhibitions', replicating the numerous paths to purchase visually on walls and walking the audience through the customer experience. At each 'exhibition' Compass facilitated an ideation and solution sessions, motivating clients to act on these unique insights and making an immediate difference to the business.
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