Case Study
Concept Testing of New Financial Product
Introducing new financial products requires a deep understanding of consumer attitudes and behaviors. This case study focuses on concept testing for a new financial product, aiming to identify unmet needs, expected features, and areas for improvement. These insights then helped to refine the product concept and shape effective communication strategies.
Objective of the Study
The primary objective of this study is to understand consumer attitudes and behaviors towards financial products, identify unmet needs, and determine expected features from a new financial product. This research aims to provide actionable insights to refine the product concept and develop strategies that resonate with target consumers.
Methodology
SAMPLE:
Qualitative: 6 FGDs with 6 participants/ group + 2 floaters
Quantitative: 100 questionnaires/ target
METHODOLOGY:
Two step approach:
Qualitative phase: Focus Groups -> fine tune the concept
Quantitative phase: CAWI online questionnaire -> quantify insights
TARGET DETAILS: Men & women
Three targets:
Users of credit cards
Users of overdraft
Only users of debit card
LOI:
150 minutes/ Focus Group
20 minutes/ questionnaire
MAIN RESULTS
In-depth understanding of attitudes and behavior towards financial products (credit cards, overdraft, etc.).
Provided understanding on drivers and barriers, choice criteria and benefits and drawbacks of each product.
Provided in-depth evaluation of proposed concept, benefits and drawbacks, attractiveness, as well as areas to be improved.
KEY TAKE-AWAY
Provided in-depth understanding of usage of the financial products of interest, as well as the potential of the new product.
Provided recommendations on improvements to be made and points to be leveraged in the communication.
