There are usually a few questions when launching a new financial product into the market. For example, who is the target audience for this product? Or, what should this product “do” for them? These are just some of the questions our client had as they expanded their offerings to include Nonqualified Deferred Compensation plans (that’s a mouthful).
What we heard.
The NQDC space is unknown, there isn’t a clear view of audience needs, value propositions, or considerations when selecting a plan partner.
What we did.
We took a top-down approach to identify what was needed—white space and gaps in the current market, pain points to resolve in the customer experience, buying patterns to support sales, and the perceived value of the product to inform positioning. Using research sprints, we covered a competitive and market analysis, focus groups, interviews with financial advisors, and a nationwide segmentation to deliver a robust and actionable strategy.
What we delivered.
Target audience defined, value propositions delivered, opportunities to differentiate and grow highlighted. In short, our client was able to move into the market faster and with confidence. The robust research sprints delivered a 360-view of the market, the customer experience, and the roadmap forward.
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