Competition for consumers’ wallets is gathering pace, as markets open up and liberalise, financial institutions merge, and new players enter the financial market sector. What was once a unique point of difference is now the norm of the industry. Technology advancement has introduced new options and new competition.
At the same time, consumers have become increasingly demanding - for greater convenience, flexibility, better services and lower prices. They’ve also become less indiscriminate, ready to switch providers the minute a better offer comes along.
Understanding your consumers
We understand that, unlike fast moving packaged goods, consumers of financial services are not simply users or non-users. Their relationship with a financial service provider can be segmented into degrees of ‘intimacy’. For example: segmentation of credit card customers by loyalty:
- I use this ABC Bank credit card exclusively
- I use this ABC Bank credit card for most of my expenses. It is my main card
- I use many credit cards about the same way, this ABC Bank credit card is just one of them
- I hardly use this ABC bank credit card
- I am considering not renewing this ABC Bank credit card
Your information needs
As market competition continues to accelerate, you need research-based market intelligence for a clear understanding of your consumers, emerging opportunities and threats and the likely market response to change.
- How can I strengthen my relationship with my customers and keep them loyal?
- How can I ensure my new product success?
- How can I reduce my operating costs?
- What new delivery channels will my customers use most? Are they hooked up to the internet?
- What about mobile phone usage?
- How can I measure and grow my brand equity?
- How do I keep up to date with the latest competitive offerings?
- Are my competitors outperforming me on advertising?
Only one organisation can provide this level of understanding, integrating in-depth local market knowledge with the technology and resources of a premier market research company. ACNielsen, the world’s leading market research organisation.
ACNielsen understands your research needs, planning, organising and managing a wide range of research services to the financial services industry.