Case Studies

Understanding the Emotions That Drive Customer Behavior

Case Studies

Creating Customer Service Standards to Differentiate the Customer Experience Understanding the Emotions That Drive Customer Behavior Leveraging Best Practices of High Performers Engaging Employees in Building the Vision Competing Against Free Software

Situation

A client was launching a complex investment product into a relatively new category, targeted to affluent consumers. Many possible combinations of price and features were under consideration.

Approach

The client had commissioned an elasticity study from another firm, who engaged us as financial services specialists to assist in questionnaire design. The field design called for face-to-face administration of the complex questionnaires, which were designed to evaluate the appeal of various combinations of features.

In order to help the client maximize their learning from this project, we suggested conducting mini-focus groups and individual interviews with the affluent customers after they had completed the questionnaire.

Result

The statistical study revealed that product complexity was well beyond the ability of the target group to evaluate. Significant insights, however, came out of the post-survey interviews, including potential new product areas.

The affluent customers felt valued by the opportunity to air their views and opinions to the researchers. Powerful emotional drivers related to financial security for themselves and their families energized these discussions. Other topics raised included health concerns, plans for their children's education, dreams of travel and freedom in retirement. A number of service irritants with the parent company brand were also raised.

The client had a successful product launch with a simpler offering keyed to important aspirations.