A competitor’s research suggested that a credit card product that offered lots of choice in features would be successful. Armed with this research, a major bank launched a new credit card, but the product ultimately failed to meet business objectives. To understand the gap between the research and the business results, the clients decided to redo the research to see what customers disliked about the credit card and identify a path forward. The bank approached The Strategic Counsel to conduct the new research.
To understand the disconnect, we unpacked the stated consumer value of “choice” and discovered that the true value to consumers was choice within a small set of discreet options rather than having to navigate between multiple features and multiple decisions. Our research revealed new opportunities for a product re-launch.
The new research identified three things that were critically important to customers. This led to revamping the product offer and credit card design. The re-design led to positive business results over the next several years for the product.