Sector: Financial services
Size: >10,000 employees
The company wanted to develop an online version of one of their existing product. The objective was to acquire new customers and increase revenues.
An online application for the product was designed, tested, and released.
The actual objective of acquiring new customers was not achieved, although administrative costs for the application dropped by 35 percent.
By carefully selecting and refining the target group the end-to-end customer process was able to be delineated. Detailed documentation complied about the targeted consumer was able to produce accurate personas from extensive interviews as well as participatory observation. Personas are a powerful tool when used in conjunction with empirical studies. They outline the customer needs as well as relevant solutions for product and process design. Ideas were tested multiple times on the market before being integrated into the product and system landscape at this financial service provider. Lessons learned were embedded and used for the detailed design.
The number and timing of contacts in the end-to-end customer process were optimized, as well as the corresponding key messages and service offerings.
Following a successful market test, the solutions developed were integrated into the product and system landscape.
The product's market share has increased by 15 percent thanks to the acquisition of new customers.
By intensively examining the end-to-end customer process, it was possible to identify additional sales levers.
Key Findings by the Client
Integration into end-to-end customer processes is the key to acquiring new customers. Simply automating the application process did not result in growth.