- Do you know your market share?
- What’s your company’s image? What’s your competitors’?
- Why have some of your customers left?
- Before you develop a new product or service, would it help to know what features your customers would want and value?
InfoSearch provides a cost-effective option for financial institutions and utilities to obtain market research and competitive intelligence. Our team will work closely with you to develop useful research strategies that enable you to understand, anticipate, and meet your customers’ evolving needs. Our custom research capabilities for the finance and utilities industries include:
Market Needs Analysis
Market Needs Analysis studies provide clients with rich, detailed information about their market, their competition, and where they fit in that market. The studies identify their strengths as well as areas of potential vulnerability.
- Determines brand recognition and image awareness of the client and the competition.
- Identifies customers’ level of satisfaction with their financial institutions or utilities providers.
- Provides perceptual mapping and “performance gap” market intelligence.
- Highlights the company’s market strengths and areas of vulnerability.
- Identifies the key drivers of customer satisfaction.
- Helps clients know the motivators needed for both their customers and potential customers to switch to another institution/provider.
Market Share Analysis
Market Share Analysis studies provide clients with key input in the development of product line strategies for current and potential markets.
- Provides demographic information about the percentage of the market being captured.
- Provides an important indicator of how well a company is doing in a market compared to competitors.
- Provides information on differences on competing products.
- Highlights opportunities to obtain additional volume.
- Helps companies decide if new strategies are needed to market an already released product.
- Helps companies decide if they need to expand current products and services and/or develop new ones.
- Provides trending over time, if repeated, to show how successful the company has been in competing for and shifting market share.
Lost Customer Studies
Lost Customer Studies help you understand why customers leave and what factors contributed to their decision. Customers are the economic life-blood of businesses and it’s valuable to get to the root of customer attrition.
- Provides insights into the primary reasons why customers leave.
- Clarifies if the decision was related to the company’s service or products, or to another factor beyond the company’s control (e.g., relocation, health issues).
- Identifies which competitors the lost customers are now using, if applicable.
- Helps companies know which competitors are attracting their customers.
- Provides insights into why different sub-groups customers leave for different reasons.
- Identifies what, if anything, might motivate lost customers to return.
Product Line Development Research
Product Line Development Research helps you know your audience, what they want, and what they are willing to pay for, prior to investing valuable resources in developing new product lines that may have limited appeal.
- Identifies the potential appeal and level of importance of potential products and particular product features, including optional features.
- Clarifies the target market for new products and features.
- Helps with the ranking of priorities for new product development resources.
- Identifies how much money potential consumers will be willing to spend on a product or feature for profitability.
- Determines the opportunity for expanding services to existing customers versus adding new customers.
- Identifies unsound concepts that probably won’t be profitable in the market.
- Identifies the vulnerability of potentially losing customers if a product is not developed.
- Helps clarify the target audience to develop an effective marketing campaigns for new products and features.
Customer Advisory Panels
Customer Advisory Panels are an ongoing collaborative forum for customers to provide useful insights about product line issues and problems, suggestions for and discussion of potential actions, and exchange of ideas for process improvement. Different than typical focus groups, client leadership actively participates in each Customer Advisory Council. Typically Councils are comprised of a cross section of eight to fifteen product line customers, and the Councils meet formally two or three times each year.
- InfoSearch facilitates the planning phase of council development, which includes defining the council’s goals, developing agendas and objectives for each meeting, mapping out the logistics for meetings, and identifying potential participants.
- InfoSearch moderates the Council meetings to create an atmosphere that is conducive to open, honest dialogue and keeping the process on track.
- As a follow-up to each Council meeting, InfoSearch prepares a written meeting report, reviews the results, and works closely with our client to develop follow-up plans.
- Enhances the company’s reputation within the community as being customer-focused.
- Provides feedback regarding current products and services and facilitates issue resolution.
- Defines requirements and helps set priorities for new and proposed products and services.
- Improves the flow of information regarding technology, applications, and solutions among council members and each product line.
- Enables companies to quickly implement initiatives that directly address customer requirements.