Audience Segmentation Informs Product Development for National Bank
What we did:
The goal was to help our client better understand not only the unique awareness and perceptions of Wealth Management Services in the US among its key consumer targets but also identify and rate consumers’ perceptions of the value of Wealth Management/Investment Services, determine what wealth means to consumers and identify across the different subgroups where consumers see themselves.
Big Village conducted an Agile survey among three key target audiences for wealth management services to understand awareness, perceptions, and usage, as well as test key concepts for potential development and promotion by the client.
The client was able to tease out the significant difference in needs and preferences among high-net-worth clients and prospects, as well as the attractive subgroups among lower net-worth populations. The client was also able to focus its product development efforts on priority offerings for the most attractive prospect groups.