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Are you launching a start-up? Then I bet you have hundreds of questions about your potential product and your target audience.

 

From conceptualization to market sizing and scaling, innumerable questions must be answered in order to build a solid foundation for a successful business.  Fortunately, a full range of qualitative and quantitative research, primary and secondary research, and data analytics solutions exist to help you discover actionable answers to those questions throughout the entire process.

 

During the initial conceptualization stage, you’ll need to gain a comprehensive and unbiased understanding of the problem and potential solutions. You’ll also need to understand the tangents, side-conversations, and unspoken truths and myths that people won’t necessarily share with just anyone. To gain these types of insights from your target audience, qualitative research will be your go-to method.

 

Numerous qualitative techniques can help you at this point so let’s start by learning about in-depth, individual interviews.

 

 

What are individual interviews?

 

As the name suggests, individual interviews are in-depth conversations between a trained moderator and one other person. If the product or service is specifically designed for 2 or 3 people to use together, dyads or triads with colleagues, best friends, children, partners, or spouses may be used as well.

 

Key to this technique is working with a trained moderator. Although everyone has experience chatting with consumers, customers, or clients on a one to one basis, a research interview is completely different from a “chat” or “conversation.”

 

Trained moderators have unique skills which include understanding and responding to the body language of the person they’re interviewing. They have learned how and when to use specific language to encourage someone to share more detailed and personal insights. And, most importantly, they actively strive to prevent bias from unconsciously creeping into a conversation.

 

Interviews are an excellent way to deeply connect with your target audience and get a first-hand look into their emotional and physical real world. Interviews will allow you to:

• Spend meaningful time with them such that they open up about their personal habits, behaviors, needs, drivers, emotions, and opinions.
• Watch and listen to them struggle using unsuitable, existing products and services in their real world, whether that’s in their home, school, office, or gym.
• Watch and listen to them as they attempt to shop for alternative products using both online and offline channels.

These observations will guide you towards a thorough and unbiased understanding of what the problems and required solutions really are.

 

What follows are key questions that an interviewer might address during the initial, conceptualization stage.

 

 

How are people emotionally connected to the problem?

• How do you feel about this situation? What types of emotions do you have dealing with this situation? How strong are those emotions?
• How does this situation interact with different aspects of your life – at home, at work, with your kids or parents?
  
• How do you feel about the available alternatives or lack of alternatives? How do you compensate for the lack of easily accessible alternatives?
• What is your emotional state when you really need an alternative and can’t find one?
• How do your personal finances and resources fit into finding alternatives?

 

 

Who are the primary and secondary stakeholders?

• Who uses or needs the product? Who else might use it if they saw it lying around? Who would do the shopping for it? Who would approve and pay for it? Who would ensure the product gets used? Who would help you use the product and how would they help you use it?
• What frustrations and pain points do you have during the situation? What are the pain points of people who must find alternative options and pay for alternatives for you?
• Who is negatively and positively affected by this situation being unresolved?

 

 

What alternative solutions are being used now?

• What compromises do you make regarding this situation?
• What do you wish you could do? How would you solve the situation?
• How do you find and learn about potential alternatives?
  
• How do you physically manipulate or use current products? What other items do you use the product with? What do you buy to support using the current product?
• Where do you use current and alternative products? How do you use them?
• Where do you store current products and packages? What are your fears about storing them?

 

 

 

What’s Next?

During the conceptualization stage, your main goal is to listen and understand the problem without bias. You need to truly hear people and learn about their personal experiences so that you can identify both major and minor problems that may need to be solved. Individual interviews are the perfect solution for understanding people’s most intimate perceptions and behaviors. You’ll build a broad and deep baseline for what the key problems are and the range of major and minor issues that need to be resolved.

 

If you’re ready to deeply understand your target audience with individual interviews, please get in touch with us. We’d love to help you grow your start-up into a successful business! Email your questions about gathering information to support your startup to our research experts using Projects at E2Eresearch dot com.

 

 

 

Learn more from our case studies

• Building a Strategic Business Plan Grounded in Industry Data – A pharmaceutical data analytics case study
• Creating a Beverage Launch Strategy in a Competitive Market – A beverage desk research case study
• Developing a New Nutritional Pasta Product – A survey + desk research case study
• Identifying Optimum Price Corridors to Predict Volume Share – An advertising price simulator case study

 

 

Podcasts You Might Like

• Masters of Scale with Reid Hoffman
• The Tim Ferriss Show
• Business Wars with David Brown
• How I Built This with Guy Raz

 

 

Books You Might Like

• What It Takes: How I Built a $100 Million Business Against the Odds Hardcover by Raegan Moya-Jones
• The Entrepreneur Roller Coaster: It’s Your Turn to #Jointheride Hardcover by Darren Hardy
• What I Wish I Knew When I Was 20 – 10th Anniversary Edition: A Crash Course on Making Your Place in the World by Tina Seelig

 

 

Conferences You Might Like

• CES Consumer Technology Association (January)
• AWE (June)
• Collision Conference (June)
• The Startup Conference (May)
• SaaStr Annual (September)

 

What is brand equity?

Think about a brand you absolutely love – a store you can never wait to go to, a product that makes you grin just thinking about it.

 

Now think about brands you absolutely hate – a product or company that makes millions of people roll their eyes and groan with disgust.

 

That’s brand equity! Or lack thereof.

 

Brand equity is a complex construct. At its core, it’s a subjective perception of a brand’s value, quality, performance, and personal relevance. It incorporates consumer perceptions related to the product and its packaging, presentation, mission, vision, and values.

 

An easy way to think about brand equity is that it’s the difference in price and preference between an unbranded (or store brand) product and a branded product. Even though they’re the exact same thing – soda, butter, oil, beef, corn, eggs, many people will choose the brand name version because of the higher value they perceive it to have.

 

It can take a long time to build brand equity but one wrong move and it can be destroyed in seconds.

 

 

Why is brand equity important?

There are many benefits to building brand equity, and collectively their benefits are massive.

• Premium pricing: One of the key benefits of high brand equity is the ability to charge premium pricing. When people believe in and love a brand, they will pay more for it. Coffee is coffee but people will pay more for coffee that comes in a cup with a Starbucks brand on it, a name they know and trust. That higher price leads to higher profits which, of course, leads to greater financial success.

 

• Low price elasticity: When people value a brand, they are more likely to purchase that brand even in competitive situations. High equity brands don’t have to worry as much that competitive brands will ‘steal’ their customers with a great BOGO or intriguing offer. And, they don’t have to spend as much time and money creating offers to convince competitive buyers to try their products.

 

• Customer lifetime value: When brands create high equity, their customers are more loyal to the brand and purchase more of their products over a longer time period. Even better, those loyal customers are more likely to try new products created by the brand, whether in the same or other categories. The trust has already been built and customers don’t have to overcome the fear of trying a new brand. They simply need to determine whether the new product meets their needs.

 

• Market resilience: Products with high brand equity are more likely to endure during uncertain circumstances. When environmental, social, and political events necessitate a change in purchase and behavioural patterns, people will still try to retain consistency in their lives. High equity brands offer consistency, trust, and reliability when consumers need it most.

 

• Market power: As a high equity brand that people trust and desire, you have increased opportunities to attract and demand the best. Your demonstrated power in the marketplace means you can attract the best employees, the best suppliers, the best investors, and also negotiate the best prices and rates.

 

 

 

How to Build Brand Equity?

Brand equity can take a long time to build. However, there are a number of strategies and tactics that companies can leverage to get there. The key is playing the long game.

• Understand consumer needs and values: By understanding what consumers truly want and need, you can ensure your products and services are relevant to them. Take advantage of quantitative questionnaires and qualitative focus groups and interviews to understand customer journeys, gaps and pain points, customer personas, and customer segments. Dig deep to uncover their physical, emotional, social, psychological, environmental, and spiritual needs so that you can discover what might convert them from casual tryers to long-term, loyal advocates.

 

• Understand product differentiators: Not only do you need to understand your buyers and prospects, you need to understand what attributes elevate your products and services ahead of your competitors. Primary and secondary research will help you understand the competitive marketplace, market positioning, innovation opportunities, or opportunities for product optimization.

 

• Fine-tune your messaging: Once you understand your consumers and your products, ensure your messaging is in alignment. Primary research will help you ensure your product messaging and campaign research focus on messages that resonate with your customers and address their key values, unmet needs, values, and pain points.

 

• Deliver on promises: It may sound easy, but delivering on your brand promise is tough. Most brands have many disparate channels, all of which need to present your brand and your products in an unrelentingly consistent way. Whether in-store, on the phone, or online, your brand’s character, values, and vision must drive every customer interaction and business decision in a consistent way.

 

• Foster loyalty: It’s important to foster loyalty among your existing customers. Pay attention to your most loyal customers and create opportunities to reward and encourage them. Give them reasons to continue loving your brand whether that’s special offers or enhanced customer service.

 

• Drive awareness: If you’ve been paying attention to the animated image to the right, you’ve probably been able to name the brand behind every single logo. Despite the fact that not a single brand name is shown. This is brand equity. And this is the level of brand awareness that every brand ultimately strives for. When your customers and prospects recognize your brand colors and shapes, it’s far easier for them to find and choose your brand off the shelf, virtual or physical. Run carefully targeted advertising campaigns on a variety of relevant channels that focus on your benefits, stories, and value to help consumers learn, and connect your messages and your branding. Try a variety of relevant tactics such as influencer marketing, celebrity endorsements, or event marketing.

 

• Create positive customer relationships: Customer experiences are no longer confined to the physical store. Brands need to create positive experience across every physical and digital touchpoint including their own online stores and social media channels like Twitter, Instagram, and TikTok. Pay attention and respond quickly to customers sharing their opinions on review websites like Amazon, Foursquare, and Yelp.

 

 

 

Positive brand equity vs. negative brand equity

When people pay more for a brand even when there are equivalent yet lower priced brands available, that’s positive brand equity.

 

But, when people avoid or ignore a brand, even when it’s pricing is very competitive, that’s negative brand equity. For some companies, negative brand equity can destroy a brand such that consumers quickly forget it ever existed. For others, the negative equity is fleeting and at least somewhat recoverable.

 

Amazon: Since starting up as a book seller, Amazon’s focused effort on meeting customer needs has resulted in amazing brand equity. Because of their unquestioning return policies, unending selection, and ability to get product in hand in mere hours, customers are fiercely loyal. That’s positive brand equity.

 

Apple: Apple is another great example of a company with positive brand equity. Their customers are massively loyal. Even though Apple products are known to be pricey, customers line up every time a new product is released even if their existing product still works great. Customers trust the quality, reliability, and functionality of Apple products and remain loyal customers for years. Why? Because Apple focuses on creating innovative, self-explanatory products that meet customer needs every single time.

 

Chipotle: In 2015, Chipotle experienced a food poisoning crisis which led to a $25 million federal fine. After years of positive growth, that crisis caused the brand value to decline sharply. It was several years before they managed to regain consumer trust, and recover and grow their brand value. This is a great example of positive brand equity turned negative and then reverting to positive again.

 

McDonald’s: Though McDonald’s has been the #1 burger chain for years, they struggle with ongoing negative brand equity. Customers and consumers have complained about unhealthy food options for decades, and that perception seems relenting no matter how McDonald’s tries to head it off.

 

Starbucks: Want some high-priced coffee? Well, Starbucks customers are willing to pay a premium because they love the high-quality product and they love the top-notch customer experience – even when their name is accidentally (deliberately?) misspelled on their cup. Whether you’re a customer or not, everyone immediately recognizes the logo of this high equity brand.

 

Toms: People love the Toms shoe company. Why? Not only do they make a great shoe, they donate a pair of shoes with every purchase. This human centered value makes customers feel good about their purchases, and keeps them coming back again and again to support a company that matches their own values.

 

 

 

How to Measure Brand Equity

Because brand equity is so multi-faceted, measuring it isn’t simple nor templated. It’s important to incorporate a range of relevant quantitative and qualitative metrics, as well as financial and market assessments to gain a holistic view of brand equity.

 

Quantitative metrics: As part of a quantitative questionnaires, there is a wide range of questions that can be posed to consumers and customers to better understand your brand equity. As you’ll seen in the images below, these kinds of questions can be posed not simply as traditional radio buttons and checkboxes, but also as interactive, engaging image style questions.

• Brand awareness: What three brands come to mind first when you think of washing detergent? What other brands have you heard of?
• Brand perception: Which of the following words reflect how you feel about this brand of washing detergent?
• Consideration: On a scale from 1 to 10, how likely are you to buy the following brands of washing detergent the next time you go shopping?
• Loyalty: On a scale from 1 to 10, how likely are you to recommend the following brands of washing detergent to your friends or family?
• Loyalty: How often do you buy the following brands of washing detergent?
• Trial: If this brand of washing detergent were to release a fabric softener, how likely are you to try it?
• Customer experience: On a scale from 1 to 10, what is your opinion about the customer service you received from our online chatbot or our social media or telephone representative?

.

.

Qualitative metrics: Of course, there is far more to measuring brand equity than focusing on quantitative questions. Focus groups, interviews, and other qualitative tools like online communities are also excellent ways to measure brand equity.  By combining qual and quant methods, you can gain a more holistic view of this subjective construct. Here is a sample of some types of questions and tasks to incorporate in qualitative research, again with a couple examples of how more qualitative questions can be incorporated into traditional online measurements.

• What is your opinion of this logo and imagery?
• Describe 3 things you love about this brand and 3 things you hate about this brand.
• Why do you buy the following brands of washing detergent?
• Why would you choose one brand of washing detergent over another?
• Which of the following images reflect how you feel about this brand of washing detergent? Tell me why.
• If this brand of washing detergent was a person, how would you describe it?

 

 

Behavioral/transactional metrics: Financial and company metrics are also extremely important for understanding brand equity.

• Company metrics: What is the value of the company, and is it increasing?
• Brand metrics: What is the market share of the brand, and is it increasing? What is the profit of the brand, and is it increasing? What is the price difference compared to generic brands, and is it increasing? What is the purchase volume and frequency for the brand, and is it increasing?
• Employee metrics: What is the cost of employee acquisition, and is it decreasing? What is the average tenure of an employee, and is it increasing? How many applications per open position are received, and is it increasing?
• Customer metrics: What is the cost of customer acquisition, and is it decreasing? What is the average tenure of a customer, and is it increasing? How many customer complaints are receiving during a specific time frame, and is it decreasing?

 

 

What’s Next?

Are you ready to discover top quality insights about your brand and grow your brand equity? Email your project specifications to our research experts using Projects at E2Eresearch dot com. We’d love to help you better understand your buyers and your brand to help you turn your enigmas into enlightenment!

 

Learn more from our case studies

• Stretching Brand Equity into White Spaces Using Data Fusion – A pharmaceutical data analytics case study
• Benchmarking Brand Awareness and Competitive Brand Space – A consumer food survey case study
• Increasing Enrollment Through A More Meaningful Brand Purpose – An education survey case study

 

 

Books and Videos You Might Like

• Strategic Brand Management: Building, Measuring, and Managing Brand Equity by Kevin Lane Keller and Vanitha Swaminathan
• The Strategy of Global Branding and Brand Equity by Alvin Lee, Jinchao Yang, Richard Mizerski, and Claire Lambert
• Brand Equity & Advertising: Advertising’s Role in Building Strong Brands by David A. Aaker and Alexander Biel

 

What is an insight community?

In the market and consumer research industry, online communities are often called Bulletin Boards, Insight Communities, Market Research Online Communities, or MROCs. Though they can incorporate quantitative activities like questionnaires, insight communities are mainly considered a qualitative research technique.

 

Whether it’s a group of 5 people who chat with each other over several days or thousands of people grouped into segments engaging with each other over several months, insight communities exist within a dedicated digital space to allow people to share their thoughts, feelings, and behaviors about a common topic or goal. These digital spaces normally support the community with features like polls, surveys, image mark-ups, chat rooms, bulletin boards, video/image sharing, and more.

Insight communities aren’t just really large or long focus groups. Unlike focus groups that are often conducted in-person over a couple of hours with 4 to 10 people, communities are nearly always conducted asynchronously and virtually over several days, and with far more participants. (In the research world, asynchronous means that the researcher and the participants aren’t necessarily using the tools at the same time. A participant might share their comments in the middle of the night, and the researcher might respond to them the next day.)

 

Insight communities are generally NOT open to anyone with a pulse and an email address. While E2E Research has a Facebook page and a community that likes to read our posts, that’s not the kind of community we’re talking about. Using Facebook, Instagram, and TikTok to listen to consumer and customer needs and opinions, and elicit feedback from groups or individuals doesn’t make a social media network an insight community.

 

There are no written in stone rules about how communities must be run. However, here are answers to some common questions that will help you think through the process more completely and figure out whether a community could be a wise choice to meet your specific research needs.

 

 

What is the purpose of research communities?

Like any market or consumer research project that intends to generalize valid and reliable findings to a broader population, every insight community needs clear planning, goals, and research objectives that lead to specific outcomes. “Signing up” or “finding lots of members” are not acceptable goals, nor is “getting lots of comments every day.”

 

For insight communities, clear goals could include working to:

 

• Understand how the psychological value people place in your brand changes over time
• Learn why some brands become stagnant over time
• Learn how people interpret and act on advertising campaigns and communications from specific brands or in specific categories
• Track detailed perceptions of brands’ marketing tactics over time
• See how the use of a new product evolves over time
• Gain insight into how world events or life-stages affect product usage throughout the year
• Understand how local retailers design their outlets throughout the year
• Gather ideas for new products and gain feedback on a variety of concepts and prototypes

 

 

Why are asynchronous communities valued over synchronous tools?

From focus groups to questionnaires, researchers have many data collection tools to choose from, each with their own benefits. However, insight communities that allow people to log in and out at their own convenience have many benefits for participants. They:

 

• Give shy or anxious people an opportunity to become familiar and comfortable with the research process before having to share their opinions publicly
• Allow people to share opinions as they arise rather than feeling pressured to perform on-demand
• Give people a chance to rethink and change their opinions over time
• Allow people to remain anonymous to the group and share their truths while still remaining known to the researcher
• Are not disrupted when someone has to join late or stop participating early
• Allow people who work rotating, weekend, or night shifts to participate
• Are more accessible to marginalized people who may only have internet access intermittently or at third party locations

 

 

How are insight communities moderated?

Communities aren’t a quick alternative to groups or interviews. Even if a community is planned to run over just a couple of days, it requires extensive pre-planning, moderation during those days, and lots of post-project analysis and identification of next steps. Without planning for this investment of time and resources, everyone’s efforts will be lost.

 

Once participants have been recruited and understand the guidelines they need to follow, moderators are still essential to:

 

• Engage with every participant daily so they know their contribution is desired and valuable
• Introduce daily and weekly tasks and assignments
• Ensure everyone participates in every task and meets all the task requirements
• Prompt and probe participants to share as much detail and insight as possible
• Identify and convert emerging issues into new goals, tasks, and outcomes
• Keep discussions focused on the important topics
• Ensure participants remain respectful to each other

 

 

Who participates in insight communities?

Most insight communities are private and more secure than public communities.  A dedicated community recruiter carefully seeks out participants who have the ideal characteristics and offers them appropriate incentives to complete the agreed upon tasks.

 

This careful recruitment ensures that generalizations from participants are relevant to the issue, category, or brand, and will lead to valid and reliable insights and outcomes.

 

Here is one example of a local government body recruiting for an insight community to better understand the needs of their constituents.

 

In addition to having digital, internet, and email capabilities, participants may be required to:

• Have specific demographic details, e.g., a child under 2 years of age, live in a rural area
• Own, use, or buy a specific brand or product category, e.g., use body lotion, buy Froot Loops
• Demonstrate specific behaviors, e.g., run at least twice per week, attend a music festival in the last year
• Hold specific opinions, e.g., strong feelings about the environment, clear ideas about gender roles
• Have a minimum level of written skills in a specific language in order to accurately express their opinions

 

 

What are insight community members required to do?

Insight communities also have clear rules for participants who wish to join and remain part of the community. They may include requirements to:

 

• Spend a minimum number of minutes in the community each day
• Answer at least one moderated question in detail every day
• Comment on other people’s posts at least once per day
• Participate in at least one poll or survey each week
• Share at least one image or video each week
• Be respectful of others’ opinions and refrain from using profanity

 

How do insight communities benefit participants?

Communities don’t just benefit brand managers, marketers, and researchers. There’s also a lot of good for the participants too. For instance, participants:

 

• Feel pride in knowing their contributions will help other people through the development of better products and services
• Feel a sense of accomplishment for their contributions
• Discover new products that might enhance their lives
• Discover unknown features of the products they already use
• Learn how to use their favorite products more effectively
• Learn innovative, alternative uses for their favorite products
• Learn how their peers have solved problems they might encounter in the future

 

 

How do communities speed up the path to insights?

Insight communities can take many forms. Sometimes, they’re just a few days long and focus on one or two specific products. Other times, they can last several months and focus on broad categories.

 

Longer-term communities offer researchers the capability to ask consumers questions about anything at any time. As such, when an urgent research question arises, there is no need to spend a week or two recruiting a selection of people – those people are always at the ready. Further, such communities run by companies with multiple brands may leverage those communities to learn about different brands and categories throughout the year.

 

In other cases, when unexpected issues arise, perhaps because of societal issues or emergencies, a great community moderator can have new questions and tasks lined up for their members in mere hours and have results flowing in by the end of the day. This speed can ensure that small issues are quickly resolved rather than letting them balloon into huge issues that destroy a brand.

 

 

How do insight communities reduce costs?

Online communities help lower costs in different ways. First, longer-term communities can take the place of multiple ad-hoc projects. This eliminates the need to recruit participants multiple times. Further, participants are already ‘trained’ in how research works and need far less time and guidance to navigate the software and complete the tasks.

 

Second, insight communities have a benefit of allowing marketers and brand managers to understand reoccurring issues customers are having. This early information gives them a chance to understand and fix small problems before they become large problems for their customers outside the community.

 

 

What’s Next?

As with any research technique, there are a lot of intricacies to learn and implement. Fortunately, a good partner will make the process easier for you. If you’re ready to leverage an insight community to discover top quality insights about your buyers, brands, and business, email your project specifications to our research experts using Projects at E2Eresearch dot com. We’d love to help you turn your enigmas into enlightenment!

 

.

 

 Learn more from our case studies

• Communicating More Effectively with Insurance Customers | A Bulletin Board Case Study
• Sentiment and Content Analysis of Qualitative Hiring Data | A Qualitative Research Case Study
• Understanding Teenage Needs, Lifestyles, and Communication | An online community case study

.

Great Reads About Qualitative Research

Most research methodology books cover online communities as a chapter in more comprehensive books about qualitative research. Here are a few of our favorites.

• Qual-online the Essential Guide: The Essential Guide – What Every Researcher Needs to Know About Conducting and Moderating Interviews Via the Web, by Jennifer Dale and Susan Abbott
• Building Successful Online Communities: Evidence-Based Social Design, by Robert E. Kraut and Paul Resnick
• Building Brand Communities: How Organizations Succeed by Creating Belonging, by Carrie Melissa Jones and Charles Vogl
• Qualitative Research: A Guide to Design and Implementation, by Sharan B. Merriam and Elizabeth J. Tisdell
• Research Design: Qualitative, Quantitative, and Mixed Methods Approaches Paperback, by John Creswell
• The Handbook of Online and Social Media Research: Tools and Techniques for Market Researchers, by Ray Poynter
• The Indispensable Community: Why Some Brand Communities Thrive When Others Perish, by Richard Millington

 

Conferences focused on Qualitative Research

• Doing Autoethnography Conference: Virtual, January 3 to 5, 2022
• The Qualitative Report Conference: Florida – January 19 to 21 2022
• QRCA: Virtual – January 12 to 13, 2022; San Diego, January 19 to 22, 2022
• WCQR: Virtual – January 26 to 28, 2022
• Qual360: Washington – March 8 to 9, 2022
• International Congress of Qualitative Inquiry: Illinois – May 18 to 22, 2022
• Ethnographic & Qualitative Research Conference: Virtual – March 21 to 22, 2022
• Qualitative Analysis Conference & Couch-Stone Symposium: Newfoundland, June 22 to 24, 2022
• Thinking Qualitatively: July 5 to 9, 2021

 

 

Research Objective

• A medical device client needed to understand the market and consumer preferences for different medical treatments to inform and customize product messaging and product differentiation.
• They also needed to understand unmet needs and barriers hindering treatment choices.

 

Scope & Methodology

A survey was designed to measure a number of key metrics including:

• Market leaders in medical device technologies
• Brand switching patterns
• Changes in restriction levels
• Change in usage of two treatments as a result of new device guidelines

The data showed patients had clear preferences for specific brands of medical devices. In addition, patients differentiated the brands based on their perceptions of clinical performance, training programs, range of treatment options, and how much the brands invested in clinical trials.

 

Value Delivered

• As a result of the research, the client gained a better understanding of their market position relative to their competitors, and was able to gauge market shifts in the treatments used by patients. They also were able to better understand drivers of switching and the key decision makers involved in those switches.
• The client was better able to differentiate their product and create more impactful messaging to help their patients.

 

 

Check out other patient case studies

• Optimize Treatment Pricing Strategies For Multiple Patient Segments – A pharmaceutical survey analytics case study
• Mapping a Patient Funnel to Mitigate Treatment Barriers – A cancer patient survey case study

Research Objective

• An automotive insurance company wished to increase growth and retention among various customer segments. To do this, they needed to understand and size unmet needs and barriers to sign-up and renewal.
• They also wished to understand which products and features required re-evaluation or discontinuation.

 

Scope & Methodology

A survey was designed to identify:

• Problems with automotive monitoring and privacy apps and technologies currently being used as well as any associated solutions
• Current behaviors related to customer satisfaction, and reviewing and changing insurance providers
• Potential impacts of resolving barriers

Among other metrics, the survey identified the types of information people are currently sharing via their usage-based-insurance (UBI) program, as well as various reasons they have for switching providers. The data showed that people shared a wide range of data but they were still seeking a greater degree of trust and better customer service experiences.

 

 

Value Delivered

• The client was able to understand renewal barriers among their customers and make necessary adjustments in their existing automotive insurance offerings.
• The client was also able to identify and understand unique needs of various user segments to permit more targeted marketing and needs based offerings.

 

 

Check out other BFSI case studies

• Automating Distribution of BFSI Performance Metrics – A BFSI automated reporting case study
• Creating a Financial Portfolio Health Review Report – A credit card business analytics case study
• Customer Behavioral Segmentation to Support Targeted Marketing – A BFSI data analytics case study