May 5, 2015 Comments Closed

Marketing Concept On Target?

Challenges

Four years after the collapse of the credit markets, a recovery had begun. The client, a financial services firm, wanted to test the waters for a new type of consumer financing product and sought to understand consumers’ perceptions of financial services companies and the professionals who refer consumers to this type of product. Are they trusted, credible, and / or beneficial?

Insights

checkboxesFinancial and consumer credit professionals have a credibility problem (average 23% top two box favorability – still better than Congress!)

checkboxes87% understood the product description.

checkboxesInitial reaction was 73% positive, based on verbatim answers.

checkboxesAlthough 73% had a favorable reaction to the product, only 37% would use it after additional details were explained.

Impact

Based on the results, the client felt the credibility problem with financial consumer credit professionals was too large to be ignored. Additionally, while initial appeal was higher than expected, consumers were less interested after more details were revealed. Ultimately, the company decided to sit on the idea for the moment and wait for conditions to improve.

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