The Escalent team…makes things easy for me. There is real thinking, which is reflected in the report. We want to do more studies like this and make it a regular thing.
A major national bank wanted to enhance its understanding of consumers’ path to purchase in the retail banking (deposits) space. Specifically, the bank wanted a deeper understanding of the needs and desires that motivate and influence consumers to obtain a deposit product, along each of the purchase steps. The goal was to identify the right tactics and strategies to improve new acquisition and existing cross-sell rates.
We leveraged our dynamic path-mapping capabilities to capture the web-like journeys specific consumer groups take when acquiring a retail banking product. For each key population, we measured awareness, consideration, product/bank evaluation and the purchase components of their journey. Then, within each of the purchase steps, we provided a deeper understanding of the needs and desires that influence consumers to obtain a deposit product. This information allowed us to identify “friction points” along the path to purchase and recommend strategies to win more business.
The bank improved its take rate among the target segment by 50%. The ad campaign built off of the segmentation won an award, and the bank now uses the guidelines to develop all offers in the space. In fact, the bank received our recommendations so well that it commissioned the final report to be converted into a reference book for executives.
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