CASE STUDY: Consumer Market Research

• The Client

This project was conducted on behalf of a major regional banking and financial services firm which has been a client of Pan Atlantic SMS Group for more than a decade. We were ideally suited to this engagement as we have conducted projects for more than 70 banks and financial services sector clients nationwide.

• The Objectives

Six months prior to our engagement, our client had acquired a competing financial services institution and wanted to assess its market position vis a vis its competitors. This included evaluation of issues including awareness and use, product penetration levels, product delivery channels, branding (brand strength, recognition, appeal, etc.), general perceptions of the client bank, and competitor analysis.

• The Process

The project began with in-depth secondary research of the local financial services market, recent history of competing institutions, patterns of advertising, etc. This information was used to craft questions for a quantitative survey instrument and to develop a discussion outline for a series of focus groups to probe key issues.

A quantitative research survey was conducted with citizens of our client's primary and secondary market areas: the cities and towns served by the client following the acquisition. Because of the merger, a quantitative assessment of both market areas was critical to understanding the client's position and market opportunities.

The data indicated that our client enjoyed a strong market share in the primary market area, a finding that was supported by recent growth. However, the data also suggested that significant additional opportunities for growth existed in the secondary market area.

Qualitative research was conducted to determine how to optimize and capitalize on those opportunities. A series of focus groups were held in the secondary market which addressed branding and marketing communications issues. The groups were also used to test creative communications materials and brand positioning issues. The client incorporated strategies developed as a result of our research into the development of a successful marketing plan.

• The Outcome

Following on completion of the various phases of this project, the client implemented a rebranding campaign designed to target new potential customers and increase its "share of wallet" with existing customers. As of 2006, the newly acquired bank had shown substantial growth in terms of customers and assets in both its primary and secondary markets.

>>Learn more about our consumer market research process