Case Study – 118118 Money
Since launching it’s Financial Services division, 118118 Money has quickly established itself as a ‘challenger brand’, offering customers products and services with differentiated features versus traditional banks and mainstream leaders.
118118 Money wanted to expand its product range, focusing on an increasingly underserviced customer demographic.
The new product needed to have substantial cut through and align to the core brand personality, appealing to existing customers whilst attracting new customers through an open market proposition.
Customer insight was vital to launch unique new product features to balance customer needs and behavioural trends with the desired business outcome. Digital Works Group were appointed to obtain genuine insight via a Voice of the Customer programme in order to create a highly targeted new product.
Our starting point was to tightly define target segments and desired market position, determining precise customer profiles. Then a Voice of the Customer project was scoped and designed to generate insights that would drive all critical business decisions from:
- Product design
- Service operating model
- Pricing strategy
- Credit risk policy
- Channel strategy
- Customer marketing and communications strategy
- Infrastructure /technology design
- Partner selection
A range of candidate propositions was produced to test and validate customer responses.
Multiple customer cohorts were included in the programme to explore their financial needs and opportunities for brand salience.
Attitudes and behaviours were captured through various channels and analysed to assess product appetite, the relative appeal of different features, potential triggers and barriers.
The proposition features were built, targeted and communicated to appeal to specific needs, validated through the Voice of the Customer programme.
A new product was designed and successfully launched, leveraging clear customer insights and recommendations, exceeding initial sales targets.
The customer lifecycle and portfolio strategy were developed around specific and measurable customer outcomes. This ensured that the Voice of the Customer programme ‘proof points’ were carried through all aspects of the customer experience post the launch.
