The Business Research Company Financial Services Case Studies

The Business Research Company Case Study – Financial Advisers Survey 2 Independent Financial Advisers (IFAs) are a key channel for financial products sales such as funds, pensions and life insurance, with more than half of sales being driven through this channel. A mid-sized life assurer wanted to understand what IFA attitudes were to different products and providers and how this was changing over time. Requirement Methodology Client Benefits and Feedback Report: A bi-annual report analyzing key changes in IFA attitudes and selling/advice patterns. Including feedback on: Business environment Impact of regulation Products types Competitors’: Products Support and admin Brand Customer base Database: Raw data file in SPSS Solution The client uses the survey to cross-reference information provided by its own sales team. The survey allows the insurer to understand the impact of marketing and its relative position to other providers. Advisers’ opinions and concerns are be monitored to feed into marketing strategies. We conducted research through:- Longitudinal study of 100 IFAs in the UK market, conducted on a by annual basis. 80 online surveys for pure quantitative data. 20 phone-based surveys for more detailed qualitative inputs. Panel based respondents with a high level of continuity between surveys. Copyright TBRC Business Research. All Rights Reserved.

The Business Research Company Case Study – Financial Services Customer Profiling 3 A personal pensions provider wanted an understanding of the profile of customers in the UK market, so it could bifurcate and target the customers it wished to focus on. It wanted to look at customer groups by assets/income and age. It then wanted to understand within each of these customer groups what proportion currently had a personal pension, and what proportion might be willing to buy one if approached. This would then give it an understanding of the market potential for its products. Requirement Methodology Client Benefits and Feedback The deliverable took the form of a series of matrix tables split by: # People split by Age Range and Income range- # People with pensions split by Age Range and Income Range- # People without pensions split by Age Range v Income range- # People without pensions who are willing to consider buying a pensions split by Age Range v Income Range. An analysis of how to target these customers. Solution The client used the study to identify a number of customer segments it wished to focus on. It then designed its market strategy on the basis of this. Data from census was combined with income data to give a model of number of people by age and income. A market research study was conducted which to identified the likelihood of customers in given age and income categories owning a pension, and their willingness to purchase one. From this the number of people who might be willing to buy a pension in various segments was formulated. Copyright TBRC Business Research. All Rights Reserved.

The Business Research Company Case Study – Financial Services Competitor Profiling 4 A company which was considering entering the private banking/ wealth management space in Myanmar wanted to know about the competition in the country. In particular it wanted to understand for local players and international companies which had already entered the market: Products Services Target markets Sales and marketing Approximate client base Approximate assets under management Requirement Methodology Client Benefits and Feedback Competitor Profiles: 4 local and 2 international competitors were profiled including: Products Services Target markets Sales and marketing Approximate client base Approximate assets under management SWOT analysis Balanced scorecard analysis Solution Helped the client to plan their market entry approach. The client found the information very helpful in understanding who were the market leaders to be targeted and what their strengths and weaknesses were. Based on initial investigations and discussions we identified 6 competitors. We conducted research on the competitor through:- Secondary research of company websites etc. Mystery shopping Elicitation techniques to find out additional information Copyright TBRC Business Research. All Rights Reserved.

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