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Innovation

Successful innovation relies on the creativity of your people, a solid understanding of your market trends and pressures, and the confidence to back the ideas you think are winners. In the finance sector this is more about developing new ways to package your services and new channels to reach your customers than it is product development.

Every project is different and no single method suits all, but our flexible multi-disciplined approach means we can always guide you through the product development cycle.

Discover – the creative spark

This is the critical stage where new ideas are generated. Ideas can be large or small, left-field or incremental but they need to be captured and nurtured if they are to go forward. As a creative research agency we facilitate this process by leveraging stakeholder insight to drive success. Our focus groups and co-creation workshops enable you to clarify your ideas, scale the opportunity, and develop the concepts so you can select the winning ideas with confidence. By deploying a wide range of latest qualitative tools and techniques we provide the structure and environment to harness your organisation's creativity.

  • Identify opportunities – To focus in the right areas you need to understand the nature and size of the opportunity
  • Generate ideas – Capturing your best ideas, bringing out the creative capabilities within you organisation.

Click here to see how our Hothouse can help you enhance your creative ideas

Select & Refine - select the best ideas and make them work

Having great ideas is just the start of the process, but you need to know which ones will sink, which will swim, and which ones will fly. Our multi-layered approach allows the mix of ethnographic insight into your customers' views, identification of stakeholder needs, co-creative concept development backed up by rigorous and extensive scenario modelling. The work we do focuses on 3 key areas:

  • Idea screening – Sifting the real commercial winners from the plain good ideas.
  • Concept testing – Bouncing ideas off stakeholders
  • Product refinement – Developing ideas, refining around stakeholder input, building market needs

Click here to see how The Refinery™ can help you innovate in line with market trends and customers' needs

Decide & Go - exploiting the full potential of your concept

So the product is developed, it meets and exceeds all your hopes, but how do you ensure your customers know about it, how do you ensure your channels know about its benefits and how to best sell the benefits, and how do you ensure your comms messages are communicating the right message to the right audience.

Our research looks into:

  • Business analysis – Modelling market opportunity of innovation. Business case development, scenario modelling, market scoping
  • Go to market strategy – Identify channel needs, adapt marketing plan around client sales environment
  • Comms testing – Test the comms messages against target audience, clarify the impact of your marcoms

Evaluate - what’s working, what’s not and what can be done about it

Take a deep dive into success or failure of your product launch, perform an audit of product status against market expectations. More importantly understand what factors are critical in driving sales performance. We use latest ethnographic techniques to uncover what really impacts on your product performance post launch, unpicking successes and failures during the customer journey, in social media performance and in your pricing strategies. And of course knowledge gained here feeds directly into your next phase of innovation.

Approaches

  • Our client has a hypothesis that a new consumer trend presents an opportunity to develop a new product.
    1. We validate the trend and sized the opportunity, looking also to see if competitors were acting on this.
    2. We follow with a web survey among customers to gauge interest and identify key targets, we met with channel partners to determine their appetite and T&Cs required
    3. We study the behaviour and attitudes of key targets in-depth
    4. Co-creative focus groups help to define the concept
  • Our client is seeking to leverage a new technological development – how might this be of use to its customers.
    1. Ideation workshop with key stakeholders identifies possible opportunities.
    2. We size the maximum potential market for each opportunity across a range of geographies
    3. We hold co-creation workshops with key targets to develop concepts
    4. A quantitative study sizes the potential market, using conjoint we determine the optimum specs and price points
    5. Communications are honed via online focus groups with the different target groups
  • The salesteam identifies a potential area to develop service offering.
    1. We conduct customer visits with key targets and with channel partners serving these to gain ethnographic insight of current working practices, compensatory behaviours and to discuss potential opportunities
    2. Results of the first phase are presented and analysed in an ideation session with key stakeholders – a series of concepts are outlined
    3. Quantitative concept tests with customers and channel partners to gauge appeal and potential volumes
    4. Marcoms materials are tested via online groups
  • Our client has developed a new product following internal R&D process.
    1. We place the product with target customers and have them keep an online diary of usage observing general behaviours via video records and also set specific tasks to hothouse the test
    2. Placement customers are brought together in focus groups to share their experience, identify bugs and suggest solutions
  • Our client has developed a new product following internal R&D process.
    1. We place the product with target customers and have them keep an online diary of usage observing general behaviours via video records and also set specific tasks to hothouse the test
    2. Placement customers are brought together in focus groups to share their experience, identify bugs and suggest solutions
    3. Post-launch we conduct a web survey of users to understand u&a identify
  • Our client has developed a new product and is ready to go for launch.
    1. We test positioning and messaging via focus groups and a quick web-based survey
    2. Post launch we test the effectiveness of the launch campaign and coms and evaluate the user experience feeding KPIs into the next generation of the concept

Case studies

CRM issues identified to drive service innovation

Client

A major general insurer

Outcome

Our workshops identified key claims service issues and how to resolve them. Diary room videos now form an integral part of all new claims process staff training.

Method

Two workshops – one each for motor and household claimants. The client experienced first-hand how their customers' perceived the claims handling process and how it could be improved.  Diary room interviews were conducted to record individual opinions and provide vox pops for staff training.

Marcomms to support new product launch

Client

A leading UK asset manager

Outcome

Feedback lead directly to design of effective sales literature to support the launch of a new and highly complex product.

Method

Two workshops with IFAs combined with depth face-to-face interviews with target customers, to test the appeal of a complex new financial product and evaluate the effectiveness of supporting product literature.

Thinking

Innovation through iteration and triangulation

I blogged a few months ago about the differences between academic and real-world research.  I referred indirectly to two pretty textbook-ish terms in that blog: iteration and triangulation. Read more

e-luminate™ – a developer’s perspective

It goes without saying that the technological paradigm shifts of the last 30 years have had, and continue to have, a massive impact on the way we live our lives.  No part of our day to day existence remains untouched by the digital revolution.  Read more

Cheggers versus the mighty meerkats

Now there’s a bout I thought I’d never witness! Read more

All stations to bank

From March Londoners will have a new way to pay for travel.  If you’re lucky enough to have a contactless bank card you will be able to use it when travelling by bus. Read more

Big Brother is watching us ……

I attended a very interesting meeting held by the Financial Service Forum a couple of weeks ago and I saw the future of motor insurance. Whether you like it, or indeed agree with it, the chances are in 10 years time an awful lot of us will be driving around with a ‘black box’ concealed in our car. Read more

The virtues of virtual ethnography

In recent years, many market researchers have espoused the value of virtual ethnography. Not only is it very useful for gaining a deeper understanding of the attitudes and opinions that drive consumers’ decisions; it’s also an easy and less intrusive way of doing so, compared to other types of ethnographical research. Read more

Thought piece

Experts

Bryan Atkin

Bryan Atkin - Director

Bryan is recognised across the industry for pioneering new research techniques. Bryan is also a leading thinker on product development, channel management, pricing strategy, market segmentation, customer satisfaction and loyalty tracking.

Peggy Young

Peggy Young - Associate Director

Peggy plays a lead role in the development of our qualitative research techniques. She championed the use of creative workshops and online focus groups in financial services research, addressing client issues from new personal PMI products to testing care home policies.

Kate Anderson

Kate Anderson - Director

Kate is an advocate of combined methodologies, regularly directing multi discipline research across four continents and has written extensively on the subject of research and innovation.

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