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Global insurance provider

Brand awareness

The survey incorporated closed, semi-structured and open questions – this way we captured the relevant quantitative data, whilst also having a little dig into the “why?”.

Background

Our client is a multinational insurance company, who engage in global insurance, investment management, pensions, mortgages, and many other financial services.

Operating primarily in Western Europe, North America, Asia Pacific, and the Middle East (with a presence also in Africa), the group is a conglomerate of independently run businesses and a component of the Euro Stoxx 50 stock market index.

The Challenge

Our client wanted to track the awareness of their software brand among financial advisers and explore which financial planning software was used and why.

In the past, they had researched their own adviser user-base but were keen to run a broader market-wide study to see themselves in a competitive context.

In order to obtain a true reflection of brand awareness, it was imperative that the client remained undisclosed during the study.

Our approach

We began by defining the overall business objectives; the client needed to understand what its overall market awareness was, and ultimately what they needed to improve and how.

It was decided that the best solution would be a 10-minute telephone interview with 200 advisers, with a quota to ensure balance of types from general practitioners to mortgage or pension specialists.

The sample was sourced from our business database suppliers, and was then carefully screened to ensure they were eligible.

The survey incorporated closed, semi-structured and open questions – this way we captured the relevant quantitative data, whilst also having a little dig into the “why?”.

Given the niche nature of the audience, we knew a greater incentive was for required, thus £10 per respondent was offered to thank them for their time and participation.

The outcome

The research found that though prompted awareness was high, spontaneous awareness was very low, hampered by the fact that cutting through in a crowded market is a challenge.

As a result, Savanta advised on how best to promote the product, allowing the client to better demonstrate its USPs and usefulness to potential clients.

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