Using Eco segments to develop financial services/ products

The Challenge

Consumers tend to think green products and services can be expensive, or not applicable to them despite there being interest in the products.

While establishing interest in green products and services is a relatively easy task, establishing who, how, and what would encourage uptake would be a challenge; especially given the diverse social, economic, and regional consumer populations our client wanted to target.

Our approach

Using a multi-audience monthly quantitative tracking study we applied Savanta’s proprietary eco segmentation as a lens to view the results.

The segmentation was also applied to the client’s customer base from their monthly member experience tracker to:

a. Gauge how their customer base differs from the market

b. Understand the potential audiences that can be targeted – where market share of particular audiences under and over-index

c. Size both the current market and future market

The outcome

The research helped recognizing the type of audiences to develop green products and services for, as well as which ones to prioritize.

It identified specific messages that would cut through and resonate with those audiences and establish the most efficient channels the products and services would be marketed through.

In addition to this, it gave the client insights into the products and services that are not viable at this time, and the barriers they will need to overcome for each segment.

Based on the findings, the client decided to hold off on going to market with any green product offering as they found appetite was still in its infancy.