The Situation:
A national consumer financial services company recently developed a new credit card product. While the firm had already defined the target audience and established product features, they had yet to decide upon a name and, in fact, struggled with even narrowing down the list of potential options. With the product launch deadline looming, the company knew they needed to make a selection quickly, but also realized that any decision they did make required market research to support it.
The Need:
Because the company had previously defined the desired user for the new credit card, they simply needed a fast way to reach a sample group whose demographics and personal attributes matched those of the target market and to facilitate a robust assessment of the "short list" of product names.
The ClickIQ Solution:
Within two days, ClickIQ's expert research team – the IQCenter – identified and qualified survey participants matching the demographics of the established target market and launched an online survey to assess the appeal of the potential product names. Using the IQPortal to access real-time data, the IQCenter research team quickly learned that none of the product names on the "short list" generated any appeal among the target market and recommended that the company test an alternative set of naming options. Because the IQPortal provides the ability to save all survey work and sample planning provisions, the IQCenter simply edited the first survey to account for the alternative names, selected the earlier defined sample specifications, and launched the second survey within two hours of recognizing the problem. ClickIQ again accessed the real-time information and discovered that a winning product name had emerged.
The Results:
Using ClickIQ's market research solutions, this national marketer of consumer credit cards avoided the pitfall of choosing the wrong name, thereby jeopardizing the entire product launch and portfolio growth plan. In only three days, the company reached the right people, collected detailed actionable data, and delivered the right product name to ensure a successful product introduction. What's more, the firm completed the project in 10% of the time and at one-half the cost it would've taken had traditional research methods been employed.
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