Monitoring levels of customer satisfaction for a provider of financial services.
Examples of our Work - Finance, Investment and Insurance Market Research
Background
This established financial services provider is a FTSE 250 company with over 4,000 employees and currently more than 700,000 customers in the UK. We have conducted a continuous customer satisfaction survey for this client for the last 10 years.
Objectives
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To identify the profile of customers in terms of demographics, ownership of household items, employment status, spending profile and financial sophistication. -
To understand how customers became aware of the company, why they chose to use its services and what alternatives they considered.
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To understand attitudes to the company, levels of satisfaction with the services provided and interest in possible new services.
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To assess awareness and usage of competitors to the client and, where relevant, to compare the services offered by the competitor and our client.
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To identify seasonal differences, and trends over time, in any of the above respects.
Methodology
The survey is conducted continuously over time, with a different random sample of customers being drawn each month from the client’s database. This ensures that any combination of months can be compared directly with any other. Interviews, taking about 15 minutes to complete, are conducted over the telephone.
The survey was extended a few years ago to include customers of a second company within the same group. A total of more than 30,000 interviews have now been completed amongst customers of the two companies.
Numerous ad hoc projects, using quantitative, qualitative and mystery shopping techniques, have also been undertaken for this client.
Outcome
The client has been able to identify the changing profile and requirements of their customers and determine its marketing strategy accordingly.
Information from the survey is used extensively when reporting the company’s financial results to the City twice a year.
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