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Financial Product Optimization

RDI helped optimize a new, but underperforming financial services product. Initial research suggested the company had a blockbuster product on their hands.

FINANCIAL SERVICES

Challenge

Although the original research strategy suggested the product was destined for great sales, the sales never materialized. RDI was asked to develop a top-to-bottom research strategy to identify and provide recommendations on how to optimize the product.

Evaluation

RDI developed an aggressive research strategy to look at positioning, marketing materials, target customer, and the product features. The exhaustive research strategy began to identify changes that would enable to the product to live up to expectations.

Results

After 12 months of research, the product was optimized and sales met expectations. The target customer was appropriate but the marketing materials were weak and not sufficient to demonstrate and convince financial advisors that the product was superior to others. Product optimization was a major issue. A choice model was developed to identify the best product combinations. The updated combinations were widely accepted by both the advisor and the target customer. Once all the research was complete and implemented, the company saw sales increase by 25%.