Financial Services Concept Testing Examples

Financial Services Concept Testing Examples

Concept testing strategies can vary as widely as the concepts themselves.

 

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Concept testing is a critical component of your market research, allowing you to test your concept, revisit initial financial service product development assumptions, improve your targeting, hone your messaging and refine your products features for greater market appeal.

On the surface, concept testing seems simple: develop an idea, present it to potential customers, determine potential viability, and refine the product or service. But as a specialist in financial services and insurance product concept testing, we’ve learned that there is no “one size fits all” approach to this research.

 

Need some help determining what methodology to employ for your next concept test?

Check out and download our research brief: Guide to Selecting A Concept Testing Methodology

Research Examples

Below we’ve assembled examples of recent concept testing we’ve conducted in the financial services and insurance market.  For more information on any particular project, or to discuss your upcoming concept test, feel free to contact us.

We’d love to share our expertise with you!

 

Health Insurance Website

A major health insurance company commissioned Zeldis Research to conduct in-depth qualitative research with consumers in support of a re-design of its member portal. Web-assisted telephone in-depth interviews were conducted with consumers as they navigated the website; in addition to qualitative interviewing, facial coding was also used to understand consumers’ underlying emotions as they navigated the site.

Results were used to identify pain points for consumers and make changes prior to launch.

 

Female Investor Website

Zeldis Research conducted qualitative research to help a major financial services company develop an investment-focused educational website designed for women. An online bulletin board discussion was held with affluent women to obtain feedback on the content strategy and web design approach prior to launch. Existing and new videos, articles, blog entries, and investment tools were evaluated.

Findings were used to modify the site design and content before launch.

 

Health Insurance Value Proposition Messaging

Zeldis Research conducted quantitative research on behalf of a major provider of health insurance as it sought to develop new umbrella names for its suite of products. An online survey was conducted with consumers involved with financial decision-making; consumers evaluated a series of names based on their likelihood to drive action.

Research results were used to identify the most motivating names and select names for further testing and implementation.

 

Defined Contribution Marketing Materials

A major provider of defined contribution plans commissioned Zeldis Research to test new marketing materials aimed at financial advisors. Extensive WebEx telephone in-depth interviews were conducted with retirement plan advisors who sell defined contribution plans to understand their current material use, and to identify strengths and weaknesses of the concept material.

Results were used to identify key areas for improvement and make modifications before launch.

 

Insurance Quoting and Rating System

In one of several studies Zeldis has conducted to evaluate quoting/rating systems, a large insurance company commissioned Zeldis Research to conduct research to support the launch of a new online rating system for agents. On-site, in-depth interviews were conducted to observe agents using the new system and monitor their experience, with a focus on pain points and potential improvements to implement. Agents also used and evaluated a competitor system.

The research was used to identify key priorities for improvement as well as gaps between the new system and competitors’ tools.

 

Online Benefits Education and Planning Tool

Zeldis Research conducted qualitative research to evaluate a new, comprehensive web-based tool offering benefits resources for employees, including education and needs assessment. WebEx-assisted in-depth telephone interviews were conducted with employees who are offered non-medical benefits through work. Employees evaluated the content for relevance and clarity.

Findings were used to identify key strengths and weaknesses of the new tool, and identify potential modifications.

 

 

Agent Commission Statement

Qualitative research was conducted with agents and field leaders prior to the launch of a new commission statement test. Online bulletin boards were used to allow these professionals to examine the new commission statements and provide feedback on advantages, disadvantages, and key improvement priorities.

Findings were used to modify the new statements before implementation.