marketing-consulting Case Study
Features and Price Research Informs Prepaid Card Design
The Client's Situation
Our client is a global provider of payment products and services for consumers and businesses.
The Campaign
The goal was to develop a compelling prepaid card to attract a wider audience than what was currently in the market.
They asked Phoenix MI to help them determine the key features that would drive customer appeal and likely acquisition of the prepaid card, at an acceptable price.
Approach + Solution
Phoenix MI conducted an online survey of prospective customers to measure the relative appeal of many potential card features.
Respondents constructed their ideal card, enabling product differentiation among specific target markets. Each was given a set number of points to allocate across various card features, with some features requiring more points than others. At the conclusion of this exercise, we tested a variety of price points to evaluate sensitivity.
Results
The client had a successful launch of a new product
Understanding the combination of pricing, value, and other feature information enabled the successful launch of a compelling pre paid card product which included both baseline and value-add features at a competitive price point.
Our retention rates and lengths of engagement reflect our unwavering focus on surprising and delighting each and every customer, each and every time.
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