Features and Price Research Informs Prepaid Card Design
Our client is a global provider of payment products and services for consumers and businesses. They wanted 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.
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.
Understanding the combination of pricing, value, and other feature information enabled the successful launch of a compelling prepaid card product which included both baseline and value-add features at a competitive price point.