The challenge - to understand the customer journey and product needs of SMEs
Beehive were challenged to help understand the priorities of SMEs for credit and business support related products and services. Key objectives were to understand their perception of the competitive landscape; perception and awareness of the client’s products; their typical customer journey for purchase of such products and services; and (unmet) core product needs.
The insight needed to support market sizing, product development prioritisation, and evaluate commercial viability.
We devised a multiphase research programme, that involved:
1. Desk research into existing customer and competitor offering
2. In-depth interviews with a selective group of customers to establish high level product/ service use, awareness, issues, purchase journey and needs
3. Quantitative omnibus research to establish demographics and base data for market sizing forecasting
4. Customer journey research – online quantitative interviews among customers, lapsed customers and prospects to understand their purchase journey, their needs, awareness and purchase propensities
The insight provided a prioritisation of potential products/ services based upon customer needs and propensity to purchase. Through commercial modelling we established the size of the market and potential ROI of development.
This provided informed decision making for a prioritised product development roadmap; clarity on future marketing channels and communications; and, improved accuracy in sales forecasting.