Today’s financial services market is characterized by extensive consumer choice but little consumer movement. This makes securing new customers a slow process and makes the retention of existing customers critical. Marketing additional services to existing customers or working to capture more of a customer's business are especially effective.

Our work for organizations in financial services is typically focused on

• Segmenting customers to determine desirability
  
• Understanding service quality
  
• Developing consumer friendly on-line services
  
• Understanding the local competitive market including perceptions of competitors and consumer preferences
  
• Understanding current customer preferences and behaviors (mining current customer base)

Market Decisions has developed standard telephone survey instruments that we customize for specific financial organizations. This allows us to provide complex and sophisticated surveys cost effectively.

For customer segmentation we use an advanced analytical method called cluster analysis. This can provide both demographic and what is known as psychographic segments. An example of this approach can be seen in Market Decisions’ report, The People of Maine, where segmentation was used to help leaders understand the basis for public opinion on various issues.

Our use of a specially designed survey instrument and a sophisticated analytical tool called perceptual mapping with multidimensional scaling allows clients to visually see the competitive map as consumers see it. In this approach, respondents make comparisons, evaluating similarities and differences in a series of paired questions. The responses are then mapped and the position of competitors are descriptive of perceived differences. For an example of such a map, click here

We typically use qualitative research, including focus groups, after the administration of telephone surveys to provide more detailed conclusions and to test communication or product and service offerings. Our use of advanced projective techniques and tools allows us to dig deeper than typical groups do to provide breakthrough insights.

Web site usability testing has become increasingly common as clients move from first or second generation sites to sites that are designed from the start with customers in mind.

Internet surveys are useful tools to help develop relationships with key customers seeking feedback on services and offerings.

The Maine Survey, our quarterly shared subscriber telephone survey, allows clients to field proprietary and confidential questions at a fraction of the cost of a custom survey. Financial institutions can use this tool to understand market position or to track advertising awareness.