Author: marmondesigns

Finding the path to sell a commoditized product

Posted on by marmondesigns

Commodity products are particularly difficult to make appealing.

Examples are everywhere – there’s only so much you can do to differentiate a paper towel. And it’s even more difficult to turn a commoditized service or product into an appealing tool in the B2B world.
In this case study, we explore how we used a unique mix of expertise, client consultation, and digging deep with research to find a path to help insurance professionals see beyond price for a commodity Term Life product.

 

Our Fortune 500 Life Insurance client came to us with a conundrum:
Their Term Life product was especially hard to sell. Our client’s Term Life Insurance product carried a higher price and slightly lower commission than others.
They needed to find a way to make it appealing for Brokerage General Agency (BGA) and Insurance Marketing Organization (IMO) financial professionals. They knew this was a challenging business request, principally because the Term Life insurance marketplace is driven by price.
How do you garner interest from BGAs and IGOs in selling an undifferentiated commodity? What matters beyond price?

 

Our job:
Understand if and how this Term Life product, despite its higher price and lower commission structure, could have producer appeal.

So, we started with the basics – the landscape of the sales environment for BGAs and IMOs. What are the core decision making criteria for all products they carry? What are specific components of the product-selling experience that had the greatest impact on choice and promotion? We explored underwriting, ease of doing business, advanced sales support, and client confidence in the insurance brand itself.
By taking this approach, we identified the specific BGA and IMO producer profile that would be interested in presenting and promoting this product.

 

What we learned was an ah-ha for the client:
Term Life Insurance is not completely price dependent if it’s being presented and sold as part of a long-term client relationship.   

When a long-term relationship is at stake, the product is part of a value-added portfolio. In this case, it’s not just a stand-alone product. It’s an important component of a long-term financial plan and strategy. Then we tied it to our client’s specific Term Life product and found the features of this premium product did, indeed, provide for long-term financial planning to take place.
The re-positioning of Term Life insurance from “commodity” to “value-added financial vehicle” allowed respondents to accept the possibility of a higher price.

 

But that was not all.
We identified the target segment.

The BGA and IMO producers who will be most likely to embrace this premium Term Life insurance product are those who have a long-term life and financial planning relationship with their clients. These are producers who provide investment strategies. They don’t sell products.  They aren’t in it for a sale.
This target segment is in it to build a mutually successful long-term relationship with their clients.

 

This research helped our clients see how their product did have a place in the market, despite its start as a “no” for BGAs and IMOs.

We counseled them to adjust the thinking and strategy behind this product to focus on presenting it as part of a more holistic financial relationship. Our client undertook follow-up research with the target segment to gain a deeper understanding of how to position this Term Life insurance product. We were asked to lead this follow-up study.
We helped them find the path to success.

Thinkpiece Certified by the Women’s Business Enterprise National Council

Posted on by marmondesigns

Thinkpiece, a business specializing in B2B qualitative market research, is proud to announce national certification as a Women’s Business Enterprise by the Women’s Business Development Center – Midwest, a regional certifying partner of the Women’s Business Enterprise National Council (WBENC). WBENC Certification is the gold standard for women-owned business certification in the United States.

“I look around our industry, and while many amazing market researchers are women, I see few in the C-suite of MR companies. We need representation, affiliation, and solidarity. It’s my hope that our certification and success will inspire a wave of women researchers to start their own company if they have it in their hearts.

I’m excited for the future of Thinkpiece and know that this certification will open doors and connections to help us achieve our audacious goals.” – Bonnie Dibling, Founder and CEO

The WBENC standard of certification implemented by the Women’s Business Development Center – Midwest is a meticulous process, including an in-depth review of the business and a site inspection. The certification process is designed to confirm the business is at least 51% owned, operated, and controlled by a woman or women, and that the business has appropriate structure and strategic business planning and implementation in place.

By including women-owned businesses among their suppliers, corporations and government agencies demonstrate their commitment to fostering diversity and the continued development of their supplier diversity programs, which in turn empowers women as leaders and brings about a more diverse, balanced, and sustainable economy.

WBENC Certification combined with professional development and engagement in the WBENC network provides unsurpassed opportunities year-round, both virtually and in-person, for women-owned businesses to grow and expand their business and innovation through events, programming and connections with major corporations and other WBEs.

To learn more about Thinkpiece, please visit thinkpiece.com.

 

About Thinkpiece:

In the editorial world, a think piece refers to an in-depth analytical article with a forceful point of view – written to inspire and provoke thought and discussion that delves beneath the surface.

Thinkpiece builds on this concept and applies it with a focused lens to the world of B2B qualitative market research. More than simply serving up raw research for our clients to decipher, we reveal the deeper meaning hidden beneath the surface.

With moderators who came from the industries we serve, we bring an ‘insider” point of view that doesn’t shy away from complexity. And with analysts who are experts in human behavior and relationships, we add context that illuminates connection. We dive relentlessly into the research, exploring and interpreting it from every angle and multiple perspectives: as industry peers, research experts, and insatiable learners.

We take apart the research, examining each piece on its own without bias, then we put the pieces back together to reveal the whole picture that tells a cohesive story. Ultimately, we challenge our clients to think deeply and differently about their products, services, and audiences. We provoke new ideas and innovations. And we provide the insight to power better business decisions that better the world.

 

About WBENC:

Founded in 1997, WBENC is the nation’s leader in women’s business development and the leading third-party certifier of businesses owned and operated by women, with more than 18,000 certified Women’s Business Enterprises, 14 national Regional Partner Organizations, and more than 500 Corporate Members, most of which are Fortune 500. Thousands of corporations representing America’s most prestigious brands, as well as many states, cities, and other entities, look for and accept WBENC Certification. Through the Women Owned initiative, WBENC also is a leader in supporting consumer-oriented female entrepreneurs and those who do business with them by raising awareness for why, where and how to buy Women Owned. For more information, visit www.wbenc.org and www.buywomenowned.com.

 

 

Working Together in a True Partnership Allowed Us to Uncover and Articulate the Core Motivating Factors of an Agent and Broker Relationship

Posted on by marmondesigns

 

Financial Services

A leading property casualty and insurance company trusted our insight and experience to help them uncover what makes a lasting, positive agent and broker experience. Our industry experience allowed us to have deeper, more meaningful conversations and dialogue throughout the process, which in turn, created a trust-based partnership. Having that partnership allowed us to make adjustments in real-time to uncover the core motivators.

 

Understand.

A leading Property & Casualty Insurance Company wanted to deliver a differentiated experience for its agent/broker partners. The business goal was to deliver an experience that would have a lasting impact on securing higher levels of business placement and retention. Our research goal was to understand what that optimal experience looked like.

 

Design.

In advance of this study our client undertook an extensive internal touchpoint mapping exercise. Internal stakeholders helped create a multi-phased linear map that articulated assumed needs and preferences at each phase of the map. Our initial charge was to use the touchpoint map as a reference to guide our discussions. We also had the charge to be as inclusive and broad as possible during our discussions. All told, we talked, in-person, with nearly 150 brokerage owners, sales agents, and support reps. We talked with those who represent both large and medium brokerages in 6 markets nationally. Our reach was truly representative of our audience.

 

Execute.

What became obvious during our initial discussions with agents is that they see their carrier interaction differently than the linear touchpoint map that was developed as our guide. For agents, relationship and engagement is not a defined stage; rather, it is the field on which all interaction takes place. Using this foundational insight as our new guide–and with the full support of our client–we incorporated a model that continually modified and adjusted our discussion approach based on the insights we gained. At the heart of our revised approach was the recognition that we were now focused on customer journey, not touchpoint mapping.

 

Analyze & Advise.

The core insight that guided our recommendations is that Underwriters are the face of a carrier. Their efforts strongly shape agent perceptions and are the key to agent placement, retention, and growth. When agents feel underwriters are not in partnership with them, the entire relationship can turn adversarial. Ultimately, our recommendation on how to deliver a superior underwriting experience served as the basis for our client’s development of a differentiated brand experience.

Knowing When to Pivot During the Course of an Interview Allowed our Financial Services Industry Veterans to Uncover Influential Target Audiences

Posted on by marmondesigns

 

Financial Services

Knowing the industry and being able to pivot and probe in real-time allowed us to make important changes during the research. We were able to more effectively test, inform and refine ideas conceived of in a conference room so they reflected the real-world of not only marketing and selling software products but of building partnerships with new customers.

 

Understand.

A major financial services company wanted a deeper understanding of who their potential target audience would be for a new software product. They needed to understand their pain points, needs and what their decision-making process looks like. The client needed a partner to be able to see beyond the standard purchase journey research. They were looking for a partner that would translate their needs to a new audience.

 

Design.

This research was designed to be flexible and responsive to what we heard as the project unfolded. By leveraging our relationship with the recruiter, through regular communications with the client, and because of our commitment to having conversations versus typical interviews, we were able to find the purchase influencers. Once the audience was defined, we were able to dig deeper to reveal the influence model and the specifics of the software purchase process.

 

Execute.

Our intentionally iterative approach tested the client’s initial presumptions while refining and focusing both the recruiting and probing to get a complete and accurate picture. Specifically, an early pivot in recruiting directed the research to a particular role in the purchase process – the key influencer who is trusted and tasked by all sides to collate the information and make specific software purchase recommendations.

 

Analyze & Advise.

In the end, we delivered the client’s two must-haves – a detailed software purchase journey and specific personas for their target audience. More than that, however, our commitment to seeing beyond the nuts and bolts of standard purchase journeys revealed insights into meaningful ways to engage their customers in a partnership – ways to build marketing strategies for the long term.

Anonymity Creates Safe Space for Discussing Non-Traditional Lending Experiences

Posted on by marmondesigns

 

Financial Services

Kip Brown combined his curiosity of human motivation with his financial services experience to fully interpret what small business owners think about non-traditional lending options and what a government agency can do to make the lending experience a more positive one.

 

Understand.

A governmental agency had an interest in understanding the financial policies and practices that promote or impede access to credit for small businesses. Of particular interest was a desire to explore small business owners’ understanding and consideration of emerging, non-traditional lending sources. At the heart of this study was the need to intimately understand the unique stresses and problems associated with small business owners’ ability to access credit, and how these challenges impact motivation, preference and choice, especially around non-traditional (online) lending sources.

 

Design.

With over 30 million small businesses in the US, this study required that we talk with a broad and diverse group of small business owners. We also needed to conduct this research within a methodology that allowed for interactivity as well as confidentiality. And, given these business owners’ varied schedules and hours, we needed to provide for as much participation flexibility as possible. To accomplish all of these needs, we recommended the use of online bulletin boards. The boards were segmented by current non-traditional online lending use to give us an in-depth understanding of how participants’ use and experience influenced their perceptions and consideration.

 

Execute.

Using our knowledge of the category and the small business segment, we created an open and engaging participation experience for our panel. The online bulletin board platform offered multiple levels of interaction; the Moderator was able to point participants to online resources and offer opportunities for both breakout groups and individual discussions. The synergy it created was very similar to the synergy created in face-to-face focus groups with the added advantage that owners felt safe to openly discuss sensitive personal and business information based on the anonymity the platform provided.

 

Analyze & Advise.

The research helped clarify the reality that non-traditional lending options are both seductive and confusing. This duality, combined with a clearly articulated concern by owners that non-traditional lending options may be less secure than traditional options, gave rise to a series of recommendations that focused on creating higher levels of lender consistency around security, disclosure, and terminology. The end result was a high level of confidence among our client’s stakeholders that user needs had been heard and changes could be made to positively impact the lending experience for small business owners.

What is SWIFT? A Primer for Non-Finance Folk

Posted on by marmondesigns

The Russian invasion of Ukraine has been met with sanctions from the West, including exclusion of select Russian banks from the SWIFT financial messaging system. But the concept of SWIFT is unfamiliar to most, and many more know it only at the highest level. As the news in Ukraine continues to unfold, here’s what you need to know about SWIFT, and why it matters.

What is SWIFT?

SWIFT is the Belgian-based Society for Worldwide Interbank Financial Telecommunication. In the simplest terms, it’s the telecommunication system financial institutions around the world use to communicate with one another. Each financial institution has a code that transmits along with the transactional information to create a fast, secure connection anywhere in the world. In short, it’s a big part of what makes moving money around the globe happen.

SWIFT is for any international financial transaction. Banks, brokerages, clearing houses, asset managers, corporate treasurers, and more all use SWIFT. SWIFT is not a financial institution itself – it is the communication mechanism on which the thousands of financial institutions relies.

What is the impact of removing Russian banks?

Without SWIFT, transactions are slower and more manual. The inability to use SWIFT means financial transactions become more expensive.

But the excluded Russian banks could also move to an alternative system. SWIFT is the dominant player, but not the only one. In fact, China has its own system, called Cross-Border International Payments System (CIPS), and will likely generate new business from Russia because of the actions to revoke access to SWIFT. This could bifurcate global banking as some nations will favor CIPS and some will favor SWIFT. How that resolves is anyone’s guess.

For now, it means everything will get a little more expensive.

What does this mean to US financial institutions?

From a risk management perspective, banks must consider financial risk but also reputational risk in how they not only act, but in how they message their actions to their customers. It’s imperative financial institutions monitor the pulse of their consumers and assess the reputational impact of their overall decisions on consumer perspective. Time to ask your customers what they think, how they feel, and what they expect from their financial institutions in this time of financial war.

Do you have more questions?

I’m happy to discuss! Feel free to reach out to me at steve.mosshamer@thinkpiecepartners.com.

There are also great resources to read more about the topic:

https://www.swift.com

https://www.cips.com.cn/en/index/index.html

https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

https://www.businessinsider.in/finance/banks/news/what-is-swift-how-does-it-work-why-is-it-important-and-how-nations-are-using-it-to-punish-russia/articleshow/89886091.cms

https://www.nytimes.com/2022/02/26/us/politics/eu-us-swift-russia.html

Small Business Stress

Posted on by marmondesigns

 

Financial Services
Kip Brown combined his curiosity of human motivation with his financial services experience to fully interpret what small business owners think about non-traditional lending options and what a government agency can do to make the lending experience a more positive one.

 

Understand.

A governmental agency had an interest in understanding the financial policies and practices that promote or impede access to credit for small businesses. Of particular interest was a desire to explore small business owners’ understanding and consideration of emerging, non-traditional lending sources. At the heart of this study was the need to intimately understand the unique stresses and problems associated with small business owners’ ability to access credit, and how these challenges impact motivation, preference and choice, especially around non-traditional (online) lending sources.

 

Design.

With over 30 million small businesses in the US, this study required that we talk with a broad and diverse group of small business owners.  We also needed to conduct this research within a methodology that allowed for interactivity as well as confidentiality. And, given these business owners’ varied schedules and hours, we needed to provide for as much participation flexibility as possible. To accomplish all of these needs, we recommended the use of online bulletin boards. The boards were segmented by current non-traditional online lending use to give us an in-depth understanding of how participants’ use and experience influenced their perceptions and consideration.

 

Execute.

Using our knowledge of the category and the small business segment, we created an open and engaging participation experience for our panel. The online bulletin board platform offered multiple levels of interaction; the Moderator was able to point participants to online resources and offer opportunities for both breakout groups and individual discussions. The synergy it created was very similar to the synergy created in face-to-face focus groups with the added advantage that owners felt safe to openly discuss sensitive personal and business information based on the anonymity the platform provided.

 

Analyze & Advise.

The research helped clarify the reality that non-traditional lending options are both seductive and confusing. This duality, combined with a clearly articulated concern by owners that non-traditional lending options may be less secure than traditional options, gave rise to a series of recommendations that focused on creating higher levels of lender consistency around security, disclosure, and terminology. The end result was a high level of confidence among our client’s stakeholders that user needs had been heard and changes could be made to positively impact the lending experience for small business owners.

 

Find us at Forum 2022

Posted on by marmondesigns

Connect with the Thinkpiece finance team at the Financial Brand Forum 2022, hosted at the Aria in Los Vegas, November 13- 16. Let’s talk all things finance, and explore your research needs. Enter to win a fantastic give-away when you stop by our booth #953 to take a quick survey on finance research. We’ll also send you a copy of our report on survey findings at the end of the show.

Inflation, Trauma, and the Importance of Asking the Right Questions

Posted on by marmondesigns

“Trauma” can easily be used to describe nearly every aspect of the COVID-19 pandemic. From the tragic loss of life and lingering health issues to significant shifts in social discourse, political systems, and the global economy, the world is traumatized. And today, as both people and businesses navigated the ebb and flow of changing mandates and regulations, we’re all watching as inflation — a key aftereffect of trauma — grows.

This steady increase is concerning but is nothing new. The United States saw inflation in the late 1940s as the country transitioned out of wartime production from World War II. We felt it again in the 1970s (oil shocks) and more recently around 2008 (rising gas prices). Inflation is the economic result of national traumas, such as war, depressions, oil embargoes, and, as we’re all learning, pandemics. You could argue the current inflation is different. It’s global, its trigger is a microscopic threat, and there’s a significant lack of unity regarding how to navigate the turmoil. You could also argue that it’s not nearly as bad as those prior examples. However, these arguments are nothing more than speculation.

That’s not what you need. It’s not what customers want. And waiting for answers isn’t going to help. So, rather than playing a guessing game, it’s time to accept what we don’t know and start asking the questions that matter (hint: this involves turning to your customers).

Today’s Inflation is an Educated Guessing Game

Predictions from leading economists point to both continued inflation and dropping rates, with compelling arguments on both sides.

Inflation will last a while because…

  • Gross Domestic Product (GDP) is slow and cannot mitigate inflationary forces.
  • Emotions are low. The “Misery Index” — currently at 10.8% — spiked for the first time since the oil embargo.
  • Housing prices are rising for renters and owners.

Or inflation may be transitory because…

  • The Consumer Price Index (CPI) is calculated in arrears, uses outdated measurement methods, and undercounts online expenditure.
  • The underlying reason for inflation — too much money chasing too few goods — will shrink as the global supply chain heals.
  • Technological advances are a deflationary force, and innovation in the tech sector has not slowed.

But here’s the thing: Every historical episode is nuanced. We don’t have a 1:1 comparison. Yes, it’s important to predict and plan, but knowing what your customers need and want from you now is more important.

Stop Waiting for Answers, Start Asking the Right Questions

Definitive answers are unlikely, if not impossible, so start focusing on definitive action. Start identifying what you need to understand about your customers and your place in their world. For this to be effective, you must think big and small and look beyond the numbers. Consumer (B2B and B2C) behaviors are a direct result of how we feel, and the messages and information we received affect those feelings. First, start by understanding your customers’ overall next steps and behaviors:

  • In a post-COVID environment, what consumer behaviors are going to be influenced by inflation?
  • How does that differ from pre-COVID inflationary consumer behavior?
  • What commonalities exist between post-COVID and pre-COVID inflationary consumer behavior?

Then focus on what you can do to help regardless of which inflation prediction comes true:

  • What messages reassure skittish consumers to keep them supporting your business?
  • In the face of uncertainty, what does your business offer that can help?
  • What more do they need from you given the changing landscape?

We think of this as the transition from “what if…” to “so what?”. In other words, it’s important to imagine and plan for both inflation scenarios, but then you need to stop asking “what if…” and start asking “so what are we going to do now?” The only way to answer that question is to listen to your customers.

Sure, some of the answers may change in a year or six months or even less. But predictions on the economy will change, too, and there’s not much you can do about that other than watch, wait, speculate, and worry. We prefer action, especially when all you have to do is ask.

Patient Psychology

Posted on by marmondesigns

 
Healthcare.

Bonnie’s extensive clinical background helps her engage with healthcare professionals as an equal and patients as an understanding peer. Learn more about Bonnie’s commitment to qualitative research.

 

Understand.

A global pharmaceutical company launched a novel product to manage a chronic pain condition, but prescription rates were lower than projected. The client had several hypotheses regarding prescription, with two leading theories emerging:

Medication cost was prohibitive/insurance coverage was problematic
Physicians awareness was low and/or they were not mentioning it to eligible patients
However, research into the discrepancy between projection and initial uptake hadn’t been conducted. The client didn’t want to move forward with marketing or outreach initiatives without understanding the underlying issues.

 

Design.

We needed understand the psychological state of the patient before assessing factors which may or may not compel them to consider the medication. With this emotional foundation, we could move on to explore the affects of potential tactical barriers such as cost.

To accomplish this, a robust qualitative study was needed. A nationwide sample of patients was recruited, all of whom had awareness of the medication, but most of whom chose to reject taking it.

To offer the client usable insights, we knew we’d also need to understand the prevalence of the barriers—emotional and tactical—identified in the qualitative study. To accomplish this, a quantitative study was designed for use after the qualitative research was complete.

 

Execute.

Through conversations with patients, we identified complicated and deeply rooted psychological reasons for rejecting the medication. Very few patients hesitate because of any practical reasons such as cost. Rather, patients wait until they reach their own personal “breaking point” with their pain before accepting the need for the medication. The condition and treatment affect intimate aspects of a patient’s life, including libido and reproduction, so many choose to “suffer” with the pain. Similarly, many belive the potential for side effects are not worth the risk.

Physicians consistently offer the medication, but very few advocate for it or provide adequate guidance. They leave the decision entirely up to the patient, causing them to feel overwhelmed and frozen not only by the disease, but also how to move forward with it.

 

Analyze & Advise.

Increasing prescription rates is about more than overcoming tactical barriers. Rationally, patients understand the risks and rewards of medication but are not compelled to pursue treatment due to the personal nature of the disease and the emotion behind treatment decisions. Though every patient experience is unique, the qualitative research revealed common threads while the the quantitative portion of the study allowed us to better prioritize action by highlighting the prevelance of these experiences.

To increase patient uptake of the medication, several key recommendations were made to the client:

Revamp advertising to convey the patient’s worthiness of having pain relief – that they do not have to live with pain any longer. Bring their breaking point to them.
Reassure patients about side effects. Pain relief and improved quality of life are worth the risk of usually minor side effects. Make the risk/benefit case clear and easy to understand.
Develop a campaign to turn prescribing physicians into advocates. Help them see how the medication will improve patients’ lives.