|
New Distribution
Research
Client
The client is a national financial
services corporation that markets annuities and mutual funds to
small employers and sole proprietors. The corporation has
traditionally relied on agents and marketing-partnerships to
distribute its products.
Challenge
The corporation was evaluating using
the Internet to market its products to small business employers and
sole proprietors. The corporation believed that Internet
distribution would lower its cost of sales and enable it to reach a
larger number of prospects.
Research Application
The corporation contracted with
McGrath Marketing to assess how small businesses used the Internet
to research and purchase financial products and to gauge the
feasibility of marketing its products on line.
A series of focus groups was held
with small employers to determine how they currently researched and
purchased financial and savings products. Research results
indicated that small businesses, particularly in the professional
fields, were increasingly using the Internet to purchase stocks,
annuities, and to set up retirement plans. Based on these results,
a Web site was created to test market site the purchase of
annuities and mutual funds on-line. The Web site was regularly
monitored to measure all activity. A short survey was attached to
the Web site to gather user feedback.
Outcome
Results of the Web-site test market
demonstrated the emerging potential of marketing financial products
on the Internet. A permanent marketing site is currently being
developed and is scheduled for introduction in the 2nd
quarter of 2003. As a result of the research, the corporation is
planning to offer retirement plan services on the site. Results of
the site survey and the focus groups supported a market strategy
directed at specific occupations and demographic groups. A
promotion plan targeting these market segments has been developed.
back
|
