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Abbott Research

How do you identify the right target and right message on a small budget?

Challenge: Our client was the trust division of a major bank, about to reformulate and relaunch a service targeted to high-net-worth, older individuals needing others to manage many of their day-to-day financial affairs, as well as portfolio management. The service would be sold through financial intermediaries. They needed to identify the right target and the right message with the right benefits — on a small budget.

Approach: We facilitated a half-day naming session which came up with more than 100 ideas, prioritized to a half-dozen to be taken in to testing. Focus groups were used to understand two segments, test names and validate the service concept.

Outcome: Of the two segments identified, one had little to no interest in the service concept, and the other segment was very interested. The client was able to modify their entire strategy, giving the launch a much better chance of success.