Purpose of research ; Types of research ; Research findings ; Implementation and evaluation Introduction Each market Is capable of being further sub-divided Into segments. Barclay Is a global bank. It provides a range of financial services shares particular characteristics.
These Include such factors as in 56 countries. Barclay provides retail banking services to age, life stages, geography or occupation. Within the market of customers, whether they are individuals or businesses.It offers a arsenal banking, the segments could include categories such as broad range of financial products and services Including current students, graduates, 'new to work, mature, and families. By accounts, savings accounts and general insurance.
Identifying different market segments, organizations can ensure A market segment is a part of a whole customer group that they are providing products or services to meet the needs of these Within the UK, Barclay communications are designed to help customers. In Dalton to this, appropriate promotional techniques can be used to reach the people in the separate segments. Ere day. Through segmentation, Barclay has been able to devise appropriate banking offers for customers in different segments. Different kinds of customers represent distinct markets for This approach is helping Barclay to improve its market share of Barclay. The market for personal banking services is very the student accounts market.
Competitive. Personal customers have a choice of banks on the high street or on the web to assist them in managing their Barclay believes students constitute a very important market finances. For example, they can have their salaries paid into segment for the business.Students may be choosing a bank for accounts, pay bills through the bank or save money to gain the first time and Barclay hopes to retain these customers. By interest on their savings.
Focusing on the specific needs of this segment, Barclay hopes to attract more student customers and keep them in the long term. There is also a competitive market for business banking services. Using market research has enabled Barclay to identify the right Businesses require different services such as credit management, product offer that will meet their needs. Hymens for suppliers or loans and overdrafts to help them to The case study shows how market research enabled Barclay to improve its student account offer.
Market: Any medium through which sellers and buyers can negotiate a sale. Market segment: The percentage of sales within a market that is held by one brand or company. Segmentation: Dividing up a marketplace into parts, each comprising a group of consumers with common characteristics. GLOSSARY survive and grow. For example, an expanding business may need Market share: The percentage of sales within a market that is held by one product, brand or company.EDITION 15 www.
Timeless. Co. UK Barclay I Discovering customer needs through research 13 Purpose of market research The purpose of market research is to gather data on customers and potential customers. The collected data aids business decision making.
This therefore reduces the risks involved in making these decisions. In order to create a product proposition that would attract new student accounts, Barclay needed to understand fully the needs of this target market. Before engaging on external market research, Barclay began by asking itself a series of key questions.It did this to ensure the business was Lully aware of all the relevant issues and did not make incorrect assumptions.
Programmer of market research. The purpose of this was to establish what students really needed from a bank. In this way it could offer appropriate products and services which 2 would add value to students. Who are our key customers? Types of market research What are their needs? Evaluation 7 In-line management 6 Help customers Take 'One Small Step' to managing their money better every day Delivery/ implementation of product or proposition 3 Barclay began a process that involved both primary and secondary research.Primary research involves finding out new information.
It should we offer to meet their needs? Finds the answers to specific questions for a particular purpose. These enquiries may take the form of direct questioning. For example, it may include face-to-face surveys, postal or online 4 How should it be delivered? Questionnaires, telephone interviews or focus groups. This type of direct contact with people is valuable as it gives specific feedback to the questions asked. However, it is important that the questions are clear and that the researcher is trained.
This will ensure that the 5 results are not influenced. Although primary research can be expensive and time- consuming, the up-to-date and relevant data collected can give organizations a competitive advantage. This is In asking itself these key questions at the start and reviewing because their rivals will not have had access to it. Internal customer data, Barclay was able to clarify its rationale for acquiring students. Firstly, students provide an opportunity for Barclay' primary research process began internally with two key developing a long-term relationship.As the student market questions: segment increases each year in September/October as the Who should our key customers be? University term starts, Barclay has an annual opportunity to target ; What are their needs? The insights from these questions provided a factual basis to yet have chosen a bank.
Work from. Secondly, the use of this data highlighted that in the years after After this an external agency was employed to carry out an opening their accounts, Barclay was able to establish a valuable opinion panel. This took the form of an online questionnaire.The long term relationship with students. This meant that students results of this delivered data about the market itself, as well as loud now be seen as an extremely important market segment, Barclay' market share among this target audience.
Quantitative and attracting new student customers became a significant research presents information in a numeric way, such as graphs, opportunity. Tables or charts that can be used to analyses the information. Product proposition: The total mix of benefits represented by a product and offered to the customer.Primary research: Acquisition of new data to meet a specific objective. Quantitative research: Research resulting in numeric data capable of statistical analysis. 14 Secondary research may be quicker to carry out but may give less specific outcomes for the topic in question.
This part of Barclay research revealed that student accounts in 2009 amounted to 0. 4 million out of a total market of 5. 4 million new accounts. Research findings Numeric data gives a factual basis for planning - a snapshot of a situation.On the other hand, qualitative information can find out the For example, Barclay found from the questionnaire that 81% of students surveyed held a savings account and 32% an investment savings account (SIS). Things that really matter to consumers.
For example, 80 out of 100 consumers questioned might say they preferred one brand of coffee over another. However, more valuable information comes from understanding what it is they prefer. Is it the smell, the taste, the The opinion panel also provided qualitative feedback on what was packaging or the price?To meet student needs for a valuable, helpful of interest to students and what they wanted from an account. Financial service, Barclay needed to understand what students really Qualitative research provides information on consumer wanted. By using student focus panels and staff working in branches receptions, such as: with a high proportion of student customers, Barclay was able to ; how they feel about products and services ; what they like or do not like ; what they would want from a new product.The outcomes of the opinion panel and the sample of student customers showed that: The panel produced valuable insights which Barclay used to help ; students relied heavily on different forms of credit.
These re-evaluate its existing student account. It then used the included an easily manageable bank overdraft to finance their information to develop new features and benefits to meet the mime at university established needs. students wanted and often needed to own high-tech gadgets The enhanced student account proposition was then tested ; students wanted to have separate accounts to manage their and electrical goods, such as laptops directly with 100 existing and new Barclay Student Additions account holders. This was carried out through bank branches and an online questionnaire. The sample group provided more student borrowing and spending ; any incentives offered would not alone motivate students to choose that product.
They were expected as part of any deal. Alliterative feedback about what motivated students to choose a particular bank.Although small, the sample allowed Barclay to get This insight was a real help to Barclay when considering the most a feeling for how students would respond to the proposition. For Barclay, it was important to know what motivated a student to student accounts. It also wanted to retain students as customers choose a bank. Using existing students meant the bank was able for life in a profitable relationship that met their financial needs.
To assess if the new offer would meet their needs. The expectation was that new and true students would also find it attractive.Secondary research focuses on existing information. It uses published data that previous research has already discovered. This covers a wide range of materials, such as: ; market research reports ; sales figures ; competitor marketing literature Qualitative research: Research that is concerned with opinions, feelings, perceptions and attitudes.
; government publications, e. G. National statistics. Secondary research: Collection of already existing data, typically from books, Journals or websites. Www. Bank.
Barclay. Co. UK encores of the target market.These concerns were financial security, credit availability, flexible banking and the right sort of incentives.
Implementation and evaluation In 2009, Barclay set up a working group to oversee the setting up of the new student proposition. It used the insight from the research to establish the key features and benefits of the student account: ; no monthly fee - to keep costs down for students the account. Previously this started at IEEE in the first year and increased through the years of study. This extension helps students manage their finances mobile banking and a network of local branches - for ease of access to accounts.Conclusion These features are valid for the life of students' studies. The Barclay student account proposition shows how it is crucial Of several incentives tested with students, Barclay found that an for a business to listen to its market.
To do this effectively means incentive based on a mobile or telecoms offer would have most targeting specific market segments to discover their needs. Appeal. This idea was tested further with students on university Barclay' new student account proposition was an 'insight-led' campus. The students expressed a clear preference for an approach.
