Product Development

Helping Employees Better Prepare for Retirement

Business Goals

Our client, a leading group benefits provider, sought to assess the viability of adding a new type of retirement income product to its benefits platform. The research needed to estimate demand among employees, size the revenue opportunity, determine drivers of receptivity or rejection and identify likely adopters.

Approach

1. Quantitative online survey among 1,500 full-time employees at employers with 1,000+ employees.

2. MaxDiff trade-off analysis to determine factors that most influence product receptivity.

3. Segmentation modeling to size and profile opportunity audiences.

4. Naming and positioning exercises.

Impact

The product was viewed by consumers as a smart financial opportunity as compared to their other spending, saving and investing options. The research identified audience segments of differing profitability potential, messaging themes to focus on and strategies to drive product engagement and to help overcome key concerns or barriers. We also supplied the client with a new product name and clear next steps as they continued product development.