Business Situation
- A global consulting firm working with a payment solution provider wanted to run a project to understand credit card usage among consumers.
- It wanted to obtain insights into the usage patterns and preferences of consumers with regard to the top credit card providers in their respective countries.
SGA Approach
- Supported the client with a detailed market research study, coupled with the statistical derivation of consumer insights through conjoint analysis
- Designed and rolled out an online campaign covering 1,500 online surveys across the US, Canada, the UK, Germany, France, the UAE, and India
- Target Respondent Profile: Reached out to respondents aged 18+ who owned at least one credit card (e.g., Visa, Mastercard, American Express, etc.) for at least 6 months and used one or more credit cards at least once a month
- Designed a questionnaire for the following objectives:
- Identifying prominent brands
- Challenges faced by the consumers
- Examining consumer behavior, preferences, and future needs
- Delivered data output using choice-based conjoint (CBC) utility score and conjoint simulator Excel, allowing the client to model out the consumers’ future choices based on segment parameters such as gender, age group, and income
Key Takeways
- In-depth insights enhanced understanding of product, brand perception, market trends, and consumer behavior.
- A deep exploration of consumer preferences across various brands highlighted market-specific nuances across real-time payments (RTP) and more card-driven transactions.
- Data-backed insights and statistical validations helped formulate clear recommendations for strategic planning.
