Customer-led innovation in a competitive market
An Abbey case study

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Page 6: Conclusion

Abbey has set out to transform banking practice by adopting a customer-led approach rather than a product-led approach. It has produced a statement of intent designed to make itself the best provider of customer focused financial services in the market.

A key part of Abbey's strategy is to continue to research and develop new tangible products and services, which actively demonstrate its commitment to 'Turn Banking on its Head' and as part of this process continually evaluating the effectiveness of its advertising and communication strategies is key. That is its ability to successfully communicate its new brand position and new products. Prior to the re-launch, Abbey established a rolling 4-week tracking study to measure how effectively the message was getting across. In addition, Hall Tests, devised to measure consumer recognition of Abbey's communication messages, are being used to check on the advertising campaign's effectiveness. Abbey has also placed reply cards within all of its catalogues with a view to discovering what customers think of the changes so far. Analysis of the results is ongoing.

Abbey | Customer-led innovation in a competitive market