Page 4: Outcomes of the market research
One insight gained from the market research was that some customers had very different opinions about first direct. There were two key customer segments with very different ideas.
The discussions in the focus groups showed that customers wanted first direct to be fair and transparent. They should be able to see what they were getting and there should be no hidden charges. The key brand value 24/7/365 availability was still very important. However, customers also expected first direct to be different from other banks. They wanted the bank to provide innovative services.
As well as providing information on how to position the brand, the research also allowed first direct to test the reaction to specific product proposals. This means the company found out how customers felt about new product ideas. In this way, it informed the product development process.