When OCBC bank wanted to create a new credit card, it was faced the challenge of a near saturated market and very high consumer expectations. For Michael Zdraski, Head of Retail and Co-Brand Cards at OCBC, the task was clear: to create a new type of shopping card that would appeal to a wide audience who already had on average 6 credit cards in their wallet. The question arose; how could Michael’s team create a new card that was compelling, competitive and attractive, giving consumers a reason to add a 7th card to their collection?
Michael shared his journey of discovery at the recent Qualitative360 APAC conference in Singapore. OCBC teamed up with Nielsen and decided to place their customer at the heart of the research process. Creating a successful new card in today’s saturated market meant exploring realms that nobody thought possible, offering innovative incentives with the power to enhance the daily life of the consumer. This is why the bank decided not to target their general customers, but their top segmented “super consumers”.
You can watch their full presentation below (12 mins):
The definition of a super-consumer was that of an individual who, in any of the 140 categories of data is responsible for 30% of sales, 40% of growth, and 50-60% profit. Understanding super-consumers can say a lot about where efforts should be focused. If they cannot be engaged, the chances of engaging the average consumer are slim. Super-consumers are one step ahead, offering a glance into the future before talking to the average consumer.
Through the effective identification of pain-points throughout the shopping process for these customers, Michael and his team could decipher what most consumers would enjoy in the future. By mapping the shopping journey from start to finish, and unearthing the typical path to purchase, the key influencers behind customer spend were revealed – be it online or offline. It was then that Michael and his team began to test the market’s appetite for a new type of shopping card.
The team took this framework and engaged with the super-consumers to discover what they would want in a new-age shopping card, analyzing the core emotional levers that drive desire. The team identified the most prominent factor; maximizing payoffs – the clear ticket to play in this market. Super-consumers crave true value in a credit-card proposition, with a desire to bring an end to online shopping dilemmas including price, concerns over the quality of delivery, and the comparison between what is advertised and what is received.
These emotional levers allowed Michael and his team to create three innovative concepts, which they presented back to their target audience, offering solutions to the initial levers. The Bespoke Card; putting the power of designing a rewards program in the hands of the consumer. The Shore Card; allowing consumers to set their own reward goals. And the Mojo Card; introducing the sought-after shopping experience; minus the pain-points. The third option was by far the most popular amongst super-consumers, and the card has officially been released.
By going above and beyond the target consumer, and tapping into the mind of the super-consumer, OCBC could unlock insightful inspiration, getting a strong image of what present-day consumers would want in the future – a place that super-consumers already reside in.
To hear more success stories of applies Qualitative research from across the world, join the global Qualitative360 conference series at one of it’s regional events or visit the Qual360 portal at www.qual360.com.