Challenge
Here’s a more polished version of the text:
A prominent Singaporean insurance company found itself in a fiercely competitive market, facing challenges from both price-driven and non-price-driven strategies employed by rivals. To differentiate itself and enhance customer loyalty, the company decided to focus on non-price initiatives. Specifically, they aimed to launch a comprehensive rewards program designed to boost customer engagement and strengthen their market position.
Approach
Here’s a refined version of the text:
To assess the viability and structure of the proposed rewards program, the team undertook an extensive research initiative. This comprehensive study involved a series of in-depth group discussions and one-on-one interviews with diverse target demographics. The research participants included:
- Young professionals entering the workforce for the first time
- New parents adjusting to family life
- Individuals approaching the “empty nest” phase
- Experienced financial advisors
This carefully selected cross-section of participants provided valuable insights into the potential impact and effectiveness of the rewards program across various life stages and financial perspectives.
Outcome
The comprehensive study yielded crucial insights, uncovering previously overlooked needs specific to various customer segments in Singapore. Additionally, it delved into existing credibility concerns within the insurance industry. Armed with these valuable findings, the company successfully crafted a tailored rewards program designed to address the unique preferences of each segment. This personalized approach aimed to significantly boost customer engagement and strengthen the company’s position in the competitive Singaporean insurance market.
