Strengthening Market Position Through Customer Alignment
How a benefits provider increased conversion rates and found a way to grow revenue over 20%.
The Challenge: Strengthening Market Position
A benefits provider needed to strengthen its market position. They were looking for a new way to grow customer affinity and market share, one that went beyond conventional changes such as price.
The Solution: Strategic Value Alignment and Valuation
Working together with the head of growth, we found ways to open a new competitive front: connecting with the customers on a deeper level. By identifying what the customers valued beyond the traditional product attributes, the team was able to find new ways to create differentiation.
Precisely because they were new (unlike conventional tweaks to the company’s offerings), these avenues of differentiation had a strong effect on whether customers preferred the company relative to its top competitor.
Adding new elements to the offering made prospects who already preferred the company more certain of their preference and shifted less certain ones into the company’s camp.
We were then able to use a precursor to our InVEST™ model to quantify the financial results of this shift.
The Results
This analysis delivered a strategic roadmap to multiply revenue and increase customer conversion rates by going beyond the conventional product attributes and adding those that resonated with customers and prospects on a deeper level. We were then able to value the uplift at more than 20% of revenue.
The Bottom Line
Designing products to address what customers value on a deeper level is a measurable financial lever, not just a branding exercise. By quantifying the financial effects of that uplift, we demonstrated that doing so can drive new differentiation, increased customer conversion, and revenue growth.
