How a BFSI player increased market share by 6% in Home Finance with the help of customer survey
Background and Challenge
- The client is an Indian financial services company focused on lending, asset management, wealth management and insurance.
- The client is looking to enter in online real estate classified market as a lead discovery and business enabling portal.
Challenges Faced by Client:
- Difficulties in assessing the end users and their preferences : Client required to undertake customer survey exercise of 500 potential home buyers from the existing service offering of the potential pre-existing competitors. Hence, they contacted Ken Research and Strategy Advisory for carrying out customer user quantitative survey .
- Limitation to assess the customers journey in real estate investments : The client needs to the asses customer journey for searching for new real estate investment, NPS score of the current players and pain points they have from the current service offering hence they outsourced this activity to Ken Research.
BFSI Industry at Glance:
- Millennials and young borrowers (below 36 years), with high disposable incomes and an increased need for urban accommodation, are potential consumers for home loans. They account for 27% of borrowers.
- With favorable conditions like rising income levels, improved affordability, and fiscal support, the demand for homes is expected to grow in this market.
Approach and Recommendations
Phase 1: Provided the study on the buyers journey
- Ken collaborated with its client to understand the home search experience of the customers and clustered the customers looking for offline and online channels and within online, how are they driving their experience, decision making of taking the existing portal services.
- India level survey of 500+ respondents was sought to understand their decision making, paradigm, actions, COVID impact on their busying behavior.
- In-depth and detailed discussions were carried out with the top decision making authorities.
- These discussions gave the client possible indication to understand the housing finance market and customer behavior.
Phase 2: Key Analysis of Housing Finance, Customer journey and touchpoints
- The second phase of work focused on curation of CATI Survey for the survey with optimal parameters.
- The survey was focused on detailed assessment of home search experience of the customers and clustered the customers looking for offline and online channels.
- The study also covered multiple parameters like TV Packages, Brand Equity, Combo Plans, Product Plans and Customer Preference towards various services and brands.
- This helped the clients to evaluate major brands present in each countries and explored the potential brands that the customer prefer to take mobile plans
Phase 3: Quality Recommendations and advisory for the client
- After identifying and analyzing the various factors, Ken provided the comprehensive customer viewpoint of services vs price, relationship b/w property SKUs, budget client had to journey he has taken to seek the property information.
- These recommendations included various detailed advisory related to the customer touch points and current offering and service positioning possible,
- Ken has provided a clear road map after understanding the client better from all the cluster and creating a pitch to create repeat business from each cohort.
Result and Conclusion
Analysis of key Success Factors
- In depth study of various success factors such as how does the trend of home search varies for new buyers versus experienced buyers and factors customers look while searching for home on portals
Value Add with Inferences
The client was able to understand the end user journey and understanding the client better from all the cluster and creating a pitch to for the repeat business.
Execution of a Large Base Customer Survey with Success
Ken Research delivered a structured and comprehensive customer perception survey for home search and current satisfaction with over 500+ potential home buyers from the existing service offering.
market share in Home Finance achieved