We partnered with The Foundation, the company that helps brands and businesses pioneer on behalf of their customers on a project for Metro Bank, the high street bank that focuses on delivering great experiences for its customers. Metro Bank were in the process of relaunching their brand strategy, and wanted to know which new and existing products and services were most valued by their customers. This could then be used to develop a Customer Promise framework.
Working with The Foundation, we designed a 'choice experiment', in which Metro Bank customers were asked to make choices between different packages of products and services. Most standard surveys work by asking people what they like, and getting them to rate their levels of interest. The problem with these kinds of surveys is that what we say we are interested in does not always tally with the choices we make. Our choice experiment gets around this problem by testing the choices people make when offered variations of different packages. By asking a large sample (2,000 customers) of participants to make choices between different packages of products and services options under consideration by MetroBank, we could then determine which of these were most preferred by customers. And by how much.
We were able to show the products and services that people were most likely to choose above all others. Which enabled Metro Bank to include these within its relaunched customer strategy.
"The CogCo team were fantastic. They used cutting edge methods to show us what the real underlying preferences of MetroBank customers were. Which was invaluable for us in setting our new customer strategy." - Kat Robinson, CX Director, Metro Bank