Case studies

The Brief

Our client, a global wealth manager, wished to increase its presence in the major intermediary markets around the world by providing a unique combination of products and intermediary-focused services.

In order to create their initial market strategy, as well as prioritise any ad hoc opportunities that may arise, they wanted to develop a framework to compare the different markets around the world, which could subsequently be used to assess their underlying segments, trends and competitive landscape in a consistent and coordinated fashion.

NMG’s Solution

NMG worked with the client to create a framework for assessing market attractiveness, including market economics, demographics, economic performance, competitive intensity, ease of entry and fit to the client’s capability.

NMG then utilised its extensive proprietary research from the major intermediary markets to provide observations of key trends at a regional market level, including consumer dynamics, distribution dynamics, competitor dynamics and regulatory agenda.

Lastly, we created a segmentation framework which could be used to drill down into each regional (and underlying country) market in a consistent fashion.

Outcome

Our client was able to accelerate the creation of its market entry strategy, validate its initial target market approach and received board sign-off for a multi-million pound investment.

The Brief
Our client, a UK building society, wished to review its distribution of insurance and investment products in response to RDR and other regulatory pressures and particularly the provision of financial advice.

NMG’s Solution
In the first phase, NMG worked with the client to assess the most appropriate business model for the future and built a financial model to enable the impact of the changes to be fully understood.

NMG then ran a partner selection process and advised the client on all aspects of the negotiation and implementation considerations.

Outcome
Our client was able to conclude a deal with one of the leading life and pension companies in the UK at better commercial terms than they originally believed would be available and structured so as to remove significantly more risk from the business.

The Brief
Our client, a specialist pensions provider selling direct to employers, wished to explore the potential for intermediary distribution. It engaged NMG to assist in an initial feasibility study looking at the external market and the opportunities for market expansion in light of forthcoming regulatory changes.

NMG’s Solution
In the first phase of work, we undertook external market analysis looking at key trends and drivers in the group pensions space. This included market sizing, understanding of the advice gap, the impact of auto-enrolment and other key trends. We complemented the desk analysis with 30 industry interviews across a number of key segments of the intermediary market including employee benefit consultants, corporate pension advisers and general practitioners. This research probed into adviser perceptions of our client’s proposition and their views on the potential for our client to stretch into a new way of distribution.

Outcome
Our conclusions from the initial feasibility led to a number of strategic options for evaluation including new ideas for distribution, target operating model and positioning which our client is now taking forward.

The Brief
Our client, a UK insurer selling a range of general protection products via third parties, wanted to expand its distribution and product range through the direct to consumer channel.  NMG and our sister communications business Bakehouse were tasked with developing the marketing strategy and supporting business case.

NMG’s Solution
There were a number of phases to the development, each using research at the heart of the decision making process:

• Market analysis: NMG conducted a wealth of desk research and analysis, using ABI data, competitor analysis and case study development to identify possible opportunities for a new entrant.
• Initial concept development: a two day innovations workshop with target consumers to identify needs, concerns and possible solutions.
• Initial proposition testing: Including the proposed service proposition, four possible branding options and six product propositions . These were developed by the NMG, Bakehouse and client teams and tested through a series of focus groups across three life stage based consumer segments.
• Subsequent proposition testing: Following further work on the products and brand we conducted a second phase of focus groups to test the product features and pricing options.
• Wireframe testing: As an early input to the web development we ran a day of depth interviews with target consumers in a web site usability lab to test initial wireframes and identify preferences and issues before further investment was made. A workshop style de-brief at the end of the day provided a rapid amount of insight in a very short time scale.
• Price testing: An innovative quant approach (>500 responses across three target segments) using an online survey linked to a web site. Respondents entered insurance details and commented on resulting prices. This enabled us to test different price positions and impact of known / unknown brands.

Outcome
Following each phase we contributed to Board papers, business plans and helped the Executive make strategic decisions around the brand, distribution and product strategy. We have continued to support this client as it makes important decisions about this development.