Financial Services Research Project

Our client is a Global Financial Services Body that provides professional qualifications to members and non-members. In 2018 alone, more than 40,000 people sat exams under them. Working to the highest standards of integrity, the company provides participants with key workplace skills, knowledge, and behaviours to carry out their jobs effectively. These skills go towards their continuing professional development (CPD).

WHAT THEY NEEDED

We had previously worked with our client on a range of different projects including member acquisition, retention, renewal, and engagement campaigns.

While our client knew the benefits of their qualifications, they lacked the evidence to demonstrate a link between individuals taking the exams and the positive effect it had on their career. It was proving difficult to increase their existing market share and branch into new markets without this vital data. Our client required a clear value proposition backed up with key statistics.

WHAT WE DID

We worked with our client to develop a survey consisting of a variety of qualitative and quantitative questions. The questionnaire was conversational in tone and was designed to elicit the most meaningful and insightful responses.

We delved into how the respondents job roles had developed as a direct result of acquiring the qualification. We asked them about any specific skillsets and qualities they felt had improved after taking the exam and gaining the qualification. Finally, we gathered Net Promoter Scores (NPS) across the dataset to understand member loyalty and how likely people were in recommending our client. Metrics were used to help us predict our client’s growth.

By conducting the analysis across our client’s key demographic, we were able to provide them with evidence-based data and a greater understanding of their target audience. The study covered different countries, genders, different age ranges of both members and non-members and the variety of different qualifications they achieved. The in-depth study helped us carry out a highly targeted marketing strategy.

The university sector was a relatively untapped market for our client, but one they recognised as a potentially lucrative source for new members. So we looked into whether or not there was any link between those who had sat the exam and recently graduated and anyone whose career had taken off on account of it. This provided an evidence base to assist with future market penetration.

WHAT WE ACHIEVED

Almost 94 per cent of those questioned completed the survey in full, providing us with a high volume of qualitative and quantitative feedback. We gathered a better understanding of why individuals had taken the exams, their experience of the exam process and how the exam had impacted their current role or career prospects. The findings proved invaluable for our clients future marketing strategies and helped them refine their target markets. Our research meant we could pinpoint areas that our client could improve on. And they had focussed statistics to help them to successfully penetrate the university sector.