Financial
services company: proposition development
Figure 6.1 shows
the approach adopted by this financial services company in developing its
customer propositions. All product managers have to adhere to this approach when
launching a new product. There are milestone deliverables to demonstrate that
each step has been completed. In all cases a clear set of prerequisites for the
process must be determined.
A market strategy is required. This needs to define the market or
markets being addressed and take into account other products the organization
has that also address the markets. A product strategy is required, including the
product lifecycle and the financial expectations for the product. A brand
'check' is also required to ensure consistency with overall brand messages and
personality.
The 'what's important' phase requires qualitative research to be
carried out to facilitate understanding of the wants and needs of the potential
customers for the new product, including questions about every potential element
of the proposition, from price and service standards to market channels. These
findings are then formally mapped against a set of strengths and weaknesses for
the new product, which has been independently developed by the product
manager.
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