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.

Figure 6.1: Developing the Customer Proposition

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.