A leading bank was in the final stages of launching a new credit card, but needed to validate pricing and features before going to market. They had several assumptions they needed to confirm through customer research. Due to the credit card’s exclusive and high-end nature, our client needed to speak to high net-worth individuals (HNWIs). HNWIs are a notoriously difficult audience to reach, making it difficult for them to acquire crucial feedback. The bank partnered with NewtonX because other panels failed to find the right individuals.
Traditional panels face challenges in reaching niche audiences like high-net worth individuals because they operate within a closed network. We harnessed our open network of 1.1B professionals, enabling us to effectively target senior executives at large-scale firms. Within 20 days, we custom recruited 140 HNWIs in line with the bank’s strict audience requirements. Each individual we surveyed possessed assets valued at a minimum of $2 million—including invested assets and cash with the exception of real estate. All respondents underwent a thorough two-step verification process, ensuring the authenticity of these individuals and allowing our client to trust the data.
The insights gathered from these HNWIs helped shape the go-to-market strategy for the bank’s new credit card. This included understanding the pricing that customers would find acceptable and the significance of additional benefits required to stay competitive in a crowded market.
Additionally, NewtonX provided the bank with a detailed final report that included recommendations on refining their future strategy. Having a research-backed approach offered our client a significant advantage in a highly competitive landscape that is saturated with established players. Armed with actionable insights, our client entered the market with a clear understanding of their target audience’s needs and expectations, resulting in positive customer reception.
HNWIs custom recruited in 20 days
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