MARKETING RESEARCH IN FINANCIAL
SERVICES
Ing. Kateřina Matušínská, Ph.D.
MARKETING OF FINANCIAL SERVICES/NAMAF
OUTLINE OF THE LECTURE
1. What's marketing research?
2. Trends in marketing research
3. Selected terms from marketing research area
4. Insourcing vs. outsourcing in marketing research
5. Basic functional applications in marketing research
6. Basic methods of primary research
7. Selected qualitative research methods
8. Mystery shopping
MARKETING RESEARCH IN FINANCIAL SERVICES
1. WHAT IS MARKETING RESEARCH?
• Market research is a systematic, objective
collection and analysis of data needed for
marketing decision-making purposes.
• Reduce uncertainty and risks!
• Support effective decision-making!
• Offer a solid base for planning!
MARKETING RESEARCH IN FINANCIAL SERVICES
2. TRENDS IN MARKETING RESEARCH
• Online surveys.
• Qualitative research.
• Greater demands on researchers (speed, price,
quality, subsequent strategic recommendations).
• Technology (statistical software, special technical
equipment).
• Interpretation and integration of information from
multiple sources.
• Focusing on WoM (social networks, forums,
blogs).
• Applications of social sciences.
• Smartphones - research platform (shorter
questionnaire, max. 13 questions, about 6
minutes, the indicators for the small screen).
MARKETING RESEARCH IN FINANCIAL SERVICES
3. SELECTED TERMS FROM MARKETING RESEARCH
AREA
• Questioner x Respondent.
• Quantitative research X Qualitative research.
• Primary research X Secondary research (internal,
external).
• A one-time (ad hoc) research X Continuous
research.
• Method X Technique.
• The basic research group of x Research sample.
• Top of mind (TOM) X Spontaneous awareness X
Knowledge with help.
• Omnibus - research for multiple clients (3-4).
• Panel (households, TV viewers) - a panel effect!
MARKETING RESEARCH IN FINANCIAL SERVICES
SELECTED TERMS FROM MARKETING RESEARCH
AREA
• Personal questioning:
• P+ P (Paper + Pencil)
• CAPI (Computer Assisted Personal Interview)
• CATI (Computer Assisted Telephone Interview)
• CAWI (Computer Assisted Web Interview)
MARKETING RESEARCH IN FINANCIAL SERVICES
4. INSOURCING VS. OUTSOURCING IN MARKETING
RESEARCH
Work in house
Marketing
research
agency
Fieldwork
agency
• The significance of the research problem.
• Budget.
• Difficulty of research project.
• Experts, technical equipment available.
• The time period of research project completion.
• References and trust in external research agency.
MARKETING RESEARCH IN FINANCIAL SERVICES
5. BASIC FUNCTIONAL APPLICATIONS IN MARKETING
RESEARCH
• Research of the overall market situation (market
potential, market capacity, level of market saturation,
market share).
• Research of market participants (competitors,
customers, suppliers, ...).
• Research of marketing mix ("7P").
• Perceptions research (attitudes, opinions and
ideas that relate to products, institutions, ...).
• Brands research (brand name, story, design).
• Customer experience research (NPS).
MARKETING RESEARCH IN FINANCIAL SERVICES
TYPICAL RESEARCH QUESTIONS
• What current changes are typical of market and in consumer
shopping behaviour?
• How do consumers perceive the products/services of our
company?
• What is the potential market? Are there new opportunities in
the market?
• How to improve the quality of products/services to meet the
needs of customers?
• What price should our product have?
• Are there any new distribution channels in the market?
MARKETING RESEARCH IN FINANCIAL SERVICES
TYPICAL RESEARCH QUESTIONS
• What should uniqueness of the brand consist of?
• Has brand the potential to be successful in other market
segments?
• Is our advertising effective?
• What are the causes of the declining share of our company in the
market?
• How is our company perceived by consumers?
• …
MARKETING RESEARCH IN FINANCIAL SERVICES
CUSTOMER EXPERIENCE (CX)
• Customer experience is a top priority to businesses for the next years
and the reason is simple; the companies that focus on customer
experience reduce churn and increase revenues - leading to higher
profits!
• Customer experience (CX) is the impression customers have of your
brand as a whole throughout all aspects of the buyer's journey. It
results in their view of brand and impacts factors related to bottom line
including revenue.
• Customer experience is a totality of cognitive, affective, sensory, and
behavioral consumer responses during all stages of the consumption
process including pre-purchase, consumption, and post-purchase
stages
• Customer experience management (CXM) is the process of
surveying, analyzing, and enhancing customer interactions with your
business. CXM monitors customer touch points and evaluates how you
can improve the experience related to each.
MARKETING RESEARCH IN FINANCIAL SERVICES
NPS
• Net Promoter Score is a tool for finding, processing and
reporting of customer feedback.
• NPS = customer experience + customer loyalty
• The answer to question: What is the probability that you would
recommend the brand XY to your relatives? (0 - never X 10 definitely
yes)
• Distribution of customers according to NPS: promoters (9-10),
neutral (7-8) and detractors (0-6).
• NPS = % Promoters – % Detractors
• NPS > 0 = good
• NPS > 50 = excellent
MARKETING RESEARCH IN FINANCIAL SERVICES
6. BASIC METHODS OF PRIMARY RESEARCH
• Questioning - based on the statements made by
customers.
• personal, telephonic, written, online
• Observations - deliberate, purposeful and planned
monitoring of ongoing reality.
• MYSTERY SHOPPING!
• Experiment - observation and evaluation of behaviour
and relationships in artificially created conditions when
the parameters are determined before.
• Laboratory, field, online experiment
• Typical especially for tangible products!
MARKETING RESEARCH IN FINANCIAL SERVICES
7. SELECTED QUALITATIVE RESEARCH METHODS
• Individual depth interview (1 hour, an experienced
interviewer, time-busy respondents, intimate
themes).
• Focus group
• A focus group is a form of qualitative research in
which a group of people are asked about their
attitude towards a product, service, concept,
advertisement, idea, or packaging.
• Questions are asked in an interactive group
setting where participants are free to talk with
other group members.
MARKETING RESEARCH IN FINANCIAL SERVICES
SELECTED QUALITATIVE RESEARCH METHODS
• Association tests and procedures (finishing of the
sentences, stories, …).
• Projective techniques (bubble test, test of colours and
shapes, collage, physiognomical test, …).
• Polarity profile - the transfer of qualitative characteristics such
respondent's ideas about product, brand or institution into
quantitative form (bipolar characteristics, scale usage 5 - 10) 
semantics SEMANTIC DIFFERENTIAL (see next slide).
MARKETING RESEARCH IN FINANCIAL SERVICES
SEMANTIC DIFFERENTIAL - EXAMPLE
• Osgood's semantic differential - the respondent is asked
to choose where his or her position lies, on a scale between
two bipolar words, or a range of words or numbers ranging
across a bipolar position for example from 5 (powerful)
down to 1 (weak).
MARKETING RESEARCH IN FINANCIAL SERVICES
BUBBLE TEST - EXAMPLE
MARKETING RESEARCH IN FINANCIAL SERVICES
DRAWING TECHNIQUES - COLLAGE
MARKETING RESEARCH IN FINANCIAL SERVICES
What is you perception of the bank?
8. MYSTERY SHOPPING
• Mystery shopping or a mystery consumer is a tool of market
research to measure especially quality of service.
• Mystery shoppers perform specific tasks such as purchasing
a product, asking questions, registering complaints or
behaving in a certain way, and then provide detailed reports
or feedback about their experiences.
• Tools used for mystery shopping assessments range from
simple questionnaires to complete audio and video
recordings.
• Mystery shopping can be used in any industry, the most
common are retail stores, hotels, movie theaters, restaurants,
fast food chains, banks, gas stations, apartments, health
clubs and health care facilities, …
MARKETING RESEARCH IN FINANCIAL SERVICES
• Internal and external.
• Mystery observation, mystery visits, mystery calling, mystery
mails, mystery delivery, …
• Real mystery shopping customer!  financial services
MARKETING RESEARCH IN FINANCIAL SERVICES
MYSTERY SHOPPING FORMS
MYSTERY SHOPPING
• Information providing.
• Purity.
• The condition of the equipment in use.
• Adherence to company standards.
• Waiting time.
• The number of employees at the point of sale.
• Greeting – if it is friendly.
• Selling arguments.
• Attempt to close the business (contract proposal).
• Offer of additional products – cross selling.
• Objections solving, questions answering.
• ...
MARKETING RESEARCH IN FINANCIAL SERVICES
BENEFITS OF MYSTERY SHOPPING
• Objective information obtaining.
• Basis for effective staff development.
• Increase in customer satisfaction.
• Increase in performance of the company.
• Increase in perception of company's image.
MARKETING RESEARCH IN FINANCIAL SERVICES