Recent focus group viewing reminded us that “good looks” alone are not enough. We were testing, on behalf of a client, the potential introduction of a new financial services package, with many features designed to reward qualifying clients. We began as we often do, with a broad program description to gauge the relative attractiveness of the program as a whole, then delved into individual features and benefits to uncover the “must haves” versus the “who cares?”
Part of the exercise asked participants to give the program an overall rating. Ratings were, in general, favorable. After probing on individual aspects of the program, the question was then posed “Would you seriously consider moving from your current provider for this program?” On the whole, the answer was a somewhat qualified “maybe.” While one component of the answer can definitely be linked to the inertia (and dread) we all experience at the thought of switching financial providers, in this instance, there was an even more compelling reason. In the location where we were conducting groups, the institution sponsoring the research was not a well-known name. Every respondent felt that they would have to get to know the institution better and come to trust them.
This serves to remind and reinforce the importance of overall brand awareness. Your organization might offer the most attractive product or program out there, but without knowledge of your company and the elements of credibility and trustworthiness (particularly if you are asking people to entrust their money with you), new client acquisition is difficult. So when you come up with the next big idea, remember to get out there and make sure prospects know who you are as well as what you have to offer.