Evaluating the brand of a loan matching service
PSYKHE conducted online surveys to gather data-driven insights regarding brand health - helping to inform targeted marketing initiatives and identify key growth segments for customer acquisition.
Client
Loan matching service
Industry
Financial Services
Services
Research & Insights
The challenge
As part of broader initiatives to increase market presence in Singapore, PSYKHE was engaged by a loan matching platform to conduct quantitative surveys that assessed brand awareness, sentiments and understanding of their value proposition.
The key goal was to establish quantitative benchmarks that could guide targeted marketing strategies, evaluate marketing campaign effectiveness and identify growth opportunities within target segments.
The approach
Over the course of 4 weeks, PSYKHE delivered key insights using a 3 phase research approach:
Design: Developed survey questions and structure aligned with business objectives and target recruitment profiles
Test: Survey launch in two stages while monitoring data quality and sample representativeness
Analyse: Data segmentation by key demographics, and summarisation of key insights and quantitative benchmarks
Phase 1: Design
PSYKHE first aligned with stakeholders on our key research areas:
Brand awareness and recognition
Brand sentiments
Understanding of value proposition
Questions for each research objective were crafted to form questions that will help screen out participants based on our recruitment criteria.
Stage 2: Test
With our recruitment criteria, testing structure and logistics in place, the team launched the quantitative survey in two stages: a soft launch and full launch.
An initial soft launch with 30 participants helped to test the quality of answers and recruitment capabilities before testing full-scale across 300 participants.
Stage 3: Analyse
As the results trickled in, the team categorised recurring themes that could garner insights into the current Singapore loan market.
The breakdown of quantitative data by key customer segments (e.g. income level, age) helped identify growth opportunities.
PSYKHE collated these key findings, alongside quantitative metrics, into a single page report to establish a baseline for brand health and actionable recommendations.
The impact
20+
Key insights derived from survey findings 🔎
7+
Quantitative metrics established for tracking 💡
300
Participants tested for quantitative insights 👥
The survey provided a baseline for brand performance in Singapore and actionable recommendations to:
Refine marketing strategies: Drive growth in segments such as the younger age bands to be targeted using their currently most effective marketing channels
Track brand health: Continuous evaluation using quantitative surveys to measure trends in brand metrics and marketing effectiveness
Follow-up inquiry: Conduct further qualitative studies on identified high growth segments to refine the brand value proposition to better meet the needs of target customers and increase their conversion rates
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