For Financial Goods and Services, more doesn’t always mean better

The financial industry has grown to be a highly competitive space. Both old and new financial institutions have launched a wide variety of products to the market.

With the vast number of options, it is easy to think that there must be a perfect product for every customer profile. But is there actually a market looking to use or patronize these offerings?

Global studies have shown that the Philippines lags in terms of financial literacy. According to the Bangko Sentral ng Pilipinas’ (BSP) 2021 Financial Inclusion survey, only 2% of Filipinos were able to correctly answer the six basic financial literacy questions.

How can you convince someone to buy into a product or service they know nothing about?

In most cases, you can’t.

Lack of interest is driven by a lack of knowledge and while it may sound obvious, an idea this straightforward is often overlooked by highly transactional and product-focused companies looking to expand their businesses.

In the process of deciding which segment of the population would make the most sense in growing their numbers, simple questions such as “Does my customer know what I’m selling?” or “Does my product actually solve their problems?” easily fly under the radar.

Placing the customer at the center was a key imperative in developing a new market entry strategy for one of the oldest Philippine financial institutions.

DISCOVERY

For Acumen’s client projects, discovery and baselining are among the most crucial phases. For this engagement, that meant developing a deeper level of understanding not only of the business, but also of its customer base beyond what could be extracted through internal numbers and sheets.

Through structured conversations with consumers, they were able to determine a key barrier that was consistent across the subsegments of a broader market — financial education.

Stemming from the insight that Filipinos in different demographics struggle with financial literacy, Acumen identified three underlying core principles most relevant to a specific target segment. From there, the consultants came to the conclusion that it would be best to condense the product line-up into two products. These products made the most sense in the context of the segment’s true financial capacity while supporting their short- and long-term aspirations.

The assessment results allowed the brand to clearly articulate the value of their product to the new consumer segment. Further, the recommended distribution channels and market strategy positioned it in the spaces that would naturally build brand trust and credibility among potential clients.

Similarly, this process of customer profiling also allowed Acumen to provide insights for product prioritization to one of the six Philippine digital banks.

For most tech companies, creating product roadmaps and prioritizing which features must go live is often a difficult discussion. The possibilities are truly endless, but the key question lies with the consumer: Which features are actually most relevant to them?

By building a solid understanding of consumer behavior, beliefs, and sentiments, Acumen not only identified the most significant features for customers but also mapped unique use cases for each. Armed with the insights from the discovery phase, the company’s strategists were able to clarify the types of users that needed to be engaged with for product concept testing.

In the end, instead of simply providing the client with a list of winning concepts, Acumen delivered more actionable output. This included comprehensive consumer profiles, in-depth insights into why each feature resonated with the consumer, and even an Acquisition-Adoption-Advocacy funnel which mapped how to optimize each feature based on the consumer’ perceptions and motivations for use.

At a time when there appears to be unlimited choices, financial service companies need not compete in terms of the quantity of products they offer. It is more about relevance and practicality.

Meeting the customer’s needs and providing value is easier said than done. But having a fuller understanding of a customer’s pain points and motivations is the best way to transform how a company engages with the market.

From short, one-off transactions, companies can build long and meaningful relationships that give them the opportunity to offer solutions that actually translate to business growth.

Dedicating time and resources to obtaining a deep familiarity with consumers is the best investment a financial business can make because at the end of the day, how do you expect to sell products to a customer you don’t understand?

Are Strategy Consultants Worth Your Investment?

Acumen’s President and CEO shares her thoughts on strategy consulting—with a view from both sides of the fence and how to break barriers for a more productive and meaningful collaboration.

Before shaping your brand architecture, first have a strategy

A strong brand strategy is the backbone of effective brand architecture. As companies grow and expand, defining a clear brand strategy provides focus and direction.

You realize you’ve overextended your brand. Now what?

Overextending your brand into unfamiliar markets or products can alienate loyal customers, especially if the expansion seems like a blatant cash-grab rather than a well-thought-out strategy.

Delivering consistent, rigorous Capability Building programs in the Philippines and beyond

Acumen’s objective in capability building through its Business Insights Academy™ and Marketing Leaders Academy™ is to impart knowledge to participants through relevant and value-adding modules so that they can apply their learnings in their day-to-day work.

A Tribe with a Heart

Acumen Tribe members spend time away from work, engaging in a shared experience of bringing a little joy and kindness to Bahay Kanlungan’s elderly.

Philippine real estate industry: New growth corridors are on the rise

Major real estate developers have now made their presence felt in these growing suburban areas, pushing for differentiation and dominance as interest and excitement grows in new markets, trade areas, and upcoming economic zones.

Does branding work for real estate?

Buying a property requires serious money and as such, people need assurance that their investment will grow and that they will be part of a thriving community that aligns with their values and aspirations.

Setting up a ‘Perfect Store’ for Philippine Shoppers

Route-to-Market (RTM) is critical in the Philippines where traditional trade is sizeable, requiring a massive distribution network utilizing an optimal mix of own salesforce, distributors and wholesalers.

Selling to the foodservice channel

Being able to effectively communicate how your product can provide a solution for foodservice operators will require a certain amount of training for the sales person to be effective in detailing.

Commercial leaders — like football coaches — must be brilliant strategists and people managers

What does it mean to be an effective commercial leader and how important is the role for a company? There are lessons in the sport that has come to be known as the beautiful game.

Defining your company’s Purpose

A clear and compelling Purpose will attract customers to your products and services, and equally important, it will align and inspire your people to work collaboratively towards serving the Purpose of the business.

Acumen walks the talk: Growing professionally in a nurturing work space

One of Acumen’s associates writes about his experience working with senior consultants — and what he has learned so far.

Training Worth Your Time: Bespoke Programs with Actionable Applications

At Acumen, we’re changing the game with training sessions grounded in your day-to-day work realities. By diving deep into the needs of both management and participants, we create programs that are customized, actionable, and impactful. Discover how we turn training from a chore into an opportunity to boost performance and achieve real results.

Innovation is not just about fun and creativity, it must also be strategic and relevant

Almost 90% of executives believe that innovation is essential to their organization’s success. Rightly so because innovation impacts the business in many ways.

What are the most important skills to look for when hiring a brand manager?

There are 5 core traits that make a great brand manager, including a cheerful perspective that sees consumers as real people.

Purposeful Cultivation

Much like tending a garden, effective training programs must fertilize potential and nurture talent that may have been lying dormant.

Creating a vibrant, values-driven company culture

How do you bring an organization’s values to life in day-to-day operations? It’s a transformative process that requires commitment and strategic effort.

Consumer knowledge is the bedrock of strong brands

An FMCG company’s marketing team undergoes consumer immersion through Acumen’s Consumer Centricity and Insight Mining program.

My experience in Organization Transformation

Where to Play and Portfolio Analysis: A blend of structure, data, and individual values

It allows for a comprehensive and balanced view of the future portfolio choices. The process systematizes what seemingly are “gut decisions” from management.

Cooking up a Marketing Strategy

Making sense of your Business Data calls for sharpened analysis skills

To make the Business Insights Academy™ training more relevant and value-adding, the participants used live business cases. That means they worked on exercises using the actual annual review of their respective operations, guided by Acumen’s seasoned faculty.

Marketing Excellence: Capturing Customer Insights and Creating a Common Language

Acumen’s approach starts with understanding stakeholder needs, assessing participants’ competencies, and tailoring the syllabus to the client’s brand purpose and values.