Financial institutions must continually evaluate their product lines to ensure they align with target segment value propositions and help to attract, retain, and deepen customer relationships. The CPG team is highly experienced helping clients ideate and bring to market new, streamlined and more attractive deposit product offerings – for consumers, small businesses and treasury management customers.
Capital Performance Group’s Product Redesign Services combine insight, guidance, and analytical support to help banks:
- Align product features and pricing with the preferences of targeted customer segments;
- Maximize new customer acquisition, cross-sell, up-sell, and retention;
- Increase the value perceived by customers;
- Develop distinguishable product options to motivate customers to self-select into the right products and deepen share of wallet;
- Facilitate front-line sales and promote cross-sales of relationship enhancing services;
- Streamline product suites and engineer functionality to reduce operational complexity, and;
- Improve the financial performance and contribution from your product offerings.
CPG’s Approach to Product Redesign
We guide clients through a three-phase process to provide objective, fact-based analysis and ensure internal ownership of results.
- Organize the project and collect data
- Assess competitor positioning, product strategies, and capabilities
- Identify target segments and document key product and service needs and preferences
- Review best practices in serving targeted segments
- Analyze current client product and service capabilities and pricing
- Assess product penetration, service utilization, sales performance, and growth trends
- Meet to review all findings and determine implications for change recommendations
- Propose product line enhancements and recommended actions for addressing existing customers and introducing product changes
- Assess initial financial impacts and identify steps to finalize recommendations
- Investigate technology, operations, and other implementation issues related to the redesign
- Conduct research and analyze customer trade-offs to test design concepts and inform pricing
- Meet to review and finalize draft recommendations
- Determine implications for implementation planning and create a business case
- Identify developmental, communication, and capability improvement requirements crucial to overall success
- Work with relevant areas of the bank to specify key implementation tasks, timing, and responsibilities
- Finalize inputs to the business case and develop an implementation performance scorecard
- Summarize all major findings, decisions, financial projections, and implementation requirements for executive review
- Present or support the presentation of the final plan to Senior Management
The CPG team of seasoned banking professionals guides clients through a well-proven process using an objective, fact-based analysis to assess product development options, competitive positioning considerations, product strategies, features and benefits. The process ensures that you and your cross-functional team are fully engaged in every decision, you have internal ownership of results, and you have the tools you need to move ahead with implementation of the new product set.
“We knew we needed to update our checking products for both consumers and businesses. CPG drove the entire process for us with a disciplined approach. They gathered current and relevant competitive data, thoroughly analyzed our current client behaviors, identified the behaviors within our client base that we should strive to improve, and built a financial case for the new products that we were easily able to turn into a scorecard to measure the performance of the new suite. To a person, everyone at CPG was highly competent, responsive, and great to work with. Both product sets are at their two year mark and have performed as well or better than forecast. We could not have managed this initiative to this good of an outcome if it were not for CPG.”
-CMO, Bank Client, New York, NY
Email or call (917-328-7828) Mary Ellen Georgas-Tellefsen, Managing Director, today to talk more about how you can redesign your product line to be more successful with attracting and competing for new customers as well as deepening customer relationships.