Retirement Funds - New Product Development06/04/2018 By Retirement Funds - New Product Development
A well known financial services group specialising in retirement had developed a new ’guaranteed income for life’ product and wished to evaluate whether the idea was worth developing further. Research was required within the target market (recent or future retirees) to assess understanding of the product, interest in the product, reaction to specific features, any required improvements and future marketing approaches.
The research was conducted via 16 x 60 minute face-to-face depth interviews, as we needed to give respondents the time to process quite detailed product stimulus and then explore their reaction.
Respondents were aged 60-75 and had either recently started drawing from a Defined Contribution pension or were planning to do so within the next few years.
To get respondents ‘into the zone’ before the interview, they were asked to find images describing their thoughts and feelings about income in retirement, so that their response to the new product was contextualised within their thinking about pensions generally.
Respondents welcomed new thinking in the pensions arena. There was significant interest in the new product, enough to warrant further development by the client. To guide future NPD, the research identified key product features to stress or improve and also some areas of misunderstanding that would need to be addressed.
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