A personal pensions provider wanted an understanding of the profile of customers in the UK market, so it could bifurcate and target the customers it wished to focus on. It wanted to look at customer groups by assets/income and age.It then wanted to understand within each of these customer groups what proportion currently had a personal pension, and what proportion might be willing to buy one if approached.
This would then give it an understanding of the market potential for its products.
The deliverable took the form of a series of matrix tables split by:
People split by Age Range and Income range
People with pensions split by Age Range and Income Range
People without pensions split by Age Range v Income range
People without pensions who are willing to consider buying a pensions split by Age Range v Income Range.
An analysis of how to target these customers.
Data from census was combined with income data to give a model of number of people by age and income.
A market research study was conducted which to identified the likelihood of customers in given age and income categories owning a pension, and their willingness to purchase one.
From this the number of people who might be willing to buy a pension in various segments was formulated.
4. Client Benefits & Feedback
The client used the study to identify a number of customer segments it wished to focus on.
It then designed its market strategy on the basis of this.