Bank awareness and audience research

A Ukrainian bank approached MCG with a request to conduct comprehensive research of its audience and competitive environment.

Research objective

The key research question was the awareness level of the client's bank (in absolute terms and against competitors) across different audience segments: among individuals and legal entities. An additional goal of the research was to determine the position of the client bank's offerings in the competitive environment of the corporate sector.

To achieve the set goal, the necessity of conducting four field stages was determined:

1. Survey of the adult population of Ukraine to determine the level and nature of awareness of the client's bank in the individuals segment.
2. Survey of representatives of legal entities to determine the level and nature of awareness of the bank in this segment.
3. In-depth interviews with representatives of the corporate sector to determine the specifics of the bank selection process for cooperation.
4. Desk research of the client bank's and competitors' offerings.

Research process

At the first stage, an offline survey (formalized face-to-face interview) of the adult population in 12 cities of Ukraine was conducted, resulting in a sample of 3049 respondents, which allowed for a full-fledged comparison of different segments and subgroups.

For the second stage (studying the legal entities segment), the method of a formalized online questionnaire was chosen, resulting in an array of 2000 respondents, which was representative both geographically and across various business sectors.

The study of the corporate segment at the third stage was conducted using in-depth interviews, during which those business representatives actively involved in bank selection were interviewed — business owners and executives, as well as financial specialists — chief accountants and financial directors. Information saturation was achieved with a sample of 12 interviews.

The final stage involved an analysis of open sources and contacting competitor banks to clarify the services offered and their terms. The terms of various services for the corporate sector offered by main competitors were analyzed, allowing for comparison and contrast with the client bank's offerings. Based on this, a SWOT analysis of the client bank's position in the competitive environment was conducted.

Results

The comprehensive and consistent application of complementary research methods for different objects allowed for the formation of a complete picture of the client bank's market position:

• The level of the awareness of the bank, both overall and in different segments, were measured: the most promising audience groups from a growth perspective were identified. The specifics of the perception of the client bank's name and branding were also determined, allowing for more conscious and consistent positioning, avoiding ambiguity, and minimizing risks.
• The most successful communication channels with different audience segments were identified, enabling the formulation of a communication strategy for effectively increasing awareness.
• Patterns in the bank selection process in the corporate sector, the perception of various services, and the specifics of relationships between businesses and banks were identified. This information provides an opportunity to improve the policy of interaction with corporate clients, achieve mutual understanding and strengthen business relationships, as well as develop relevant and effective ways to attract new clients.
• The SWOT analysis of the client bank's offerings allowed for an assessment of the current situation in the competitive environment and the identification of potential prospects and growth areas (in relation to potential risks). Thanks to this, the client can not only adjust the current offerings for immediate positive effects but also establish general development principles for the long term.