New Business Launch
Situation and Challenge
A financial services company wanted to extend their existing credit card offerings. They currently only served the consumer market and hypothesized that small businesses would be a logical extension of their product line.
We analyzed and researched the market, trends, competition and rival products. We defined the market, vision and strategic imperative for the new card business, carefully considering the target market and positioning of the new product. Product features were identified, several direct mail campaigns and product offerings were tested and credit criteria and the approval process were established. We also developed the project plan and a financial forecast for various market and growth scenarios.
The business was successfully launched within 5 months of conception. Initial tests results were positive and the company decided to continue testing into the market.