The challenge:
Discover Financial
Services, a division of Morgan Stanley, contracted with Practical
Imagination to launch an exploratory research initiative geared
toward targeting new products, services and market opportunities.
Specifically, the organization's overall research objective was
to gain insights and understanding about perceptions, attitudes
and behaviors concerning financial matters and payment vehicles
from five broad market segments.
Our
approach:
Through custom-designed
processes, we launched into four critical phases of work for Discover
Financial Services. They included:
|
Grounding
|
|
Client
and Consumer Team Preparation
|
|
Exploratory
Research: 10 Concept Inspiration Sessions
|
|
Follow-Through
|
The
results:
The Discover
2GO
Card
was but one of many successful product/service outcomes, which
emerged from consumer insights generated through this process.
The Discover 2GO Card was recognized as one of the "Best
Products of 2002" by BusinessWeek and USA Today, and won
the Best Financial Card Design award and People's Choice Award
at the International Card Manufacturers Association's 11th Annual
Card Manufacturing Expo.
In addition,
Discover Financial Services realized a record profit of $767 million
in 2002. Specifically, the division saw a 2% increase in revenues
from 2001 to 2002, which coincided with the launch of the Discover
2GO Card. Similarly, profit before taxes rose 4%. According to
Morgan Stanley's 2002 annual report: "[The Discover team]
distinguished themselves on three fronts this past year [2002].
[including] introduction of the Discover 2GO Card– the industry's
first keychain credit card . With new products such as the Discover
2GO Card [they] should be able to gain market share."
And
you'll see that we...
...help household names Bristol-Myers Squibb and Kraft Foods brainstorm
alliances and market opportunities. Read
more...
...help entrepreneurs
pinpoint new business opportunities and markets. Read
more...
Contact
us today to begin implementing our proven innovation processes at your company.