There is a term we have often used in the past in the wireless telecom industry called “elevator tariffing”. At one point in some markets, new telecom tariffs/products were decided by vendors on their way up on an elevator.
It’s not that bad for the financial services industry, but digital and micro-segmentation has resulted in a habit of an excessive focus on new product variants and launch. Too many products do not necessarily imply greater market success.
Cedar’s product innovation framework optimizes a product portfolio for a client combining segmentation, asset/liability product alignment, cross-sell and predictive analytics, product sequence purchase analysis, pricing, fees, competitive activity, and most importantly “bundling”. Bundling is a key part of product innovation and success.
Reach out to us to learn about how we can accelerate your product innovation strategy to make you shine in front of your customers.