T. Rowe Price

CLIENT CHALLENGES

T. Rowe Price is a global investment management firm that has provided financial products and services to millions of customers for over 85 years. The firm recently started experiencing challenges with defining a unique offer for one of its valued products. Even though T. Rowe Price is generating positive cash flow for the product, there has been a dip in customer acquisition and retention.

  • Struggled to define a unique value proposition for actively managed funds
  • Experienced declining customer acquisition and retention for actively managed funds
  • Started seeing a dip in customer acquisition and retention for its actively managed funds
  • Sought out Resonate to improve client segmentation strategy for 1.4 million clients

SOLUTION

The client and market insights team embarked on a project to restructure their client segmentation. They developed customer descriptions based on attributes such as life stage and intent to obtain and pay for financial advice. But they were missing a key element—consumer psychographics. They reached out to Resonate for these psychographic insights, a solution that only Resonate is positioned to provide.

With the Resonate platform, T. Rowe Price was able to:

  • Deepen the understanding of their clients with Resonateʻs psychographic insights
  • Save time on research

RESULTS

The client and market insights team at T. Rowe Price achieved these benefits from the platform:

  • Time savings: The platform provided a single unified view that allowed the team to perform analyses with just a click of a button.
  • Actionable insights: The team was able to find insights that revealed several missing details in their client profiles. The quality of these psychographic insights gave clarity to the right language and product positioning needed to reach client segments.

Trust: The team is now using Resonate to forecast the likelihood of consumers to adopt a forthcoming product launch. Using the same tagging strategy, they were able to develop a deeper understanding of what each customer segment desired in their exchange-traded funds.