The relationship between consumers and financial services and insurance brands is often transactional and purely based on price. This means in a cost-of-living crisis these brands experience less brand loyalty, as consumers find it easier to switch between brands, providing the price is right.
HomeServe wanted to understand loyalty drivers among its customers. Through a multi-stage research project, we looked at loyalty in the wider context, using culture and trends analysis to capture what people generally care about. The identified values were then mapped against how loyal customers feel about the brand HomeServe. Finally, we applied behavioural science principles to a quantitative stage to understand the biases at play on a larger scale.
The results were a hierarchy of loyalty drivers that could be implemented to increase positive feelings towards the brand. Providing Home Serve with actions to implement across its business to encourage better relationships and retention with their customers.