Behaviourlab Product Feature Development – first direct Case Study

Acquisition is a key driver of growth. To attract new customers, companies need propositions that appeal to all segments of their target audience. But can you accurately predict how product features will perform before the costly process of bringing a proposition to market? 

first direct, the online retail bank, committed to doubling its current account customer base by 2026. Historically, it drove acquisition by offering cash incentives to consumers who had switched previously. However, to reach its target it needs to tackle the much larger, more challenging non-switcher market.  

Our rapid Behaviourlab provided key insights to steer first direct’s product strategy. We: 

• Quantified the impact of different incentive strategies on switcher and non-switcher acquisition  
• Forecast revenue and margin from each strategy by applying first direct’s financial data to our model output 
• Used additional outcome metrics to interpret the acquisition results, providing a thorough evaluation 

This case study describes how this research approach was successfully implemented, and its organisational and commercial impact at first direct.