President's Choice Case Study:

Introduction

Major retailers across the globe are turning their sights towards financial services and looking for opportunities to capture disaffected consumers from the banking industry. President's Choice Financial in Canada has been successfully operating in this space since 2001 and offers insight into the opportunities that can be found in this area.

Scope

*This case study analyses the key successful elements in the marketing strategies of President's Choice Financial

*The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly

*Datamonitor's Financial Services Megatrend Framework is used to analyze the effectiveness of customer targeting strategies

Highlights

Other budding retailers turned FS providers need not be too concerned with their customer growth being limited by the in store branches on offer; it is via remote services that such quick growth is attained.

The PCF points scheme's ease of use and flexibility once again tune into the consumer trend of Convenience

A number of the leading UK retailers have partnered with conventional FS institutions, emulating the PCF model, in a bid to utilize the already established infrastructure of experience within these institutions.

Reasons to Purchase

*Gain insight into the methods used by important industry players to give them a competitive edge

*Capitalize on the knowledge of experienced companies when entering a new market

*Understand this successful model and see how other competitors could learn from this success


Report Highlights
Other budding retailers turned FS providers need not be too concerned with their customer growth being limited by the in store branches on offer; it is via remote services that such quick growth is attained.

The PCF points scheme's ease of use and flexibility once again tune into the consumer trend of Convenience

A number of the leading UK retailers have partnered with conventional FS institutions, emulating the PCF model, in a bid to utilize the already established infrastructure of experience within these institutions.
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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Introduction 2
PCF utilizes the connotations of quality and exclusivity that accompany the President's Choice brand 2
The President's Choice brand sits within the Loblaws chain and encompasses food and non-food products, plus mobile and financial services. 3
President's Choice Financial has generated client growth even whilst the economy suffered 3
The growth of online banking points towards continued success for PCF 4
There still exists opportunities to more fully integrate the PCF brand and the Loblaw supermarket 5
President's Choice Financial has no branches and yet still maintains award winning customer satisfaction 5
President's Choice Financial excels in customer service despite no dedicated branches 6
President's Choice heavily appeals to a consumer trend of Convenience 6
President's Choice has been effective at avoiding the consumer distrust shadowing the majority of the financial sector 9
PCF conveys authenticity and wholesome values through close reference to its grocery roots 9
There exists a risk to a close association between the Loblaw supermarket and the bank 10
PCF's reward scheme is simple and effective at supplying value and tying consumers into the group's other stores 10
The PCF points scheme's ease of use and flexibility once again tune into the consumer trend of Convenience 10
Redeeming rewards points at partner companies ties consumers into partner companies, grooming consumer loyalty 11
UK FOCUS: UK supermarket heavyweights are looking to emulate the success of PCF 13
The UK market looks ready to accept supermarket FS provision 13
UK retailers have already made progress in establishing a customer base 14
If the end of free banking is nigh the tie ins and loyalty schemes offered by supermarket banks like PCF become key to attracting new consumers 14
APPENDIX 15
Definitions 15
The Datamonitor Financial Services Consumer Insight Megatrend Framework 15
Authenticity 15
Comfort 15
Connectivity 15
Convenience 15
Individualism 15
Wellbeing 15
Demographic Complexity 15
Financial Intelligence Complexity 16
Lifestage Complexity 16
Wealth Complexity 16
Methodology 16
Ask the analyst 17
Datamonitor consulting 17
Disclaimer 17
List of Figures
Figure 1: President's Choice Financial Logo 2
Figure 2: Canadian market looks set to recover in 2010 pointing towards further growth for PCF 4
Figure 3: PCF strongly push their online banking channel 5
Figure 4: President's Choice Financial sees rave consumer satisfaction reviews, well ahead of industry averages 6
Figure 5: Convenience is at the forefront of the President's Choice offering 8
Figure 6: PCF closely associate their financial products with their grocery roots 9
Figure 7: A simplified points system delivers rewards that customers value 12
Figure 8: Supermarkets are more trusted than banks and significantly more trusted than insurers in the UK 13

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