Context
The transformation of downtown areas, along with changing customer expectations and behaviors driven by digitalization, are having a direct impact on foot traffic at physical branches. A mutual insurance company approached us to develop a clear strategy for the location of their branches through 2030.
Objective
Establish a common framework for geomarketing and the sales network to anticipate and guide future decisions regarding the physical network's expansion.
Vertone Contribution
- Compilation of incoming data to inform strategic thinking: benchmarking of market entry strategies by various players (banks, insurance companies, retail, and services); quantitative comparative analysis of banks and insurance companies; summary of forward-looking studies on regional trends over the next 5–10 years; analysis of our client’s branch performance
- Preparation and facilitation of two co-creation workshops to define guiding principles for implementation (at both the national and local levels) based on established findings and the participants’ expertise
- Establishment of a single operational framework for the guiding principles governing the establishment of branch offices
- Development of a database showing each agency’s current alignment with the guiding principles, highlighting upcoming analyses to be conducted by the geomarketing team
Results
The project enabled the client to establish a common framework for all departments to use in supporting decisions regarding the physical network's evolution and prioritizing the necessary analyses.
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