A leading Australian health fund needed a fast and reliable method to validate new health insurance value propositions before committing to their full development. Facing a dynamic and competitive market, the company partnered with Heatseeker to test numerous potential offerings and ensure they were aligned with customer needs.
The objective: identify which value propositions resonate with consumers to inform their long-term strategy.
The Challenge
The health fund sought to explore market demand for several proposed offerings, all while keeping the tests discreet and not influenced by their established brand presence. They also wanted to compare their propositions against competitors to guide their strategic roadmap.
The Solution
Heatseeker created a stealth social media brand to run three consecutive experiments over a two-week period. This approach enabled the health fund to test over 30 different value propositions without brand recognition impacting the results. These experiments measured buyer intent, confidence levels, and improvements over the existing offerings, providing quantitative voice-of-the-buyer data that the health fund’s strategy and innovation team could use for board-level decision-making.
Results
With more than 27,000 people participating in a week, the experiments provided powerful insights. Three value propositions were identified as high-potential candidates and were integrated into the health fund’s strategic roadmap. The experiments also highlighted new target customer segments, further refining the company’s approach.
The top value propositions that were tested outperformed their current value proposition. And more importantly these outperformed all key competitors with large margins and high confidence The health fund’s executives and board were able to confidently move forward with these insights, with Heatseeker’s data supporting their decisions.
Impact
This is a new kind of research for us. The CEO and board were thrilled by the strong data behind the strategic direction.
The results were instrumental in shaping the company’s future product development efforts, with the board leveraging Heatseeker’s data to define their innovation path. By using Heatseeker, the health fund accelerated their decision-making process, saving time and resources while ensuring their new strategic roadmap was backed by strong market demand.
Conclusion
Heatseeker’s market experimentation platform empowered one of Australia’s largest health insurers to quickly validate new value propositions, driving strategy at the highest levels and ensuring customer-centric innovation.
