North: Adviser Value Proposition

Pillars for the customer value proposition for MyNorth were developed through interviewing different advice practices and stakeholders.

The customer value proposition created an understanding of why MyNorth exists, helped become more focused and intentional in what was delivered. 

The goal of the pillars was to be owned by the team and act as aspirational, so that they’re able to use them for areas to develop and capture the benefits of the product.

Background

North is one place for your super, pension and investment needs. It is a wrap platform designed for all life stages. It is an award-winning platform. North has been awarded a 5 Apple platform rating, the highest possible rating from Chant West.

It is the place that makes life easier for financial advisers In one convenient place, it offers the ability to design and build investment portfolios, leverage new solutions for retirement outcomes, and implement your advice seamlessly for clients. It’s packed with market-leading solutions and functionality.

My role

Responsible for planning and facilitating the workshops and research, creating the customer value proposition and helping to create the implementation plan.  

Objective

• Define the areas of value for advisers, differentiators and prioritised them to create the value proposition for MyNorth

• Understand the language that resonates with advisers and the key proof points to inform marketing materials and roadmaps

• Understand what was valued and differentiated about other platforms

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Challenge

It is currently a race to the bottom (for price) for financial platforms. We needed to understand how to differentiate MyNorth from other products in the market. To do this, we needed to understand the views from our users on it compared to other platforms and how it provided them value.

Approach

• Ran workshops with MyNorth stakeholders to define their perspective on the value areas and differentiators of the platform

• Planned and facilitated 2-hour interview sessions with advisers from a range of practices 

• Synthesized the feedback from advisers to form the value proposition and additional findings to influence the roadmap 

• Defined the value proposition and rewrote each of the pillars using the adviser’s language 

• Created an implementation plan on how to deliver the value proposition internally and externally

Impact and outcome

• Increased the number of users by 33% and provided a clear way to differentiate the product in market

• Customer value proposition used as criteria to prioritize and inform new projects and the roadmap

• Informed uplifts required, focus areas, marketing materials and Business Development Managers (BDM) sales toolkit

• Delivered the implementation plan to teams to provide them with their next steps to deliver the value proposition in market and internally 

Awards

• Innovation - Longevity Cover Excellence Awards - Plan for life 2022

• Deferred Lifetime Investment Linked - Longevity Cover Excellence Awards - Plan for life 2022

• Innovation excellence - Canstar 2023

• Innovation Best Fund - Chant West 2023

• Longevity Product Best Fund - Chant West 2022 - 2023

• Excellence and innovation award - World Pension Summit 2023

Timeframe

8 weeks