CHALLENGE

How can Luminor evaluate its brand reputation and growth potential in the Baltic market?

Challenge

Luminor sought a pan-Baltic quantitative research provider
to assess its brand reputation among consumers and identify opportunities for market growth. With a competitive land-scape in the banking sector, understanding consumer perceptions and preferences was essential for strategic development.

Process

To address this challenge, RAIT conducted a regular quantitative online survey, targeting a representative sample across various demographic segments in Estonia, Latvia, and Lithuania. The project was centrally coordinated, ensuring streamlined communication and consistency with Luminor through a single point of contact.

Results

The research provided Luminor with a regular evaluation of its brand positioning within the competitive landscape, insights into banking habits, and an understanding of lifestyle choices among consumers in the Baltics. This data enabled Luminor to refine its marketing strategies and enhance its service offerings to better meet customer needs.

Who is Luminor?

Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in the region. It serves the financial needs of individuals, families, and companies. Just like its home markets of Estonia, Latvia, and Lithuania, Luminor is young, dynamic, and forward-looking. It is there for local businesses and financially active people with an entrepreneurial mindset. Luminor's journey starts with daring to simplify things. And its curiosity drives the change for a better tomorrow.

“The swift reaction by Wilke, with efficient research tools we have used in Carlsberg many times, gave us a strong input to the product development and allowed us to make a successful launch of Somersby Sparkling Spritz in Finland with a quick turn-around”

— Pernille Arnt, Global Marketing Director, Somersby

Our Approach

RAIT's approach combined robust quantitative analysis with demographic segmentation, allowing Luminor to gain a comprehensive view of its brand equity. By utilizing this methodology, RAIT delivered actionable insights that informed Luminor’s market strategy and brand positioning.

This approach offered several advantages, particularly in terms of efficiency and reach. Conducting the survey online allowed RAIT to gather responses quickly and cost-effectively, ensuring that data collection was not only timely but also scalable across the three Baltic countries. The digital format made it easier to reach a broader audience, including hard-to-access demographic groups, thus enhancing the representativeness of the sample. Additionally, the online platform facilitated real-time data analysis, enabling Luminor to receive actionable insights promptly. This method also minimized the logistical challenges associated with traditional face-to-face surveys, such as geographic limitations and interviewer bias, further enhancing the reliability of the findings.

Key outputs for Luminor

The results of the study enabled Luminor to continuously monitor its brand position, adapt to changing consumer preferences, and seize new growth opportunities within the dynamic Baltic market. This ongoing evaluation is vital for maintaining a competitive edge and enhancing customer engagement.