Michael Atack
Director
KPMG

The 5 Mys

Our research flags up five fundamental drivers that prompt people to open – or, on the other hand, close – their wallets. We call them the 5 Mys:

  1. My motivation. Customers want more from brands than ever before: trust, authenticity and ethics, not to mention convenience and personalisation.
  2. My attention. With vast volumes of content available at the tap of a screen, the fight for consumers’ attention has never been more intense.
  3. My connection. We’re connected to information, brands and each other 24/7. Knowing how these links and interactions work in the digital age is critical for any business.
  4. My watch. Understanding the impact of time constraints on the way we interact with each other is key to delivering what customers want, when they want it.
  5. My wallet. Recognising the relationship between life events, disposable income and spending patterns will provide new levels of customer insight.

Harnessing the power of data to better understand your customers

Huib van Bockel, former Chief Marketing Officer at Red Bull

A different perspective

Basing your product and marketing strategies on conventional segmentation and demographics is no longer enough; you need to take an ‘outside-in’ view of your target market, building new ways of understanding how and why people make decisions.

The 5 Mys can be used as a lens to build a multi-dimensional view of your customers. Something that is essential for your business in an environment where today’s best experience drives future expectation.

The way different generations approach and move through certain life stages is changing. Successful companies are adopting ‘insight-driven-growth’ strategies – where advanced analytical tools are used to understand and predict customer behaviour.  

But the window of opportunity is narrow. The time for looking at your customers through fresh eyes is now.

Download our report, Me, My life, My wallet below.

Resources

Report

Reinventing the customer experience

How can retailers keep pace with a fast-evolving consumer expectations?

Read
Report

Going global

With international trade at the heart of the growth agenda, this guide answers key questions on how to develop and maintain a successful global business.

Read
Report

The Connected Experience Imperative

UK Customer Experience Excellence analysis

Read