Me, My Life, My Wallet
Ground breaking research identifies the complex drivers of choice that open and close the customer wallet
18 June, 2018
Businesses need to understand the vast number of influences now shaping consumer behaviours – or risk falling off their shopping list.
Everything about your customers has changed. From their use of technology, to the way they communicate, their preferences – and their relationships with brands. KPMG International’s customer-focused research identifies the complex drivers of choice that open and close the customer wallet. Findings from a survey of 10,000 people across the US, UK, India and China, details insights on how the seismic influences of continued technological disruption, erratic socio-political and economic shifts, and enhanced mobility are upending fundamental beliefs around what drives consumer behaviour.
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:
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.