The new approach from KPMG’s Global Customer Center of Excellence and KPMG Innovation Labs pinpoints the drivers of choice that open and close the customer’s wallet — from Millennials to Baby Boomers customers; with surprising findings from a survey of 10,000 people across the US, UK, India and China.
The study investigates what KPMG calls the Five Mys, focus on five key dimensions, or behavioral drivers: My Motivation, My Attention, My Connection, My Watch, and My Wallet. Each of these Five Mys in isolation reveals only one aspect of a customer’s story. Together they empower companies to navigate the complexity of consumer decision-making and build a better understanding of what affects changing customer preferences and needs.
KPMG’s Innovation Labs developed a multilayer research framework, underpinned by the rigor of design thinking for business model innovation. It begins by understanding macro trends, identifying social, technological, economic and political signals of change. Then layer on a combination of scientific data and fact-based historical and economic data, before adding original ethnographic research to understand the “why” behind the behavior.
KPMG leveraged extensive research across multiple industry sectors, including consumer and retail, banking, insurance, wealth management, healthcare, and telecoms and media. Finally, it combines this developing picture and the ethnographic findings to inform questions for our primary survey, to test the prevalence of behaviors. This is beside a survey of 10,000 people across the US, UK, Indi, and China.