Me, My Life, My Wallet | KPMG | BE

Me, My Life, My Wallet

Me, My Life, My Wallet

A new way of navigating the evolving consumer.

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Me, My Life, My Wallet

KPMG’s report Me, My Life, My Wallet is designed to help businesses understand the increasingly complex forces that influence decision-making and preferences of today’s and tomorrow’s multi-dimensional consumers.

What drives today’s multi-dimensional consumer?

Around the world, from sector to sector, companies are locked in a battle for growth. Facing intensifying competition, many are struggling to understand the wide variety of trade-offs customers are willing to make and the forces impacting their decisions. However, until now, there has not been a compelling, comprehensive account of how to understand customers or consumers as the real living, breathing, complex human beings that they are.

It’s time for a new approach. One that employs a multidimensional framework to engage what is now a multidimensional consumer. Therefore, we provide a distinctive framework leveraging the Five Mys, Customer Wallet and Generational Surfing to give businesses fresher and deeper insights on consumer behavior, helping deliver a multilayered view that strengthens the race for the customer.

  • The Five Mys: The Five Mys focus on five key dimensions, or behavioral drivers: My Motivation, My Attention, My Connection, My Watch and My Wallet. Each of the Five Mys in isolation tells only one aspect of a customer’s story. Together they enable companies to navigate the complexity of consumer decision-making, and build a richer understanding of what affects changing customer preferences and needs.
  • The Customer Wallet: The Customer Wallet provides fresh thinking on our changing relationship with money, including the forces that influence when, where, how and why we open and close our wallets. Understanding the mix between income, spending and saving, and how this changes across generations and life events, provides a level of intelligence beyond that offered by traditional models. Grasping the dynamics of the Customer Wallet and influences by the Five Mys, can provide businesses with deeper insights in the race for the evolving customer.
  • Generational Surfing: There was a time when understanding a particular generation such as the baby boomers was enough to predict future behavior. With extending life stages and drifting life events, riding the waves between generations isn’t as predictable as it once was. Generational surfing presents a new perspective on how those life event drifts can help businesses anticipate changing needs and preferences. 

Our approach will bring a whole new dimension to consumer behavior. If one wants to understand today’s and tomorrow’s consumer, disruptive changes such as e-commerce and the use of big data need to be taken into account. Our model can bring a fresh insight to this. 

This article is part of the Insurance Newsletter March 2018

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© 2018 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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