Through a multi-dimensional lens called The Five Mys, you can gain insights that navigate the complexity of consumer decision making. The Five Mys include: My Motivation, My Attention, My Connection, My Watch and My Wallet. Each of the Five Mys in isolation tell only part of the story: together they can help provide companies with a clear picture of the collective influences on today’s consumer and how those affect decisions, preferences, choices and spending.
"For years, marketers have touted demographic segmentation for targeting customers. Looking at demographics alone, however, risks missing the multifaceted way in which people make decisions."
Today, our best experiences have become our expectations — we no longer just compare a company to its closest competitors but to whomever sets the standard for our best experience as consumers. We crave convenience and more intuitive, personalized experiences.
We value peer reviews and social reference, and many people place more confidence in individual influencers than in companies and institutions.
“I don’t mind paying extra for organic groceries and will pay extra to preserve my health.” Suman, 59, Boomer, India
We’re all subject to unprecedented volumes of information at our fingertips, increasingly available whenever and wherever we want it.
This abundance of information collides with constant pressures on our attention. As our time has become more fragmented, we are making fundamental shifts in how we process and filter information. Understanding how individual consumers prioritize and marshal their time and attention is essential to break through the noise and the chaos and to build deeper, more meaningful relationships.
’62 percent of millennials in the US check their phone at least every 10 minutes without receiving a prompt or notification’
As technology adoption accelerates, new devices and tools are gaining more users in less time. As a result of our increased connectivity, we are having more digitally “connected” interactions.
Understanding the shape and patterns of these wide-ranging interactions and networks is central to understanding how decisions are influenced, when and by whom. The companies that cultivate such an understanding and how it could evolve as technology further permeates our lives will be those best equipped to engage with customers on their terms.
'80% of people in India prefer technology to automatically filter information'
How much time we have, or think we have, influences how we interact with other people, services and companies. We’re increasingly using technology to automate or accelerate tasks throughout our lives, whether with recurring grocery and household orders or the use of algorithms to help guide us on what to purchase, watch or listen to next.
By understanding the impact of life events and the trade-offs of time and money, companies can engage with consumers at the time of greatest impact, identifying and delivering to unmet needs.
‘48% of professionals in India are ready to forgo a top position with a high salary for flexible working arrangements’
The shape of our wallet changes according to major life events. How much money we have, how we choose to allocate it and our attitude towards it shifts based on myriad factors, not just our salary or age.
Understanding the relationship between income, consumption and spend mix, and how this changes for different generations, viewed through the lens of life events, provides a level of intelligence beyond that offered by traditional demographic models.
’88 percent of consumers in China use WeChat or Alipay to make a payment’