KPMG in India has unveiled a new, distinctive customer engagement framework designed to help businesses understand the increasingly complex and multi-dimensional forces that influence decision-making and preferences of today’s, and tomorrow’s, ever-evolving consumer. It leverages the Five Mys, Customer Wallet and Generational Surfing that gives 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 tell 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 five Mys for Indian consumers:
• Discount and cashback driven, looking for the best deal
• Young population with high percentage of millennials
• Rising trend towards individualism
• Lowest time spent with media compared to US, UK, China
• Mobile entertainment and live streaming on the rise
• TV still dominant but digital increasing, especially mobile
• Lower cost of mobile data fueling dramatic increase in mobile data usage
• Rise of online marketplaces and and WhatsApp and Facebook as dominant social platforms
• Connect with brands via social media
• High level of women not participating in the workforce
• Relatively low number of vacation days; leisure time seems to become increasingly important
• Average time spent in school is less
• Digital wallet and payments are leapfrogging, but cash is still vital
• Growing middle class
Other key findings specific to India are:
KPMG’s inaugural Me, My Life, My Wallet, is a global analysis of how the seismic influences of socio-political and economic shifts, accelerated mass adoption of new technologies, and mobility are upending fundamental beliefs around what drives consumer behavior. With surprising findings from a survey of 10,000 people across the US, UK, India and China, the report is based on comprehensive, customer-focused research methodology from KPMG’s Global Customer Center of Excellence and the KPMG Innovation Labs, and incorporates human-centered design thinking for business model innovation.
“Transactional data, traditional market research and demographic profiles alone cannot give a comprehensive view of what customers are doing and why. Every day, new influences impact consumer motivation, behavior and consumption, and eventually what makes the customer open his wallet. Understanding these multi-dimensional forces is essential and the report shares a new, intelligent, multi-dimensional model that uses predictive insights to help companies understand the journey and who their customers really are”, said Aditya Rath, Partner, Management Consulting at KPMG in India.
Giving the India perspective, he added, “In India, the foundations for a thriving, connected economy are in place, and the shifts in consumer spending power are already underway. What’s following now is a new set of consumer motivations, expectations, aspirations and an evolving customer wallet. Understanding the wide variations among Indian consumers, as well as the cultural context behind larger changes throughout the country, can help businesses understand how to make effective progress in India.”