mapping the millennial path to-purchase - crc 2016
TRANSCRIPT
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Mapping the Millennial Path to PurchaseQualitative Methods for Richer Storytelling
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Kelly BowieAVP, Marketing and Consumer Insights at Guardian Life Insurance Company
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Most educated generation ever
92 M Millennials
Largest generation in U.S. history
Will spend >$200B annually
~1/3 of pop. By 2020
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BrandonShockleyPractice Lead, Millennial ConsumerInsights at Plannerzone
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ResearchDeliver Millennial insights to internal stakeholders
Our challengeMethodEngage Millennials to talk about a sensitive topic
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Path-to-purchase homework
Photo sorts
Personification
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Examples from our study on the Millennial path-to-purchase
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Speaking of Millennials . . .
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Why study the path to purchase?
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See the journey from the customer’s perspective
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The path is increasingly fragmented
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Everyone is bright and articulate
They have perfect memory
Concise and reasonable explanations of behavior
In a perfect world…
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Alas, we face reality:Flawed memory
Observer effects
Group think
Communication breakdown
Focus groups can be uncomfortable
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And then we have to present it!
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§ New Nation
§ Civil War§ Dedicate Field
§ Dedicated to unfinished work§ New birth of freedom§ Government not perish
11/19/1863
Gettysburg - Key Takeaways
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Solution:
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Richer storytelling
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Techniques in context
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Approach:
9focus groups in January 2016, across 3 markets…
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1. Married/Committed Relationship (no children)
2. Married or Single (with children)
3. Single (no children)
Three life stages per market:
Mix of purchase intenders and recent purchasers
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path-to-purchasehomework
photo sorts personification
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Receive prompt
in advance
Discuss topics from homework
Process
Complete assignment
at home
Timedpresentation
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Homework promptIdeas and assumptions you started withThoughts and feelings at different steps in the processTimes when you felt an urge to actHow you made progress at different stepsSetbacks or obstaclesHelpful resources, people, and toolsHow you felt before and after purchasing
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Homework tips
Incentivize creativity
Set a timerProbe key milestones
Welcome collaboration
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Video: Path to purchase
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path-to-purchasehomework photo sorts personification
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Process
25-35 photos
Select images
Present & compare
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Photo sort promptSelect an image that depicts where you are today in your financial life.
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Photo sort tips
Limit number of
photos
Probe similarities & differences
Photos unrelated to topic
Identify content
from photo
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Video: Photo sort
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Building & Rebuilding
Making Progress
ConfidentRelaxation
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path-to-purchasehomework
photo sorts personification
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Personification promptSelect a notable person who has qualities that you associate with insurance agents.Select another person who has the qualities that would make the ideal insurance agent.
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Personification tips
Contrast personalities
Explain choices
Give examples
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Video: Personification
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Current Experience: Motivated by money; not acting
in the customer’s best interest.
Desired Experience: Compassion, intelligence, savvy
and communication skills.
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Implications
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In a world of brand advocates, we’re people advocates.
Thank You!