Customer insight is a vital strategic business asset but few companies are able to harness it effectively.
Commentators may vary in their estimates, but there is general agreement that the majority of market research spend is wasted. According to an article by Harvard Business Review, only 11% of customer impacting decisions are backed with data insights. A fact which suggests that the majority of decisions are based on guesswork or, at best, intuition.
For some organizations this intuition is driven by real closeness to the customer, but for the majority it is based on what people think the customer wants and, in today’s rapidly changing consumer world, that is a dangerous place to be. What do customers need, want and value? How can they be served better? How can insight be harnessed to achieve a superior competitive position?
These are some of the questions we hear companies grappling with. The bottom line is that the current focus on customer experience, the need for customer led growth and the drive for competitive advantage demands customer and market insight like never before.
In the second edition of Me, my life, my wallet, we’ve continued our exploration of the multidimensional customer – what’s truly driving behavior and choices, and how this is set to change as the customer of tomorrow emerges.
We’ve built on our first edition’s unique and multi-layered research methodology with an even more ambitious research endeavor, drawing on new insight from across the KPMG network and extending our primary research, this year surveying more than 25,000 consumers in Brazil, Canada, China, France, India, the UAE, the UK and the US – as well as conducting ethnographic research interviews in each market.
It analyzes six themes: