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The data science of the multidimensional customer

The data science of the multidimensional customer

In this 2017 report entitled “Me, my life, my wallet” KPMG looked to redefine the modern consumer and the ways in which they make decisions.

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Five people standing against the wall with phones in hands

Are you customer-centric?

As the customer becomes more and more connected every day, that question has begun to take on new meaning. In this 2017 report entitled “Me, my life, my wallet”, KPMG looked to redefine the modern consumer and the ways in which they make decisions. Key to the understanding of these new behaviors, however, is a multidimensional framework based on trusted data.

Me, my life, my wallet

To develop the report, professionals from KPMG’s Global Customer Insights group combined the analysis of social, technological, economic and geopolitical trends with ethnographic interviews and a quantitative survey across four key regions. What they found might surprise you.

KPMG International, "Me, my life, my wallet". 2017 infographic

KPMG International, "Me, my life, my wallet". 2017

For example, the degree to which a smartphone has defined the modern consumer has skyrocketed. This is part and parcel of a world wherein 1 in 4 Millennials glance at their phone screen at least once every five minutes without being prompted by a notification. (From KPMG International, “Me, my life, my wallet”, 2017.) This has significantly impacted behaviors, but as the data regarding loss of a wallet versus a phone shows, it is not steady across all geographies.

And this is just one facet that defines a consumer. In fact, KPMG found that there were actually five facets that can help us develop more targeted experiences, products and services.

The Five Mys

With that in mind, our professionals developed a framework that can help businesses understand the interrelationship between these five attributes.

  • My motivation: characteristics that drive behavior and expectations.
  • My attention: ways we direct our attention and focus.
  • My connections: how we connect to devices, information and each other.
  • My watch: how we balance the constraints of time and how that changes across life events.
  • My wallet: how we adjust our share of wallet across life events.

Once we understand and can measure these facets, we can use the data we already have about our customers-as well as new sources to come-to identify the drivers and critical trade-offs among purchase decisions.

Read the full story for more information and recommendations about the multidimensional customer (PDF 2.90 MB)

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