Cognitive scientists claim 95% of all human thought is unconscious. New research tools are emerging which can help executives tap consumers’ unconscious thoughts to better understand their preferences. Filene Research Institute recently partnered with Doorway to Dreams Fund (D2D) to test one such methodolgy, called the Zaltman Metaphor Elicitation Technique (ZMET).
ZMET is an innovative research methodology that elicits insights about human decision making through metaphors and storytelling. Using a sophisticated interview technique, researchers encourage consumers to create stories and identify images about their feelings related to a topic of study. From these stories emerge metaphors, messages, and imagery that professional marketers use to build brands and products (e.g., “Chevy, Like a Rock”). This study focuses on how Low and Moderate-Income consumers approach (1) money and savings, and (2) their children’s financial futures.
This report represents the first phase of our work on this topic . We are currently working with a handful of credit unions on phases two and three of this project. An updated version of this paper will be available in the second half of 2008.
Finally, special thanks goes to the National Credit Union Foundation for its generous financial support to make this study possible.
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Looking forward to reading the report, and commenting back here when I’ve digested it.
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At first glance, the differences between men and women are interesting. The data on women also matches what is happening in other demoographics…women control the pursestrings. Also, the emotional impact that our children have should not be overlooked as we try to attract and retain members and provide services to match. We should keep in mind that many financial decisions are based in some way on how we feel about our kids and what we desire for their comfort and success. Kevin Roberts book, “Lovemarks” talks about this emotional aspect in detail with many great stories and examples; but with more of a brand and marketing angle. Your report helps confirm his point of view.
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I will comment after reading the report.
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dupaco
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I found the paper insightful, particularly the findings on trust. According to the paper, LMI individuals distrust FIs’ advice about money and describe distrustful people as “fast-talking, using jargon, driven by self-interests, etc.” As an industry reliant on acroynms, it is important for credit unions to be aware of how our talk may be perceived by our members and the public.
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wow, all marketeers would lik to be able to [...encourage consumers to create stories and identify images about their feelings related to a topic of study. ] and than use the [...metaphors, messages, and imagery to build brands and products ]. Our volunteers create and share knowledge about many topics for free. Every day. It is interesting to see that of our articles about classic cars (mercedes benz, just like the Chevy example in your article) generates a lot of traffic. Perpaphs we all dream about driving a nice car? Feel free tot visit the website with the example page about Mercedes Benz classic cars that I used as an example (in Dutch only).
[An updated version of this paper will be available in the second half of 2008.] We are interested in the results, so we bookmarked this site for future reference!
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Interesting article about human thoughts. For all the readers from The Netherlands I have translated this article into the Dutch language. Just visit our website and send me an email (with a reference to this blog) to receive your free of charge copy. And last but not least, I am very interested in the updated version of this paper (coming soon).
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Interesting topic: [...This study focuses on how Low and Moderate-Income consumers approach (1) money and savings, and (2) their children’s financial futures..] I am very curious to read the results. They should have been published somewhere second half 2008. Can anyone please post a link to these results? My suggestion for further research: What is the influence of the global financial crisis on the same focus group (Moderate-Income consumers).
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It is interesting to see that both consumers and companies, that sell products to consumers, can learn from this research. One of the outcomes can be ‘a better understanding of each others wants and needs’. A company that is able to provide what his customers want, will survive any financial crisis.
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