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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