Mapping the Millennial Path to PurchaseQualitative Methods for Richer Storytelling

Kelly BowieAVP, Marketing and Consumer Insights at Guardian Life Insurance Company

Most educated generation ever

92 M Millennials

Largest generation in U.S. history

Will spend >$200B annually

~1/3 of pop. By 2020

BrandonShockleyPractice Lead, Millennial ConsumerInsights at Plannerzone

ResearchDeliver Millennial insights to internal stakeholders

Our challengeMethodEngage Millennials to talk about a sensitive topic

Path-to-purchase homework

Photo sorts

Personification

Examples from our study on the Millennial path-to-purchase

Speaking of Millennials . . .

Why study the path to purchase?

See the journey from the customer’s perspective

The path is increasingly fragmented

Everyone is bright and articulate

They have perfect memory

Concise and reasonable explanations of behavior

In a perfect world…

Alas, we face reality:Flawed memory

Observer effects

Group think

Communication breakdown

Focus groups can be uncomfortable

And then we have to present it!

§ New Nation

§ Civil War§ Dedicate Field

§ Dedicated to unfinished work§ New birth of freedom§ Government not perish

11/19/1863

Gettysburg - Key Takeaways

Solution:

Richer storytelling

Techniques in context

Approach:

9focus groups in January 2016, across 3 markets…

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

path-to-purchasehomework

photo sorts personification

Receive prompt

in advance

Discuss topics from homework

Process

Complete assignment

at home

Timedpresentation

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

Homework tips

Incentivize creativity

Set a timerProbe key milestones

Welcome collaboration

Video: Path to purchase

path-to-purchasehomework photo sorts personification

Process

25-35 photos

Select images

Present & compare

Photo sort promptSelect an image that depicts where you are today in your financial life.

Photo sort tips

Limit number of

photos

Probe similarities & differences

Photos unrelated to topic

Identify content

from photo

Video: Photo sort

Building & Rebuilding

Making Progress

ConfidentRelaxation

path-to-purchasehomework

photo sorts personification

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.

Personification tips

Contrast personalities

Explain choices

Give examples

Video: Personification

Current Experience: Motivated by money; not acting

in the customer’s best interest.

Desired Experience: Compassion, intelligence, savvy

and communication skills.

Implications

In a world of brand advocates, we’re people advocates.

Thank You!