As briefly mentioned in an earlier post, in the last quarter of 2017, two global players, McKinsey & Co and Geometry*, who have been looking at journeys for the last eight years or so, broadcasted respectively a podcast and a webinar, to share observations and reflections about their journey research practice. Talking to colleagues and clients, it seems that the two events have been largely unnoticed which is a shame considering the insights they uncovered. Let me share a topline summary.
McKinsey & Co: being in the initial consideration set is critical for success
Looking at data from more than 125,000 consumers in about 30 categories, McKinsey & Co found out that only 3 of the 30 categories were ‘loyalty-driven’, while the other 27 were ‘shopping-driven’. In other words, they demonstrated that loyalty was a myth for a majority of categories. Within those 27 categories, the dominant behavior was ‘switching’: 58% of shoppers were buying a different brand from one purchase cycle to the next. The key conclusion they drew was that it was critical for a brand to feature in the ‘initial consideration set’: 70% of brands were actually chosen out of this short-list. Therefore, the battleground for brands was what they call the ‘active evaluation’ phase when people switch to shopping mode and draw upon past experiences, external influences and biases to list brands that could fulfill their needs.
I don’t disagree with their conclusion but, as a shopper marketer, I’m also interested in the 30% of brands selected later on in the journey. In between the lines, it tells me that activating shoppers along the journey to displace incumbents can generate positive outcomes.
Geometry: the levels of risk and involvement are key variables to segment purchase behaviors
Building on the analysis of 66,000 shopper journeys across 38 categories, Geometry found out that differences between categories and markets were based on the effect of only a couple of variables. The starting point is that no shopper wants to make a bad decision. Against this statement, Geometry identified two criteria that discriminate people’s behaviors: firstly, the level of risk associated with the purchase decision and secondly, the level of involvement in the buying process. When you map journeys against those two axes, three behavioral typologies appear: ‘guesswork’, which is low risk/low involvement; ‘copying’ which is some risk and some involvement; and ‘research’ which is high risk/high involvement. While diverse behaviors can be observed, understanding the dominant behaviors in a category and a market can help shape the overall strategy to meet the needs of the majority of shoppers.
Once again, this is a very interesting finding for shopper marketing: if the two variables above – or proxies – are present in your dataset, you can focus your activation efforts on the main behavior in your category and ultimately increase conversion.
The above paragraphs are only short summaries and I strongly encourage you to read the full transcripts and associated reports.
McKinsey podcast: “Driving business growth by zeroing in on the consumer decision journey“. December 2017.
Geometry webinar: “Shopper marketing: Purchase journeys, behaviors and pre-triggers“. September 2017.
*Disclaimer: Geometry is my employer at the time I’m writing this post but the views I’m sharing are my own and do not represent those of the company.
