Only a few years ago, the corporate view of retirement planning at San Francisco-based Wells Fargo Bank tended to focus on dollars and cents — how much an individual needed to invest, by when and for how many years,” write Julien Cayla, Robin Beers and Eric Arnould, authors of the article “Stories That Deliver Business Insights,” in the Winter 2014 issue of MIT Sloan Management Review. This segmentation did not account for context such as whether a person was inclined to think about long-term financial goals.
“As part of an ethnographic project commissioned by the bank, researchers had customers walk through a life timeline and recount activities they engaged in that related to retirement planning in each decade of their lives — their 20s, 30s, 40s, 50s and beyond,” write the authors. The stories showed that baby boomers faced “a complex phenomenon of continually negotiated personal travails and marketplace dynamics.”
As a result of what they heard, the Wells Fargo team reworked how they think of customers. The bank developed a behavior-based segmentation that divided retirement approaches into three groups — Reactor, Pooler and Maximizer. […]
As a result, the bank adjusted its marketing strategy and “designed its retirement planning site to include the various life stages used in the ethnographic research to convey the message ‘we meet you where you are’ and provide relevant, unintimidating guidance — as opposed to producing numbers-dense material filled with endless financial projections.”
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Following the 2016 Smart Innovation Award at “FIMBACTE Trophées du Cadre de vie”, the CITYOPT project has once again been recognized, this time in the prestigious French design competition: “Observeur du Design 2017”, in the Service Design category. In June 2016, CITYOPT won the first stage of the Observeur du Design. Now the project has […]
Last month Putting People First announced the upcoming conference on design & sustainable innovation for smart cities in Nice France. Meanwhile we are pleased to announce the full event agenda (see below). This event will feature professionals from leading research institutes and industry gathering to present key initiatives which combine Energy Efficiency and Service Design […]
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The September issue of the Harvard Business Review (HBR) contains a lengthy essay, entitled Building an Insights Engine, on how Unilever has created the organizational capabilities to “transform data into insights about consumers’ motivations and to turn those insights into strategy.” The article was written by Frank van den Driest and Keith Weed of a […]
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