The theme running through these three stories is how important it is to deeply understand customers and their broader context, and how quant data alone isn’t up to the task: Why King Charles and Ozzy Osbourne aren’t the same person The firm’s strategy had been built on flawed assumptions because of this blindspot. Their decisions are driven less by mathematical probabilities than emotional drivers. Most investors – even supposedly sophisticated ones – aren’t entirely rational agents. The sophistication of their portfolio was not a reflection of their expertise. They were making decisions based on hunches, what their friends where doing, tips in newspapers, brand allegiances, family histories and a whole host of other unhelpful reasons. We found that many had a poor understanding of investing. Using qual interview techniques, we learned how they made decisions. It wasn’t that the investors disliked our ideas – it was that they were much less sophisticated investors than anyone had thought. Things started going awry, but not for the reasons you might expect. We designed tools we thought they would find useful, then watched and listened as they tried using our early prototypes. The company had an analytical data model that identified sophisticated customers using data about their holdings. We helped a firm design online tools to help experts choose investments. But the customers at risk of harm aren't always the ones you think. It's common to assume that one cohort needs more help than the other. Many firms struggle to service experienced customers and ‘newbies’ in tandem. The sophisticated investors that were anything but When the debtors felt respected their fear eased and trust began to build, making it possible to have a productive dialogue about repayment. This time the response was completely different – people engaged with the help on offer. Using what we learnt, we re-wrote the copy and tested the prototype again. And its customers would have refused the help on offer and remained in problem debt.īut our qual methods allowed us to identify then meet that need. If the firm had launched the journey without the insight qual gave us it would have been a pointless exercise in IT delivery, because few among the target audience would have made it past the email. Here's some context that we wouldn't have found in web analytics: debtors using the online journey needed to feel safe. All it took was a few short words in an introductory email title. We’d recruited participants who had experience of problem debt, and despite our best intentions the journey triggered negative memories and trauma.
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