Having done a lot of traditional research the client understood the surface level reason about why consumers did not sign up for a vital long-term financial service. However, they were frustrated by a lack of deeper insight that could lead to differentiating strategies.
In partnership with Roundfeather, we explored consumers’ lives and values broadly along with a specific focus on finances and savings. We used projective tasks, image collection, and journal explorations to understand their daily life including pain points, goals, and motivations.
We uncovered several levels of insight into important aspects of their consumer’s experience beyond the rational. There was a significant amount of shame which led consumers to not take action. This behavior was at odds with consumer’s goals and aspirations as well as their sense of self about being caring and conscientious people. They were stuck between “happy today” and “accomplished tomorrow.” With the product process being complicated and imbued with negative emotions, not taking action was the easier route.
"You almost don't want to think about it, because you hope you never have to use it. I think a lot of people would rather not delve into life insurance because you might jinx yourself. You don't want to think about life without your spouse. This is an unspoken sort of subject. You don't want to have that conversation. Like a will, people just do not want to think about death.”