yes she can, designed by women - the wisdom council · • impact of ^you only live once _ (yolo)...

Yes She Can, designed by women

Collaborative partner debrief

9th July 2019

“Social purpose and commercial success flourish best together”

Sharon White, Chairman, John Lewis Partnership

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Agenda for the morning

© Wisdom Council– all rights reserved

AGENDA

Executive Summary

What did we learn in Stage 1? And what did we do in Stage 2?

Phase 1 Insight: 6 pillars that shape a woman’s life

What is happening between now & September?

What are we doing in this afternoon’s workshop?

Where are we on the YSC journey?

AOB

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We are here !


PHASE 1 (LEARN):

Stakeholder & influencer conversations –

(ONGOING)

Stage 1: Consumer Immersion Workshops –

‘Where is the love?’

• 4th June – Newcastle (COMPLETE)

• 6th June – Bristol (COMPLETE)

Online Research Lab –

• 30th May – 2nd June (COMPLETE)

PHASE 1 (LEARN) STAGE 2:

Consumer and collaborative partner - Generation Workshops –

‘Dare to dream!’

• 19th June – Glasgow (COMPLETE)

• 20th June – Birmingham (COMPLETE)

PHASE 2 (DEVELOP & REFINE):

Phase 1 debrief with key stakeholders -

9th July - morning

Develop & Refine workshop–

9th July - afternoon

Prioritisation workshop –

31st July

PHASE 2 (DEVELOP & REFINE):

Social listening with 000s of female social media users

July

WE A

RE H

ERE

DONE

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Executive Summary


• We’ve launched our programme of innovation via female consumer co-creation and cultivation of a social community for ideas - we’ve run a 4-day online lab and x 4 workshops involving 103 women in 7 locations around the UK.

• In line with the project’s overall objective to change behaviour we have we focused on the key 21 – 50 age range, following the CII’s “6 moments that matter”.

• We have analysed all the insights emerging from Phase 1 and distilled these into 6 broad pillars which underpin women’s lives: Connections; Saviness; Control; Ambition; Confidence; Thoughtfulness.

• Women have told us femininity to them is - confidence, independence, strength and determination.

• They therefore want to de defined as strong, not sweet – this has major impact in the way we talk to them.

• This is at odds with the industry rhetoric of talking about “barriers” and lack of confidence.

• Statements like “women are less confident and take less risk” miss the point entirely. Women take plenty of risks, but these are CONTROLLED risks.

• Women support other women; they want to know if products and services have been designed by women as they will “better understand our needs”.

• A key barrier to deeper brand engagement is often “life”.

• Time is the new “luxury”.

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Executive Summary


This project is all about collaboration:

• We’ve been capturing insights from non- FS companies, the industry, the FCA & DWP

• We’re inviting the FCA to join our Data Design workshop, our work will be used to influence the next DWP campaign and media partnership, they have invited us to join their stakeholder group.

• In line with the YSC programme’s focus on collaboration cross-industry we’ve invited a group of FS NED’s and Board members to join us for an informal discussion on 31st July.

• We’ve partnered with the WIBF network and we are in conversation with CII’s Insuring women’s futures; Smartpurse, WealthiHer and the Fidelity Women & Money campaign.

• Our collaborative partner group truly have the ability to affect change.

• You are a very powerful voice – between you , you look after millions of customers (both directly and indirectly) and manage £billions of assets that will secure more than half of the UK’s financial futures.

6 © Wisdom Council– all rights reserved

• New millennial careers - that wouldn’t have been possible 10 years ago

• Where is the dividing line between work and travel?

• Digital nomads – flexible, international and able to work from anywhere. Ready to conquer the world ( provided there’s high speed Wifi)

• The “side-hustle” - Gen Z and millennials - made easy by unparalleled access to social media, smartphones and digital universes

• Impact of “You only live once” (YOLO) mindset

• Digital attention span of millennials - 12 seconds

• Gen Z – 10 seconds

• Influence of Xennials (micro generation 30 – 45) – “the new adulthood” –the in between generation combining grown up sensibility, with core millennial priorities of health, experience, lifestyle and fun.

• Impact of “3 clicks” mentality

• Impact of growing up on Youtube – wanting to see real people

• Work/life balance starts to become irrelevant for younger millennials and Gen Z, more money conscious

Although women share the same values there are significant work, life and behavioural differences between the generations

Executive summary - women are not a homogenous group

“If I cannot find what I need or understand in 3 clicks I am not

interested” Millennial, Stage 2 Workshop -

Birmingham


Entrepreneurs are the new celebrities and

women are the fastest growing group.

“BFF marketing” also speaks to the rising

influence of social media’s language, style

and informality on commerce.

Many of the women we spoke to “want to

make a difference” in their future lives with

business ideas often focused on social impact

or conservation.

Motherhood can intensify ambition. Work is

very important to all and linked to women’s

sense of self.“I launched my own content and blogging business. I don’t work 9 – 5 and I am not tied to any one place”

Millennial, Stage 2 Workshop - Birmingham

Executive summary - women are ambitious and that needs to be reflected in the way the industry communicates with them


Technology, and increasingly AI, is bringing a new perspective to the customer experience:

• Voice technology is adding a richer and deeper engagement and just making life easier

• Amazon has re-defined an expected “hygiene” level of customer service regardless of brand or industry. This has significant ramifications for an intermediated FS landscape

• Traditional communication methods are increasingly obsolete – its all about replicating “personal” relationships – via chat or voice bots or face-to-face – impact of millennials and Gen Z growing up using Skype, Google+, Hangouts, FaceTime and Snapchat – full sight, sound and motion

• Impact of the female customer’s need for transparency, a desire to see products and services talked about and reviewedin a relatable context

Executive Summary - the impact of “real-time” lives is everywhere

• As a result “value for money” is rarely based on price for women – it is service. (How does this play to everyone’s Assessment of value calculations? Performance net of fees? Don’t think so….)

• Women have an overriding sense that companies don’t “get them” or understand their needs

• The influence of David Attenborough, the responsibility of individuals and companies around society and the environment cannot be underestimated

• The impact of #metoo is profound

• Women expect brands to be rooted in a tangible ethos or activity demonstrating authenticity, building communities and loyalty around the values they share – they want them to embrace their social values


A reminder: What did we learn in Stage 1 and what did we do in Stage 2?

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Women told us they connect with brands that..


• Understand their world and fit within their lifestyle

• Make them feel confident and emotionally uplifted

• Save them time/create efficiency

• Humour/entertain them (or at least be visually impressive)

• Help them stay in control

• Listen to them…and engage in an ongoing conversation…a contact and return pathway

• Peers recommend

• Are propositionally and visually clear

• Deliver value for money and reward loyalty

• Promotegender-positivemessaging elicitsgreater loyalty

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Other brands are not getting it right…


Barriers to engagement…

• Consumers are forced into the offensive and a ready-for-battle mood

• The bar for customer delight is set very high…likewise poor, impersonal customer service riles

• Life!

• Negative responses to brands tend to be emotionally strong…and can be passed down through generations

• Brands which make YOU do all the work

• Not feeling like they’re getting anything for money spent (invisible products)

• Increasingly, with more coverage on social media and in documentaries like Our Planet, a company’s consideration for environmental and social issues (or lack of)

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Stage 1 Workshops (Newcastle & Bristol) Video


https://vimeo.com/347265859/18d1930e5e

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How did we weave in the key learnings from the Stage 1 workshops and online lab?


• The learnings were used as stimulus for participants to respond/add to, build on and provoke ideas.

• In Task 2, after an initial brainstorm, we presented some of the key findings and verbatims from the previous workshops and asked them to comment – did they agree, disagree, would they add anything? Do they have their own examples?

• We then presented a number of ‘opportunity areas’ based on the themes highlighted earlier. For example:

What if ……. did ‘investing’?

If your favourite brand, the brand you trust most or even the brand that entertains you most, did ‘investing’…

• Who would it be?• What would they do differently, in their own way, to

inspire & help you to ‘invest’?• What would you tell your friends about it?

The best bits!

If you could create your own ‘investments’ firm by taking the best bits from different brands you love…

• Which best bits would you take from which brands?

• What would they do differently to help & inspire you to ‘invest’?

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The pre-work: Achieving your biggest life dream – “Dear Future Me…”


• Many of the women’s biggest life dream…. Was around around

owning their own small businesses.

• Less about the entrepreneurial / be my own boss side of things, but rather being able to “do what you love”, to indulge their interestsand get paid for it:

• Even with entrepreneurial vision, there was little talk around doing it for financial gain or money growth (this idea of growth, making money etc doesn’t seem to be in their vernacular).

• There was also practically zero awareness of funding options available to new businesses and an automatic assumption that they would need to self-fund

“I’ve been reading Rich Dad Poor Dad, and in it he says the most valuable thing you

have is time, so making money enables you to exchange that money for time”

“It’s about being a success in my own head, not necessarily financial”

“If I want to do this, I’ll have to work hard and save up”


“Dear Future Me. Well done, you did it!....

“You have your own successful business and are able to afford the

lifestyle you always dreamed of..”

“I’ve finally opened my Early Experience Centre providing early

years education and free training for all early years professionals.

Giving back and developing the practice is something I did not

believe could be possible”

“You did it! You have built a sanctuary for vulnerable endangered

species, built a team of well –trained keepers and thanks to you,

these animals have a much higher survival rate”

“You have finally opened the Tea shop & craft store on the coast”

“Honey Bee Home has its own team and ticks over nicely without

you. You can focus on travelling between here and NYC expanding

the brand”

“I am proud of myself for opening my very

own vintage tea room, having some

wonderful staff who want to come to work

because they are treated fairly, sourcing all

the fresh produce locally so helping other

businesses”

The future is about doing more, not less – with an emphasis on setting up businesses or social enterprises


• Round world trip, cut off from civilization• Freedom from responsibility• Vintage bookshop• Finding a cure for arthritis• Write a book• Be my own boss • Life/work balance• Own house and develop properties

It’s worth noting…

• Money had rarely come into the fulfilment of dreams – in terms of planning for it or how they’d go about getting the finance.

• They all knew they needed “money” but not specifically how much…

Other dreams focused on lifestyle and travel….

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Top lines – how do women view investing?


Women are so far back in the behaviour change model, there is no point talking to them about the benefits of investing, let alone the mechanics.

Although women are “CEO’s” of their households/household finance - investments, long-term savings and pensions just don’t feature in their lives. At all.

They are at the pre-contemplation stage - it’s barely on their horizon and needs to get on their

radar for them to move towards the contemplation stage

“At this point, it’s about making me investment-curious, without bogging

me down in any kind of detail”

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And what did the consumers create?


Following the stage 2 workshops, we had c.50 consumer-created ideas about how the long-term savings, pensions and investments industry can evolve to better engage women (and everyone!)

Some examples:

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These ideas broadly fit into 5 key themes


1Doing the right (good) thing:• Help us make investing a ‘good habit’ to be adopted.• That feels positive, exciting, empowering - like eating well, keeping fit, supporting ‘local’ or our cared about causes.• Create links to these things we care about.

3Help us help ourselves:• Provide guidance & encouragement, make it tangible & clear, on familiar platforms.• At a time & place that flexes to our lifestyles - easy to access, timely, engaging.• Do the hard work for us but give us control.

2Educate with impact:• Inspire & educate us and investors of the future. • Do it where it makes most impact – channels & experiences that connect with us.• Bring to life the urgency, ease & benefits.

4Bring on the new normal:• Investing goes mainstream! • Inspire ‘investing’ conversations with friends, family, wider networks & communities. • Give us confidence - Inspired by ‘people like me’ & respected influencers – through case studies / examples.

5Reflect me & my values:• Make it personal & relevant to us as individuals - help us make decisions based on our values, needs, abilities.• Communicate in language / tone that’s simple & clear – but don’t patronise!• Incentivise us with meaningful, relevant rewards.

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Stage 2 Workshops (Glasgow & Birmingham) Video


https://vimeo.com/347269437/7975d5a319

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The Yes She Can workshops were given (mainly) 5 Stars!


&

What is one thing you’ll take away from the day?

“Engaging experience!”

“I’ve realised all the signs and messages I look for in brands!”

“How important ethics are in business”

“5 – Loved it! So informative and makes me go home to install in my two girls”

“My rating – 5. One thing I will take away from today is that investing is exciting and much more accessible than people think”


Phase 1 Insight:

Overarching Themes

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There are five overarching themes which impact women’s lives


1. Time is a woman’s most precious commodity. Whether they have children or not, women carry a significant mental load within their household

2. Women have an increasingly preventative approach to health & wellbeing, it feels both achievable and right to be making choices for a broadly healthy future - what can we translate from this to encouraging women to prepare for their financial future

3. Knowledge, hindsight and regret does not change behaviour. If investing is the answer, what are the questions? Current information presumes an awareness, knowledge and state of readiness to invest that is not even on most women’s horizon yet

4. Procrastination and loss aversion is fuelled by the idea that the future is too vast and vague a concept – what I have now is more valuable that what I could have

5. Brands and consumers have different world views – brands can often look directly at their consumers and assume the same return gaze, yet consumers view brands through multiple lenses

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Phase 1 Insight: ‘Meet the Audience’ –the 6 key pillars that shape her life


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There are six broad pillars which underpin these women’s lives and framing our insight around these six pillars will bring the audience to life


Control

She is on top of things and likes to know what’s going on. She is not dogmatic, a benevolent manager

Connections

She is a natural networker, sharing and collecting info while joining the dots in her communities

1Savviness

Her savviness is beyond simple money saving - she seeks to research, learn and understand to assess value for money

2 3Ambition

She is always planning to do more, not less and is open to newness.

4Confidence

She values feeling empowered and secure, she is a feminist

5Thoughtfulness

She cares deeply, having and seeking emotional response to things. Making choices in line with her values

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There is always pressure in my life, whether it’s hitting deadlines at work or getting the

girls to school on time. I don’t mind pressure and I find it keeps me going and when I meet

targets or complete a task I feel content

21 – 35, Nottingham (Online Lab)

The best thing about my life is the freedom I have to make choices. I work part time so I can spend more time with my family… but don’t get me wrong, I also have a fridge stocked with my

favourite champagne!

35 - 50, London (Online Lab)

“

“


1. Connections

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Connections – 3 key points


1. Women have a presence in multiple communities, from family to work to friendship groups and their neighbourhoods.

2. Relationship building is very important in their own worlds and this naturally plays out in their expectations from brands and services.

3. She has multiple roles, not just that of gatekeeper and carer but also an adviser – women share information and place emphasis on the value of word of mouth/recommendations.

I’m very close to my family and have always had an open relationship with my parents. I have been friends with most of my friends for a really long time,

although I love to meet new people. My work is incredibly important to me and is a huge part of my life. If I’m not working, you’ll find me in the gym.

21 – 35, pre-family, London (Online Lab)

In an average working week I get about 8 hours to myself which I have my personal trainer, do my charity work of visiting the elderly, dinner with friends, baking

and netball. Weekends I do food shopping, beauty, netball matches, trips etc. I love keeping busy and going out on a Saturday night and having a blast!

21 – 35, No children, Manchester (Online Lab)

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A two-way relationship with brands is prized


There is an equivalence

between these factors

LISTEN

RESPOND RESOLVE

Respond quickly,

appropriately and in

a relevant way

Customer service, fix

it once, take her at

her my word

Make it easy for her to locate,

contact and speak to you. Keep

listening throughout the relationship

“I was nearly electrocuted by the light fitting, the company

responded with a £50 credit note on my next purchase. That’s an

irrelevant response to just try and get me to go away, they didn’t

listen to my actual problem”Stage 1 Workshop - Bristol

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Women are cynical about how much brands really want to connect with them


• They have something to sell or need to hit a target, launching new products / services

• I’ve made complaints and credibly threatened to take my business elsewhere

• Consumers believe that brands are interested in acquisition, not retention – but consumers are interested in being retained

Brands only want me when…Digital isn’t really getting

brands closer to customers

• Digital has provided more access points for both customers and brands, but it’s not always enabling a connection

Just collecting data

• Customer satisfaction and other surveys are about metrics and KPIs

• It feels meaningless for women who want space to give fuller, qualitative feedback

“Once you’ve made your purchase [of a long term service like pension] that’s it, your experience is over. It’s like switching a light

switch on and off again, there is nothing in between”Stage 1 Workshop - Bristol

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There are very low expectations for engaging with a big brand – especially in the service sector


She is on the offensive and ready for battle before contact

Has to prepare, set time aside to make contact, have her arguments in place

A sense of dread and low expectations for it to go well, from even speaking to someone to getting a result

Media, utilities, insurance, travel and gyms among the perceived worst offenders

And if it is a positive experience, there is a widespread belief that this was simply

the luck of the draw!

“If I want to make a call I have to prepare for

it, find a quiet place, get the kids sorted so I

won’t be disturbed or I have to give up my

whole lunch hour at work”

Stage 1 Workshop - Bristol

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The response to brands tends to be emotionally strong, particularly when it’s a negative experience


Most positive factors are simply hygiene factors (e.g. delivering the service as expected

and on time)

The bar for customer delight is very high

I would never use BT because of the way they treated

my mum, it would be like I betrayed herStage 1 Workshop - Bristol

• Humility

• Be like me

• Reward longevity / loyalty

• Humour

• Logical partnerships

Brands can connect with human traits

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The impact of Connection on money and investing


• Focus on her life milestones – move and grow with her, nudge and prompt her over the long term. Life stage is a greater factor than age

• Understand her whole life, not just finance life

• Show examples of women like me and how they have done it

• Personalise the experience, give her customisation and choice

My story, where I have a tenner to invest

each month is as valid as someone with 10

times that each monthStage 2 Workshop - Glasgow

Hopefully my children will help . It feels daunting because people are always talking about retirement and the amount of money

people can get. It can all feel a little overwhelming, especially when it isn’t

something I’ve planned for and I’ve been off having 4 children

35 -50, Children, Nottingham (Online Lab)

I have a female IFA, I really relate to her. She

talks in an emotive way, she has a cuppa

with me and talks about my life, not facts

and figuresStage 2 Workshop - Glasgow


2. Savviness

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Savviness – 3 key points


1. Savviness is not just about money, and although saving and being smart with money is a major factor, it is overwhelmingly about value for money

2. She can be a cautious consumer, wanting to research and understand before committing to a purchase decision, but this can sometimes lead to her being paralysed by choice

3. Women have an ongoing low-level alertness to being taken advantage of due to their gender, so trust in, and confidence from a brand is vital

I really like to research prior to buying a designer fashion item, it’s not just a treat, it’s an investment

21 – 35, children, London (Online Lab)

Sometimes I have to justify the initial purchase, especially for my Dyson, however I am always

happy with the results and have no regrets because I am comforted knowing the brand does what it

says it will35 – 50, pre family, Nottingham (Online Lab)

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Savviness does not just mean saving money


• It is about clever spending rather than simple penny pinching

• Saving for a tangible, often short to mid term goal

• Being willing to cut back –especially for sake of her children

• Better at saving for children’s future than her own

Economics Interest and Inspiration

Savviness is underpinned by:

• Broadening their horizons -always wanting to be in the know

• What’s new and interesting

• What inspires me / my family / others

• Life hacks and clever tips

• Easy, simple and quick wins

Time

• Time is women’s most precious commodity - even if they don’t have children, they are constantly juggling and managing their “mental load”

• Women seek to use their time efficiently (both emotionally and tangibly)

37

Women are motivated by Value for Money, not just the price itself


I started paying for Amazon Prime and when I tell you it’s changed my lazy ass life, I mean it! When I haven’t got a present for

someone, I don’t even need to leave the house! Just order and next day Boom! 21 – 35, no children, Manchester (Online Lab)

I love the Shop Now feature on Instagram, it saves you so much time because if you

love something you can just get to buying it in one step – I don’t have to remember to

look it up later Stage 1 Workshop - Newcastle

All are very wary of false economies and interrogate deals carefully…

Value for money

=£££

Price I pay for it

What it saves me in the long run – e.g. time, ad hoc costs, quality, pleasure etc. or how it enhances my life

Do we need it, will me / my family like it( +

(÷

Price does matter in certain sectors however – notably intangible products and services

38

Brands which can demonstrate time efficiency are well received


Emotional– the emotional stress of time, whether it’s the mental to-do list, inefficient use of time or having to set time aside for a task

Tangible – the actual time something takes

Time is…

Brands show time efficiency by…

Speed and ease – not just the sign up process, but also quick to access or contact

Proactivity – at providing information, updates, reminders so women don’t have to allocate any more time to it

Inspiration – saving them time because the brand provides solutions and ideas around common problems (e.g. what to make for dinner tonight) or gives justification and benefits for the purchase

Transparency and visibility – don’t make it hard for them to find you

Targeted – brands which are clear about their market helps to ease consideration and decision making

Brands that make me do all the work, like having to install my new Virgin set top box myself, are really not worth it

Stage 1 Workshop - Newcastle

39

The impact of Savviness on money and investing


• What is she getting in return for her investment? Not just in interest rates, but what will she achieve?

• Value for money equation – price she pays over the experience and benefits she will receive

• Willing to learn and understand – if it can be made interesting, personalised, female, qualitative not quantitative

• Present info in a short, visual way, not a long document

• Be available outside normal 9 – 5 working hours

• Bring finance into the mainstream so she is part of a greater conversation

I am a total novice, so I want someone to say “well done on the savings, but now it’s time to go

to the next level with investmentsStage 2 Workshop - Birmingham

We keep saying words like “investing” and “IFA” but I need some way of actually understanding

what these all mean before I can relate to itStage 2 Workshop - Glasgow

My life experience is that men have always screwed me over, why would a male IFA be any

different?Stage 2 workshop - Birmingham


3. Control

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Control – 3 key points


1. Control is as about being on top of things and knowing what is going on, rather than a need to be dogmatic

2. It is also not about being inflexible and unyielding, as having a level of control actually gives women choice, autonomy and flexibility

3. Digitalisation, particularly within finance and purchasing, has given consumers more control – but is has also driven higher expectations around choice, transparency and service delivery

Why can’t I just find their phone number? Companies, especially big service brands try everything they can to avoid direct contact – I

just want to speak to someone and get my question answered.Stage 1 Workshop - Bristol

I use online banking, I track nearly every penny I spend. I budget and figure out what I have as disposable income and I also saved

a large chunk of my salary each month to enable to me to take extended parental leave

21-35, Children, Manchester (Online Lab)

42

She makes decisions in conjunction with, or consideration of others


Women often bring the ideas and influence to the decision making process rather than imposing their will, but they are actively involved in shortlisting and controlling the outcome

Ideas enter her radar

Magazines Media

Word of MouthAds

In-store

Facebook

Google

YouTube

reviews WOM

Retail

Comparisons online

Shortlist

buy

More focused and alert, researching, sense checking and long listing via multiple sources

Seeks input from others

Ideas & inspiration funnel

43

Giving the consumer some control increases brand relationships


• Consumers can feel they’re gaining control by being involved - are you a helper vs a hero brand?

How to make consumers feel more in control…

• Inconsistency of service puts them on the back foot, the consumer needs to know what to expect

• Brands that adjust and fit to modern, busy lives

• Encouraging contact and being highly responsive

Hello Fresh let you choose how you want to communicate with them, whether that’s WhatsApp or email or phone etc, and they also guarantee they

will listen to and respond to all feedback


44

Brands which yield some genuine control to consumers can become central to their lives


There is a fine balance between…

Putting customers in control Making customers do the work vs

Monzo, Revolut, Topcashback – they’re all innovating, convenient, trustworthy and different. High street banks are dishonest, expensive and have a lack of innovation – they’re trying to play catch up to the new digital players, but it’s too

late for me21-35, Children, London (Online Lab)

They’re [WHSmith] just obviously trying to get rid of staff to cut costs, but then they end up paying someone to stand at

the self checkout because the machines never work properly. It is such a poor experience


45

The impact of Control on money and investing


• Emphasising that investing does not have to take a long time

• Ability to access information about my investment in a quick, easy and engaging way – not just a quarterly report

• Deliver facts on the investment beyond the performance –what am I able to do as a result of this, how close to a goal etc

• Position investment as part of getting on top of things

• Investing in the outcome – having control over your destiny

• Comparisons, reviews, judge for myself

• flexibility and choice about usage

The first thing I do every morning is

look at my banking apps, I just need to

know where I stand

Glasgow Workshop

Monzo has made my finances visible,

but my investments are totally

invisible. I get a letter every now and

then that I never read

Birmingham Workshop

I prefer a live chat when it comes to

services, I can multitask while doing it

but also get a download of the

discussion so I know exactly what was

agreed

Bristol Workshop


4. Ambition

47

Ambition – 3 key points


1. Women are looking to do more as their lives progress, not less or slow down

2. They have a long list of ambitions and aspirations, with an increasingly entrepreneurial spirit

3. There is a disconnect however with the ambition and how it will be realised financially, with few having even considered anything other than reliance on savings

If I want to do this [open my cake shop] then I’ll have to work hard, sacrifice

and save up, that’s the only wayStage 2 Workshop - Glasgow

48

Work gives women more than just an income


• Low expectation or desire to stop working – unless it’s to do something better

• Work has huge emotional benefits

• Work around family and children needs

• working in roles that aren’t ideal but are necessary

I work nights 8pm to 1.30am Monday to Thursday and I feel sleepy all the time. I do this to spend quality time with my

son, especially during his school holidays.

35 – 50, Children, Manchester (Online Lab)

Before having children, I worked in the City for a large international organisation and I loved working in EMEA. Now I’m a part time stylist for Karen Millen. I love the

independence my work gives me and the opportunity to do something different from my daily life as a mother and wife

35 – 50, Children, London (Online Lab)

For most, it’s a positive experience

They’re still often working around others’ needs though

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Unsurprisingly, a “typical” retirement is low on their agenda


They want to do more, not less

However, very few feel financially confident about retirement – they’re

unsure how to ever be ready

(and often haven’t been motivated to consider it in detail)Young women don’t see

retirement as an option

I don’t think about retiring at the moment because I am a stay at home mum. I’m not contributing towards the workplace pension so I do worry about the deficit in my pension when I get to 65 or older. Hopefully there will still be at state pension by the time I get to that age

21 - 35, Children, Nottingham (Online Lab)

Oh gosh I am 47 years old, I hope I am done by 55, I don’t want to work till my last breath, but to be honest

all depends on financial circumstances. What I want may not be reality, I feel sad if have to work till 65

35 -50, Children, Manchester (Online Lab)

50

Brands that show women a vision of their ambition stand out


Aspirational Nudge Me Newness

A brand like Nike shows that no matter who you are, you believe you can be an athlete, or at least active. Now with these [plus size] mannequins they’re showing you

there are no boundaries, you can do it too


If I was in a position now where I had a new baby and I watched this

ad [Irish Life] it would make me want to action things for the future

21 – 35, No Children, Manchester (Online Lab)

I really love discovering new health brands, especially those made of

good quality ingredients with powerful brand messages

21 – 35, No children, London (Online Lab)

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The impact of Ambition on money and investing


• Empowering messages – “You’re worth it” it’s “Your turn now” – particularly for women who have or are sacrificing their own goals

• Enabling women to see that investing is not selfish, it is #selfcare

• Show that they can achieve their dreams more quickly through investing than saving alone

• Focus on the goal not the process - keep the eye on their prize

•

• Focus on goals which are not part of the usual “savings pot” – making investment distinct from savings

• Reminding women that it is never too young (or too old) to start – and that they can start with a small amount

I spend money making on my home look its best, from cleaning products to major renovations. It’s

an investment because the equity in it is part of my pension plan

35 – 50, Children, London (Online Lab)

Talking about “wealth” just means affluence to me and that is very small percentage of the population

and doesn’t include meStage 2 Workshop - Glasgow

You don’t often see new opportunities for 40+ women, but it’s our turn now, you’ve put others

first and now we need to pay attention to ourselvesStage 2 Workshop - Birmingham


5.Confidence

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Confidence – 3 key points


1. Women gravitate towards brands which make them feel more confident – and this is usually on the basis of being able to trust the product or service

2. Confidence is boosted by making choices that feel right for her, decisions where she has control over the outcome and options to change if it’s not right

3. Women are motivated by other women’s success and positive stories

These [finance] brands make me feel confident, happy and positive. I know I have decided what is right for me and I have the choice if I want to

change provider21 – 35, No children, Manchester (Online Lab)

If there is positive word of mouth and reviews, it will encourage me to look into things a bit more

Nottingham, 35 – 50 , children

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Women really believe in women, and want to see other women do well


• Women gain confidence from other women

• Motivated by female success in a male world

• She has a feminist outlook and strong self-belief on behalf of women, but isn’t a “man-basher”

A paradox and delicate balancing act for brands

Some anxiety about being targeted just for being a woman…

…yet also recognising that women might want some consideration or different treatment because they were women

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There was a low sense of FOMO among these women – but there is some FOFO!


• If women’s lives are in balance, there is low need for FOMO – but this does not preclude or imply a lack of desire for things!

• FOMO can be useful in driving interest in brands

Low ‘Fear of Missing Out’

(FOMO)

• Particularly among younger women, who can feel the “future” is a long way off and have a YOLO mantra

• Disengaged with complexity, jargon or anything perceptually boring or confusing

• Ignoring or not acting on knowledge

Some ‘Fear of Finding Out’

(FOFO)

The young don’t live their lives thinking about the future, especially if you’ve got no kids

Stage 2 Workshop - Birmingham

At this point, to get my interest, it’s about making be investment-curious without bogging

me down in any kind of detailStage 2 Workshop - Glasgow

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The impact of Confidence on money and investing


• Confidence vampires - small print and jargon, choosing the right account, who to ask for advice, how much emergency fund, unexpected expenses, investing, making money from cashback to shares, pensions, tax, what is worth spending on, not just saving?

• Confidence boosters – everyday stuff, balancing books, monthly savings, saving for a goal, researching prices

• Normalising finance, reminding them they already invest in some way

• Praise and build on what they’ve already done – savings ++

• Don’t want to get bogged down in detail

• Learning from others – what do other women like me do?

I am terrible at investing or doing much more with it, but I don’t know enough

about finance to do very much with it other than my day to day life

21 – 35, No children, London (Online Lab)

Brands like MBNA make me feel confident that their services are secure and I can trust

them Nottingham, 21-35, Children

Investing would be easier if I were able to do maths with more confidence – or at least

they had one simple equation for calculating rates and interest etc

35 – 50, no Children, Nottingham (Online Lab)


6. Thoughtfulness

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Thoughtfulness – 3 key points


1. Consumers are increasingly considerate of their impact, particularly around the environment, reduction of waste, true cost and value for money

2. Women care deeply, they have and seek emotional responses to things, so can gravitate towards brands which appear to show “female qualities'” like compassion, empathy

3. A growth in trying to make choices in consideration of her values and ethics

As a brand gets bigger and aim for bigger markets, it makes them compromise on their ethics and

values – for example I love MAC, but if they want to sell in China they have to start testing their

products on animals, so I’ve stopped buying MAC.

Stage 1 Workshop - Bristol

I love working for an ethical bank and feeling that I am contributing to something positive.

We regularly contribute to the community with 2 days of volunteering each per year

which is great. 21 – 35, Children, Manchester (Online Lab)

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What women are thinking about


Diversity / inclusivity across gender, sexual orientation, body shape, lifestyle choices

Reduction of waste – not just recycling, but more considerate purchases. Do I really need this?

Environmental / climate impact – a growing consideration, but “greenness” still a nice to have factor in many cases

Not buying cheap – value for money, buying things to last and questioning too good to be true bargains (yet still shopping in Primark!)

However, they’re more likely to consider these values when purchasing on an ad hoc basis, or buying a visible product - it’s

less likely to be a major selling point for an ongoing service

60

Brands have to deliver these values with authenticity, consumers are sensitive to virtue signalling


Genuine and body shapes secondary campaign message

Chimes with self-care, self belief zeitgeist

Consumers weren’t entirely confident and comfortable that they understood the point of this or M&S perspective

Feels like genuine philanthropy and a small, personal business

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The impact of Thoughtfulness on money and investing


Women can be suspicious of investing– but a brand which appears to have no ulterior motive can appeal

Transparency, honesty matters, as does rewarding both loyalty and newness

Enabling women to have a choice over what they don’t want to invest in as much as what they do want to be involved with

Brand partnerships that benefit both the investor (e.g. rewards) as well the brand and wider society

Creating a sense of closeness / localness

I am always forking out to the kids for this and that, but at the same time trying to let them understand

the value of money and how it doesn’t grow on trees35 – 50, Children, Manchester (Online Lab)

To invest for me, it would have to be something that would change the world for the better than just being a game. I need to be approached in a friendly manner by someone who actually believes what they’re selling

and not someone reading scripted lines21-35, No children, Nottingham (Online Lab)

Don’t waste money on things you do not need. There will come a time where you regret wasting money on pointless things that have no meaning and offer you

no benefit35 – 50, children, Nottingham (Online Lab)


A reminder: What’s happening between now and September?


1. w/c 15th - Social listening campaign

2. 31st July: 12 – 5pm – Partner Prioritisation workshop

3. Post-workshop NED & Board Member discussion over drinks

4. w/c 5th August & 12th August – Consumer focus groups over dinner – validate & deepen test territories

5. WANDA & TWC Chatbot walkthrough (call)

6. w/c 19th August – Data design workshop with the FCA Behavioural Economists

7. w/c 2nd September – Marketing and PR Briefing workshop

Design chatbotDevelop

storyboards and animations

Ongoing -Stakeholder interviews

August:

Test & refine with the YSC

pop-up council

64

Social listening - theme validation


• Using social listening to deliver insights into what women think, feel and do.

• These insights will complement research and findings from the consumer workshops and online lab by delivering real-time, relevant and unprompted insights from digital and social open source data.

• Data-driven insights - this powerful form of analysis delivers the essential element of vernacular insights = how our target audience really think and feel - at scale.

• We will track all online sources (including news, websites, social channels and forums) on a UK and hyperlocal level.

65

Data-driven insights


• We will explore in greater depth 5 – 6 key themes that have emerged during the research

• Insights across the past 12 months will be aggregated, across each of the subjects.

• This produces an evaluation framework with meaningful, actionable insights, leading to more rewarding communications and campaigns.

• Report with insights and actionable recommendations, to be incorporated into the prioritisation workshop on 31st July.

66

Events and speaker opportunities:


Robo Europe - September 11th 2019

Kings Place, London N1

• 1 – 2 panel member slots available

• Opportunity to tailor the panel around Yes She Can insights and case study – WANDA &/or Bot demo

• Who is interested?

67

Next steps


• Plan/agree calls and updates around reporting deliveries

• Nominate marketing and PR colleagues or agencies for the marketing workshop

• Send stakeholder interview names - would you like to join?

• Invite your colleagues to join our pop-up council

• Nominate colleagues for the data design workshop

• Option to join a WANDA/Bot “teach in”

• Agree Sept Project team update meeting date – London and Edinburgh

• Agree presentation of final results – mid October

• Design and plan media and event plan Oct – Dec ( and onwards?).

• YSC “roadshow” plan and agree internal presentations and updates within your companies


This afternoon: Creative ideation workshop

69

Agenda for the afternoon’s workshop


AGENDA

Teamwork 1: FRESH IDEA GENERATIONDisruptive thinking tools: ‘Rule-breaking’ & ‘Parallel Worlds’

Teamwork 2: BUILDING ON EXISTING CONSUMER IDEASWhat could be even better? / What new ideas do they inspire?

Welcome & briefing

INVITATIONTo stay on for drinks and nibbles

‘BLIND PASSION’ VOTING!Share, discuss & vote across all ideas

70

The 6 pillars inform all ideas

Consumer pillars inform all ideas


EMERGING IDEA THEMES

‘Doing the right (good) thing’

‘Educate with impact’

‘Help us help ourselves’

‘Bring on the new normal’

‘Reflect me & my values’

6 pillars that

shape women’s lives

• Connections

• Savviness

• Control

• Ambition

• Confidence

• Thoughtfulness

71

Appendix



Who are the 103 women we worked with in Phase 1?

Bristol – 20 womenNewcastle – 19 women

Joined by employees from:

Aberdeen Standard Investments, EY, HSBC , Royal London and Vitality

Glasgow – 18 women

Stage 2Workshops

Birmingham – 22 women

Stage 1Workshops

Online Research Lab24 women

(London/Nottingham/Manchester)

Screening background followed the Chartered Institute’s ‘Key moments that matter’:

Diverse range across:

• Age

• Employment status

• Ethnicity

• Family and marital status

• Home ownership

• Income levels

• Hobbies/interests/passions

yes she can, designed by women - the wisdom council · • impact of ^you only live once _ (yolo)...

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