A financial services company is looking to increase debit card transactions amongst their customers. But they can't seem to figure out how. They've tried providing cash back, rewards, implementing greater safety measures etc. Nothing seems to drive the results desired.
Our team of Ph.D. Social Scientists studies over 7000 consumers to first uncover their beliefs and motivations towards the act of spending (money). Through the ethnography, our team identifies a cohort of consumers that are most likely to use their debit card (they also exhibit behavior patterns such as paying off their credit card bills in its entirety each month etc.).
Our team then conducts a needs analysis on this cohort of consumers, sampling another 1800 people. This time, we focus on studying the habits, rituals, and patterns of behavior this cohort exhibits while shopping or spending money. Through this process, our team identifies a series of 18 jobs or needs that this consumer uses transaction cards or money to perform.
One such job relates to the reduction of cognitive dissonance. That is, buying a product on credit card makes the consumer feel a lower sense of cognitive dissonance than when buying on a debit card. It's not rational, but emotionally, it's a significant roadblock in the usage of debit cards on purchases over $50.
To overcome this challenge, our team then examines other in-market solutions used by the consumer to reduce cognitive dissonance. One such solution is the "fitting room selfie". Especially prevalent amongst younger consumers in this cohort, people send selfies or photos of their potential purchases to close friends/partners through various social media platforms to seek immediate social proof and validation. When a potential purchase is immediately "okayed" by a group of friends, it's bought with little hesitation. And better yet, in such a scenario, because cognitive dissonance is low, the consumer is more likely to use her debit card.
The client tied up with technology providers and retailers to give their customers the ability to reduce dissonance, and motivate them to make debit card purchases. An initial test program saw a 300% lift in debit transactions over the course of 3 months.