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93. Transforming insights to action with Visa
Jan 17, 2024
Jess sits down with Michael Nevski, Director of Global Insights at Visa. They discuss the creation and impact of Visa’s Spending Momentum Index (SMI), overcoming barriers, and the changing landscape of insights in the industry. They also talk about brands connecting with consumers and share personal experiences of impulse buying.
27:35
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Quick takeaways
- The Spending Momentum Index (SMI) measures consumer spending and helps brands adapt to economic shifts by providing insights into how consumers are spending in different categories.
- The development of the SMI faced challenges such as legal compliance, lack of data availability, and educating business partners on utilizing the index effectively.
Deep dives
The Story behind the Spending Momentum Index
The Spending Momentum Index (SMI) was developed by two economists at Visa and is an index that measures consumer spending on a scale of 100. It provides insights into how consumers are spending in various categories and helps brands adapt to economic shifts. The index was further improved by adding demographic segmentation to make it more business applicable. The main challenges in developing the SMI were legal compliance, lack of data availability on the demographic side, and finding reputable data providers. The SMI has been used by brands for benchmarking their performance against the market, understanding consumer segments, and making location-based decisions.
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