Segmenting consumers into groups can
help businesses create targeted marketing and sales strategies.
However, companies often make the mistake
of relying on broad demographics like age, gender, and income
to profile their consumers.
While those are important factors
they only give you part of the picture.
For example, when targeting millennial consumers
we can make general assumptions about their age and spending
power.
But not all millennials behave the same.
Additional questions help you define distinct consumer types
even within the same demographic group based
on key traits that tell you what your consumers actually
want and need.
It's important to look at a range of components
like personality traits retail channel preferences technology
usage health choices and personal goals
to accurately determine shopping habits and preferences.
Businesses that can thoroughly understand each consumer's path
to purchase will be in a stronger position
to identify key consumers by market target them effectively
tailor products to their core values
and drive future investment and innovation ultimately
strengthening your overall growth.