Marketing Insights for Different Consumer Types
While many companies often identify market segments using demographics alone, few would agree that consumers are neatly defined by age, gender or income. To overcome this issue, Euromonitor International’s Survey team looked beyond standard demographics and has created distinct, personality-driven consumer types at both the global and country levels. These consumer types incorporate many of the diverse attitudes and habits that separate one person from another, even distinguishing among those in the same demographic group. Here’s a look at two of the eight consumer types. Download our free white paper to get marketable insights about all eight consumer types!
The Inspired Adventurer
Inspired Adventurers are cautious in how they spend their money, often having a very future-focused approach to their decisions. Though they look to save money, Inspired Adventurers value quality and seek well-known brands and premium products as long as they are a good value for money.
Inspired Adventurers also like to try new products and services and therefore could be likely to sway between products and brands if they are competitively priced and contain the same features as their usual purchases. Inspired Adventurers could therefore be a key audience for new brands, products and private label companies.
Inspired Adventurer at a Glance
Source: Euromonitor International
Where do consumers research and purchase products?
The Inspired Adventurer is an avid user of both online platforms through tablet and computer as well as in-store facilities. They conduct a fair amount of research before making their purchases which should be taken into consideration by brands and retailers, who should clearly label product features for easy understanding and quicker decision making.
Best ways to target the Inspired Adventurer
The Inspired Adventurer is very future-focused and cautious on how they spend their money. Though Inspired Adventurers value good quality items and seek value for money, they like to new products and are not necessarily very loyal to brands. Instead, Inspired Adventurers are likely to sway between brands and products if they are competitively priced and contain the same features as their usual purchases. The Inspired Adventurer could therefore potentially be a key audience for new brands, products and private label companies looking to expand their reach. Suggestions from brands and retailers about alternative cheaper options to their usual purchases especially through loyalty rewards programmes could facilitate this segment’s decision making and potentially lead to more impulsive purchases.
The Inspired Adventurer is likely to conduct a considerable amount of research before making any purchases. Brands and retailers should keep this in mind when writing product descriptions and features as well as outlining price points, to ensure that it can be easily digested.
The Secure Traditionalist
The Secure Traditionalist is the least likely to be influenced by all marketing channels compared to the other consumer types. Since they are likely to buy their daily essential items and are rarely influenced by changing trends or fashion, marketing strategies should stick to clearly outlining savings or discounts if they want to resonate with this consumer type.
Secure Traditionalists are not likely to make impulse purchases. Even when travelling abroad, they won’t buy gifts for others or even themselves. Brands and retailers should therefore not spend too much time trying to win over this consumer type in this space as the likelihood of them making these types of purchases is very small.
How the Secure Traditionalist Researches and Purchases Products
Secure Traditionalists conduct some research prior to their purchases, but they do not research as frequently as other consumer types. Since they do not stray far from their usual purchases, brands and retailers need to ensure that any discounts or offers are clearly labelled at the time of purchase to make any impact on the Secure Traditionalist’s purchasing decisions.
Marketing Channels for Secure Traditionalists
Best ways to target the Secure Traditionalist
The Secure Traditionalist is very set in their ways and are often very frugal in their shopping habits. They do not enjoy shopping and rarely make impulse purchases, often sticking to their usual purchases. They do place a lot of importance on low prices as they value saving money. Due to their low brand loyalty and strong focus on price, this could potentially be a key audience for new brands, products and private label companies as long as they are competitively priced. To have the most impact on the Secure Traditionalists’ purchasing decisions, these discounts and low prices should be clearly labelled at the time of selection and purchase.
Since Secure Traditionalists actively try to avoid shopping as well, brands and retailers that make the shopping experience as convenient, quick and efficient as possible are likely to have happy and returning customers. Seldom making impulse purchases, Secure Traditionalists should not be a main target for brands and retailers looking to grow in this space. Likely to maintain their frugal habits, they are not expected to buy treats for themselves or friends and family and are unlikely to change this behaviour. Since they do not enjoy shopping, brands and retailers also need to ensure that all platforms provide a quick and efficient purchase so that Secure Traditionalists spend as little time as possible shopping.
Download our free white paper “Survey Results: 8 Global Consumer Types for Marketing in 2018” to learn about the other six consumer types!