Follow-up: Consumer types and ways to target them

Follow-up: Consumer types and ways to target them

Global

Follow-up: Consumer types and ways to target them

10/10/2018

 “What do consumers want?”

It’s a question that plagues brands and retailers. And how accurately they can answer it has a tremendous impact on how they compete in the marketplace. Understanding the shopping habits and preferences of global consumer types it is key nowadays. Based on Euromonitor International survey ’'Using Consumer Types to Understand the Path to Purchase'' [1]  we are providing you a brief about consumers types and how to target them better.

Undaunted Striver - “I want to have and be the best.”



Undaunted Strivers are highly tech-savvy and image conscious. When shopping, they are interested in trying new things, often seek branded and premium goods. They prefer spending money rather than saving it and regularly make impulsive purchases, especially when it comes to their image.

Best way to target:

Undaunted Strivers can be influenced across all marketing channels but especially through digital media and celebrity endorsements. Creating a seamless and easy-to-use experience for Undaunted Strivers from in-store to online and mobile platforms is likely to ensure customer loyalty.


Cautious Planner - “I know what I want in life.”



Cautious Planners are careful with their money and often decide what to buy before going into a store. They place importance on saving but low price is not the main attribute in case of purchase. On the other hand, Cautious Planners have high product loyalty, favouring tried and tested products.

Best way to target:

Bulk offers or multi-pack discounts may go well with this consumer type as it allows them to spend less on products they buy regularly. Companies that are already part of the Cautious Planners’ regular purchases need to ensure that they remain competitively priced and there is clear on-going communication about sales or discounts.


Balanced Optimist - “I am confident in myself and the future.


Balanced Optimists care about personal happiness, frequently making small impulsive purchase. They look for strong-brand and premium products on occasion but are strongly driven by low prices meaning that they are unlikely to buy premium products unless they are discounted and competitively priced.

Best way to target:

Clear discounts and easy price comparison in-store and online could facilitate quicker purchasing decision making and could potentially make Balanced Optimists’ shopping experiences more convenient.



Impulsive Spender - “I love finding bargains.”




The Impulsive Spender places importance on their appearance and frequently makes impulse purchases to keep up-to-date on the latest trends. Though they do not enjoy shopping in store or spending money, Impulsive Spenders do actively seek bargains which further enable their impulsive spending behaviour.

Best way to target:
Companies need to make sure that mobile, online and in-store platforms are easy and quick to use since Impulsive Spenders do not enjoy shopping in store.

Read part 1 here

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