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Once considered cutting edge targeting consumers based on data, in the 1980s, like age group or gender, is a decent way of raising marketing ROI, customer retention and customer acquisition.
A pupil with little income, appreciating long vacation periods, and living together with their parents is lumped at the same ‘millennial’ group since the 34-year old head of operations for a business with much more disposable income.
Even if education, employment, location, and status have been taken into consideration, it gives little insight into the tastes and intentions. All these are better called by looking into the features that constitute that consumer, including personalities, hobbies and interests, and life events.
In April, Netflix announced that demographic information is “crap” as it comes to forecasting consumer taste in tv.
Interests and hobbies
When it comes to predicting consumer behaviour, what is more telling is to look past the surface-level groups like sex and race and look at personal characteristics such as what they’re considering, what hobbies they have, and if they are an extravert.
Consumers demand, and even anticipate, product recommendations user travels, and benefit strategies to be tailored for their individual needs.
74%of people get frustrated when a site includes irrelevant for their interests, and furthermore, 57 percent of customers are delighted to share private information with brands in order to be given a user travel.
Recognizing the individual characteristics and styles of consumers can help you personalise the user travel from Begin to finish
That is where societal information analytics comes into play, although it can seem to bring insights into consumer behaviour beyond the scope of basic demographics.
Using the right technology, you can know the motivation and use this to predict what they need or want next , instead of relying on what they purchased or what other folks in that age-group and location are buying.
Firms can utilise a variety of touch-points including life period (are they a student, married, a homeowner?) , life events (are you currently expecting a baby, going through a promotion, moving house?) , interests and hobbies (do they like to travel? Do they have a holiday coming up? An art show? A charity encounter) , and even personality traits.
A New Type of profiling
Personality scoring is a especially area of customer profiling, centred around the utilisation of text analytics and psycholinguistics to predict their character based on their media action that is social.
This will give a useful idea of where the consumer falls upon each of the five personality traits which could act alongside pursuits and life events to help businesses and manufacturers better understand how to target them.
While knowing that they enjoy browsing and possess a coming beach holiday to Australia will help businesses better forecast what to target consumers with (like bikinis/swim shorts, sunglasses, and travel insurance), personality scores can allow you to predict the way to target them.
By way of instance, if an individual is high scoring in conscientiousness, they’re more inclined to appreciate statistics, facts and relative commercials, those high in agreeableness like to understand what other people are using, and those high in openness tend to change brands and products to locate something exciting and new.
Open consumers are very likely to be the first onboard when you start a product or service due to the novelty and invention, but also the least likely to be loyal so may require extra bonuses or rewards.
Understanding consumers’ individual characteristics and personalities are able to help you personalise the user journey from start to finish, ensure that you adapt your strategy appropriately at acquisition, retention, and re-engagement touchpoints and always give your client what they need, when they want it.
