Consumer profiling for brands has always been essential from shaping product development to how marketers communicate with the desired audience in the most creative, powerful and appealing way.
With the rise of technology and other mega global shifts in the past 3 to 5 years the way in which marketers target their preferred audience are way different than before! In the use of technology and smarter data tracking we get to be more precise than ever in profiling consumers, however this can also complicate and create multiple layers in understanding consumer behavior and the reasons why consumers make certain choices in the process of purchasing.
Thanks to technology we can now determine that consumer profiles can be distinct in their characteristics but also over lap in common traits, buying habits and are led by many factors that eventually influence their trust and buying decisions of a particular brand.
Although we live in interesting times and the understanding of marketing has evolved to become essential for any modern fashion brands, we also realize the challenges that lay in having so much data and in understanding the new target audiences among Millennials and GenZ.
What we do know for certain is that the five global mega shifts are a common thread between all consumers.
Here are the five mega global shifts influencing industries and consumer behaviour
- Shifting economic power
- Population changes
- Technology
- Environmental shifts and pressure
- Changing values
Between 2011 and 2019 we saw consumer profiling change dramatically. In earlier years we understood that consumers were grouped into four global profiles with minimum segments.
By 2013 we saw an increase to 7 global profiles segmented into 45 country level types and now thanks to technology we have 8 consumer profiling with 100 country level types!
The precision in profiling consumers has advanced dramatically and how we segment has also changed.
Old methods of segmenting consumer profiles may give a skewed view on their daily habits and long-term lifestyle choices.
Old methods include:
- Grouping consumers solely by demographics
- Basing their buying behaviors and decision making by using vague and generalized data
- Cultural generalization
New methods include:
- Looking beyond standard demographics and profiling.
- Using technology to evaluate distinct personality traits and behavioural patterns at both global and country level.
- Tracking lifestyle choices based on personal preferences over cultural generalisations.
- Looking at technology influences and mega trend shifts.
- Looking at technology in evaluating consumer response.
- Tracking the common patterns between consumers in various parts of the world. (connecting factors)
By using technology to find the common patterns between consumers we know that:
- Consumer profiles can hold common or same values in their purchasing choices despite where they are located in the world
- Share common interests in lifestyle choices
- Characteristics can overlap and are not exclusive when profiling
- Profiling can become more complex with a mix of multiple layers of influence
- Segments may alter and contradict depending on mega global shifts at any given time period.
Although it may seem that traditional methods are completely out the window, segmenting consumers still remains important.
Segmenting still remains essential in:
- Helping us evaluate the changes in habits and attitude of consumers, however the timing in tracking this has become a lot quicker.
- Segmenting also helps us to know what consumers want and need as quickly and efficiently as possible.
- It also helps us evaluate the variations of consumers even within the same demographics.
It must be noted that these days multiple types of consumer profiles can exist within the same demographics. Consumers may share the same cultural backgrounds and even buying power but have different values and consumer patterns. Ultimately their life style choice plays a role in their decision-making process.
If you would like more insight into the 8 different consumer profiles and country level segmenting, get in touch with us and we can definitely connect the right consumer insight for your modern fashion brands.