How to give each and every consumer a good deal

Bowing to increasing pressure from environmentally conscious consumers, big brand shops in Britain have begun taking steps to strip their shelves of plastic wrapping over concerns about saving the oceans from waste. —AFP

Classify consumers by types, not demographics, to get a clearer picture of their changing needs, habits and preferences, which will then allow you to create better marketing strategies.

This is the advice of global market research firm Euromonitor International to brands and businesses in its annual report “Using Consumer Types to Understand the Path to Purchase.” The report, which lists 10 global types based on an analysis of consumers in 40 markets, states that studying consumer types, instead of just grouping them by age, gender or income, allows companies to look more at personalities, thus giving them more insight about consumers’ daily habits and long-term lifestyle choices.

The report also lists how brands can better market to these consumers.

The 10 global types, according to Euromonitor, are:

Impulsive spender

(Fifteen percent of global consumers; 51 percent are male): As the name suggests, these consumers live in the present—if they feel that they’ve found a good deal, they go ahead and make the purchase. While they are still somewhat cautious about how they spend their money, these consumers are also invested in their image and highly value premium products. Furthermore, while impulsive, these consumers are hardly lavish—they still like to find bargains.

Biggest influences on shopping behavior:  Social media posts—by brands, by companies, by their friends

Reach them by: Clearly outlining sales and discounts on well-known, premium and luxury products; making sure that mobile, online and in-store sales platforms are easy and quick to use

Conservative homebody

(Thirteen percent of global consumers; 51 percent are male): Almost the opposite of the impulsive spender, this type of consumer is more careful with how they spend money. They stick to the essentials, but do enjoy the whole shopping experience and try new purchases from time to time.

Biggest influences on shopping behavior:  Marketing programs on both social and traditional media, loyalty rewards programs, TV commercials

Reach them by: Offering competitive prices for their essential purchases and providing a unique shopping experience

Minimalist seeker

(Twelve percent of global consumers; 55 percent are female): These consumers also focus on purchasing the essentials, preferring to repair items instead of replacing them with new ones. They are open to trying out new products and services as long as these are high-quality and fit their lifestyle.

Biggest influences on shopping behavior:  Independent reviews, recommendations by family and friends

Reach them by: Maintaining high-quality standards, and a consistent set of independent reviews, as this type is highly influenced by personal recommendations. This consumer group is the least likely to be influenced by traditional marketing channels.

Secure traditionalist

(Twelve percent of global consumers; 52 percent are male): Frugal and set in their ways. Secure traditionalists rarely make impulse buys or try out something new.

Biggest influences on shopping behavior:  This group is a tough crowd, and are unlikely to be swayed by marketing strategies.

Reach them by: Making the shopping experience as convenient, quick and efficient as possible and ensuring that these consumers clearly see discount labels and low prices at the time of selection and purchase.

Undaunted striver

(Ten percent of global consumers; 56 percent male): Similar to impulsive spenders, undaunted strivers live in the now, and prefer to spend rather than save their money. Their main motivations—status and image—lead them to seek out premium brands, even if they have to shell out more.

Biggest influences on shopping behavior:  All marketing channels can be explored, but they do have a growing interest in digital, social media and celebrity endorsements.

Reach them by: Having high engagement on social media, and showing them the lifestyle that they can achieve through your products through, say, celebrity endorsements. Create seamless online/mobile platform-to-in-store shopping experiences.

Empowered activist

(Nine percent of global consumers; 51 percent are male): These consumers prefer products labeled as “eco-conscious” and sustainable more than branded items.

Biggest influences on shopping behavior: Many marketing channels can influence this group, but often they look to social media and traditional channels, especially TV commercials and loyalty rewards programs.

Reach them by: Investing in partnerships with groups that have the same mind-set as this type of consumer—eco- and socially conscious. Make sure they are getting their money’s worth.

Inspired adventurer

(Eight percent of global consumers; 53 percent female): While cautious about their spending habits, inspired adventurers like to sway between brands and products, depending on the price.

Biggest influences on shopping behavior:  Traditional marketing, especially loyalty rewards programs, TV commercials and in-store advertising

Reach them by: Suggesting alternative, cheaper options to their usual purchases, especially through loyalty rewards programs, to encourage these consumers to try new products and services

Digital enthusiast

(Six percent of global consumers; 54 percent are female): Digital enthusiasts seek to incorporate all things tech in their lives and will spend on these kinds of products; on everything else, however, they will usually scrimp. What matters to them are products that are low-cost and meet their short-term needs.

Biggest influences on shopping behavior:  Both social media and traditional marketing strategies, such as in-store advertising

Reach them by:Combining creative social media campaigns and in-store experiences

Balanced optimist

(Five percent of global consumers; 51 percent are female): Pragmatic, but also highly concerned about their personal happiness, this kind of consumer still makes impulsive purchases that serve as treats to their family, friends or even selves.

Biggest influences on shopping behavior:  Traditional marketing channels such as loyalty rewards programs, TV commercials and in-store advertising

Reach them by: Making discounts clear and price comparison easier in-store and online to facilitate quicker purchases, as well as enable this group’s impulsive shopping behavior.

Cautious Planner

(Four percent of global consumers; 51 percent are male): Highly loyal to their preferred brands and products, these consumers appreciate huge discounts or bulk offers on items they’ve tried and tested. They know exactly what they need to buy before entering a store.

Biggest influences on shopping behavior:  Like the balanced optimist, this type of consumer’s purchases are mostly influenced by traditional marketing. Companies favored by this group do need to ensure that they remain competitively priced and that there is clear and constant communication about sales or discounts in order to keep these consumers.

Reach them by: Using online channels, where these consumers usually research about their planned purchases before heading to the store