The Value of the Understood Consumer – By Trey Williams, VP, Strategic Planning, MMGY

• 9 months ago
• Categories: Sales and Marketing

Among marketing’s increasingly important modern challenges is the expectation of consumers for brands to deliver experiences that feel tailored specifically for them. That requisite extends beyond the features of the end product itself to the manner in which products and services are discovered, compared, and ultimately purchased and experienced.

In fact, today’s discerning consumers go a layer deeper, looking to understand and align the values of a brand to their own. So how do we as marketers keep up? In short, we must research and understand our consumer as acutely as they do us.

Tools like MMGY Global’s TRiPs travel audience segments and the personalized segmentation and modeling of Terminal help marketers understand their consumers through detailed data and insights coupled with psychographic narratives that tell a precise story about who our consumer is, what they believe and how they behave.

While marketers know the value of consumer research, those responsible for the organizational bottom line may need more convincing. The good news is that a well-understood consumer is also a very valuable consumer. There are very real, tangible benefits to consumer segmentation and profiling.

To name a few:

• Develop Dynamic Creative Strategy – From content pillars to messaging to visual treatments, knowing your audience increases your ability to speak their language. Immersing yourself in the core behaviors and preferences of your target audience enables you to map creative approaches that speak to each audience segment with messages and visuals that will resonate most. This can help streamline creative testing and shorten your path to optimal performance and maximizing ROI.
• Better Identify the Right Place, Right Time – The days of the “spray and pray” approach to channel selection are – or at least should be – far behind us. Consumer profiling can also help narrow down not only where our most valuable prospects are physically located but where they spend the majority of their time digitally and with other forms of media as well.
• Right-Size Your Audience for ROI – Marketers are charged with identifying and targeting prospects with the highest potential for return value and right-sizing their target mix to optimize return while also maintaining loyalty from long-standing brand enthusiasts. Profiling your consumer can also help with identifying the long-term value of consumers. Who is most likely to remain brand loyal? Who spends the most on the experiences and services that are central to your brand? Consumer profiles can help answer these questions and more.
• Establish More Relevant Partnerships – Your brand isn’t the only one that your customers interact with day to day. There’s a lot to gain from understanding your audience’s brand preferences, what attracts them to a brand and what leads them to be loyal to a brand. Gathering these insights can not only help you make adjustments to your own brand positioning and allow you to identify the right consumers for you but can also help identify partnership opportunities with other brands that generate synergies with your own.
• Understanding Leads to Appreciation – Perhaps the most important benefit of understanding your consumer on a deeper level is the ability to build brand loyalty from a shared understanding of what your brand stands for and aligning that with your customer’s expectations. As previously mentioned, consumers expect brands to be a reflection of their personal, deeply held beliefs and reflect that in their purchase decisions.

Whether you manage a small, Midwestern market with rich cultural and culinary offerings and are looking to attract a fiscally-conscious consumer (like the Financially Resilient Traveler TRiPs audience) or a large metro with diverse neighborhoods that attract a variety of different traveler personas – consumer profiling tools like Terminal and TRiPs can be the key to unlocking the potential of data and building a genuine relationship with your most viable customers.

Trey Williams, VP, Strategic Planning, MMGY