Nearly every company I have worked with, crossing many product categories, has invested—often heavily—in a consumer segmentation model for its brand. These studies are detailed, descriptive and often predictive of the consumer’s propensity to buy products or services. These rich profiles are circulated from the Insights Group to Brand Managers to Marketing to Advertising to the Agency.
While innovative companies look to new segments for growth, many companies do not question whether their existing consumer segments have changed. They may never ask what changed or why purchase behavior declined. During turbulent economic times, this is a mistake. And it is particularly troublesome if you are targeting mature consumers today with a strategy that pre-dates 2008.
Check out the rest of this blog post at MediaPost’s Engage Boomers Blog.