In an economy where CPG and retailer decision makers alike are continuously searching for new insights into the attitudes and behaviors of shoppers, SymphonyIRI announced the availability of its new segmentation solution, EconoLink. This extremely relevant and timely segmentation groups shoppers into a series of unique profiles, enabling CPG and retailer marketers to better understand how their categories, brands and stores are performing in today’s challenging economic times. In addition, this segmentation will assist marketers as they develop new product, promotion, merchandising, pricing and store layout strategies designed to cater to these audiences. With this information, marketers can apply these profiles to SymphonyIRI’s Consumer Network Panel to benchmark current performance and monitor progress over time.
“This segmentation enables manufacturers and retailers to create actionable targeting programs aimed at activating shoppers at varying stages of the ‘path to purchase,’” said Larry Levin, executive vice president and general manager, Consumer Insights, SymphonyIRI. “Whether it’s around digital or traditional media activation influencing a shopping list or prior to that final ‘moment of truth,’ manufacturers and retailers have a chance to leverage their products and stores to drive consumer choice and commitment.”
In addition to segmenting shoppers into distinct classifications based on their attitudes and behaviors around the economy, SymphonyIRI’s new EconoLink solution offers a comprehensive level of detail about shopper strategies ranging from pricing preferences, use of in-store technology, level of home research through both traditional and online activities, couponing strategies and retailer preferences. It also provides an exhaustive look at shoppers’ financial attitudes, demographics and the impact of the recession on each group’s shopping decisions.
Below are the profiles SymphonyIRI has developed for the EconoLink solution, along with a very brief description of each:
- Downtrodden – With a median age of 48 and median income of $41,000, this group is highly pessimistic about their financial situation, tends to shop at mass merchandisers, dollar and convenience stores, and supercenters, actively collects coupons and seeks out loyalty card discounts.
- Cautious and Worried – This group is not motivated by coupons and in-store promotions, favors mass merchandisers, dollar, convenience and club stores, has a median income of $47,000 and median age of 55. Approximately half believe their current financial situation is worse than a year ago.
- Start-ups – These shoppers are more inclined to shop at grocery stores, see drug stores as the new convenience channel and also favor mass merchandisers. Thirty-six is the median age of this group and they earn a median income of $47,000. Start-ups tend to search for information online and three-quarters consider their financial situation to be the same as one year ago.
- Optimistics – Nearly 60 percent of this group believes their financial situation is better than a year ago; they tend to shop at mass merchandisers and supercenters, search for information and coupons online and like loyalty discounts. Their median age is 40 and median income is $64,000.
- Carefree – With a median income of $67,000 and median age of 53, Carefrees like to shop at club stores, tend not to collect coupons and buy on trust of the brand. Nearly 80 percent believe their financial situation is the same as one year ago.
- Savvy Shoppers – This group tends to shop at grocery and drug stores, and mass merchandisers. With a median age of 51 and median income of $76,000, Savvy Shoppers enjoy shopping and seek out value. They use online coupons and store circulars. Seventy percent believe their financial situation is the same as a year ago.
Levin noted that multiple manufacturers and retailers have demonstrated interest in the new segmentation solution. “Food and non-food manufacturers, as well as all types of retailers are eager to better understand both how shoppers developed their current attitudes and behaviors, and how today’s behaviors will evolve in the future,” he said.