Are you new to Market Research? Or do you know someone who is new to market research? Many of us came out of business school with no more than one market research class under our belts so that means we had to learn the art and science of market research while on the job.
Consumer Personas are a great tool for bringing your consumer target to life for your organization, to inspire growth ideas, new brand experiences and product innovation. It is a representation of your target segment based on a combination of quantitative and qualitative data. It summarizes your consumers’ lifestyle, values, needs, challenges, and preferences, so that it can be easily shared and digested across the organization.
Market or consumer segmentation is a market research approach that allows you to divide a brand’s universe of potential consumers into smaller groups or segments based on their characteristics, e.g., demographics, values, attitudes, behaviors, and geography.
What is a Consumer Target? At the foundation of all great marketing initiatives is a complete and deep understanding of the consumer target. The consumer target is a specific and detailed description of the type of person who has needs or desires that you believe can be served or helped with your products or services.
In your brand’s early development stages, you likely gave much thought to the idea of a buyer persona. You researched who you expected to purchase