Walk into any retail asset and you will notice activations โ these could be based on festivals, those encouraging participation in loyalty programs, cross-promotional campaigns, etc.
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And most retail companies have different assets in various parts of a city / a country with very different Catchment Areas. And by virtue of different types of retail assets (super-regional, regional, lifestyle, neighbourhood / community, factory outlets, etc.) the footfalls are VERY diverse (example โ more from a particular ethnicity, or tourists, or those from a particular life-stage: example young couples without kids, etc.).
So, there are always the questions such as (1) Are these the right activations for our shoppers (or the dominant shopper type)? And (2) Do we need to have different activations at our different assets?
The advantages of understanding the demographics AND psychographics can help build tailor-made activations that will drive both higher footfalls & encourage more spends per trip. Here Market Research can help.
The first step is to conduct a Qualitative Study and build Shopper Personas / Archetypes. These will be able to create a picture of what the needs / preferences / habits / triggers / aspirations, etc. of the various shopper groups are.
Once the Personas are created, next step is to conduct a Quantitative Study to bring them to life by (1) quantifying the segment sizes / shares in terms of BOTH footfalls and spends (2) note the differences in terms of critical shopping behaviors such as frequency of visits, spend per trip, time spent per visit, brands typically engaged with, brands purchased within that trip, etc. (3) interest and engagement levels towards the different types of services offered (entertainment / dining / groceries / utilities / shopping / fashion and lifestyle, etc.).
If done across assets, one is able to understand the uniqueness of each. And if done over time (once a year is recommended) one is able to understand evolution.
Please note that every shopper goes to the same retail asset with different motivations at different points of time. For example, a person may want to visit the mall for a quick task (example money transfer / courier / business meets over a coffee, etc.) on a weekday and then bring the family over on the weekend for a much more leisurely visit involving visiting multiple touch points. This same person may also visit alone to check out the latest collection of lifestyle brands, or simply to pass the time / check out a publicized activity. Thus, this hashtag#ShopperSegmentation is NOT a demographic or a psychographic one but rather one that is based on hashtag#TripMotivators.
Information needs to be collected covering all time points of a day (late afternoon / evening / night), a week (weekday / weekend), & a month (weeks 1 to 4) to get the most complete view. Sample sizes also need to be adequately large to allow granular reporting.
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
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