CRM and data mining Day 03

Gain a better understanding of what are the key motivations of choice and change.

Profile the things they do, the brands they choose, the media they consume.

There area ten mindset segments of the Australian population based on the deeper drivers of choice and change.

There are four human social dimensions (Individualism, Life Satisfaction, Conservatism and Innovation) and two dimensions that establish the Values Segments in marketplace reality (Quality Expectations and Price Expectations).

VALS is a consulting and consumer research service. VALS consulting provides clients with tailored marketing strategies for targeting, positioning, and communications—real-world, real-time, actionable strategies. Consumer surveys and focus groups inform our work.

Investigate what would change a no decision into a yes and what factors influence and predict the behaviours.

Study current market segmentation and customer understanding methods

To understand behaviours of consumers

Understanding the needs of various consumer groups guides new-product and services development.

E.g. 01: A European luxury automobile manufacturer used VALS to identify online, mobile applications that would appeal to affluent, early-adopter consumers within the next five years.

E.g. 02: A major telecommunications-product company used VALS to select an early-adopter target for a new telecommunications concept. VALS enabled the company to develop the product prototype and prioritize features and benefits, with a focus on the early-adopter target. The company used VALS to select the best name and logo, choose an overall positioning strategy, and set an initial price point.

E.g. 03 A Minnesota medical center planned to offer a new line of service: cosmetic surgery. It used VALS Focus Groups to identify target consumers (people most interested in and able to afford the service). By understanding the underlying motivations of the target, the center and its ad agency were able to develop a compelling selling proposition. The resulting advertising was so successful that just a few weeks into the campaign, the center exceeded its scheduling capabilities.

E.g. 04: A leading U.S. bank used VALS/MacroMonitor data from Consumer Financial Decisions to reposition several ubiquitous products in commodity categories. By understanding the emotional benefits sought by target consumers, the advertising agency was able to define unique selling propositions for each product that linked to the corporate branding strategy. The bank achieved about one-third of its customer-acquisition goal 12 weeks into the first campaign.

Marketers can use MyBestSegments to guide marketing campaigns and media strategies for specific market segments by answering:

1. Who are the potential customers?
2. What are they like?
3. Where can I find them?
4. How can I reach them? 

References

1. http://www.strategicbusinessinsights.com/vals
2. http://www.strategicbusinessinsights.com/vals/presurvey.shtml
3. http://www.roymorgan.com/products/values-segments/values-segments.cfm
4. http://www.claritas.com/MyBestSegments/Default.jsp
5. http://www.spatialinsights.com/catalog/product.aspx?product=80&content=1386
6. http://calabash.ca
7.  http://www.abc.net.au/iview/#/view/901523 (from ABC "Lateline" TV Wedn 29/Feb/2012).
8.  www.metafilter.com/113095/If-you-have-nothing-to-hide-why-do-you-have-curtains-on-your-windows
9.  https://www.eff.org/deeplinks/2012/02/how-remove-your-google-search-history-googles-new-privacy-policy-takes-effect