What's Your Store's Super Customer Saying?
Have you been listening to your business' "super consumers"?
In a Harvard Business Review blog titled "Tap Into Your Super Consumers," Eddie Yoon, a principal with The Cambridge Group, explained that businesses that act "on the insights from those consumers who spend disproportionate time and energy in the [product] category uncovers insights and innovations that encourage trade-up behaviors across other segments as well."
As an example, Yoon cites the case of a refrigerated meat manufacturer that grew its brand 40 percent in three years when it finally understood who its super consumers were--teenaged boys not backyard grillers as originally thought--and why these consumers loved the company's all-beef hot dogs. This new understanding led the company to focus its portfolio and change the emphasis of its advertising and marketing. These changes impacted across all demographic segments. And not only did the company sell more hot dogs, it got a premium price for its products and saw trade-up behaviour.
The lesson for retailers? Get a handle on the motivations, likes and dislikes of your store's core customers and use them to refocus your marketing and merchandise mixes. Definitely a worthwhile endeavour before you head out to the shows.
