I am occasionally asked which metric I consider best for tracking consumers. There’s no hesitation with my answer. It’s new home starts. Let me explain why. First, what is it? The metric of new home starts is exactly what it sounds like—it’s the number of privately-owned homes that began construction in a given period of time. (I prefer monthly.)
From all my years in research and consulting, I think I’ve learned a thing or two about marketing worth sharing. Enduring fundamentals, mostly yet often overlooked. So, this year, I’m sharing some for your consideration. I hope they’re helpful. This week’s thought: It’s all about targeting, not segmentation.
From all my years in research and consulting, I think I’ve learned a thing or two about marketing worth sharing. Enduring fundamentals, mostly yet often overlooked. So, this year, I’m sharing some for your consideration. I hope they’re helpful. This week’s thought: Consumer opinions are mushy. The core idea of marketing is consumer-centricity, the foundation of which is knowledge about consumers, meaning that marketing is deeply rooted in data about consumer opinions. Yet, much of...
For decades, marketers have embraced the concept of a “consideration set”—a supposedly stable group of brands that consumers weigh before making a purchase. This idea aligns neatly with the traditional marketing funnel: awareness leads to consideration, which leads to purchase.
Market research can play a vital role in developing or evolving the definition of a brand. Brand owners used to conduct studies to identify the needs and priorities of different groups of category buyers. Then, they’d pick segment(s) to target and then focus their efforts on these types of people, particularly when advertising the brand.
