Marketers who are increasingly interested in gaining insights into what motivates consumers have been aided by MRI’s new segmentation offerings. MRI has released six segmentation analyses examining consumer attitudes with regard to buying styles, investing, banking, cooking, eating and technology.
“Consumers with similar demographics often have quite dissimilar approaches to consumer products and product categories,” says Michal Galin, Vice President of Research at MRI. “Adults in the same age group and with similar incomes, for instance, often have very different risk tolerance when it come to investing…seek different levels of emotional payback from shopping…and have different filters on the kinds of foods they buy and prepare. These segmentation analyses are designed to help marketers go beyond demographics to understand the ‘why’ that underlies consumer behavior.”
The Buying Styles segmentation tool arrays consumers according to their preferred methods and styles of shopping. Consumers are placed into one of five categories: Buyers of the Best, Habitualized Havers, Swayable Shopaholics, Conscientious Consumers and Penny-Pinchers. Men slightly outnumber women (56% to 44%) as Buyers of the Best, for whom quality matters most and low price is not an overriding motivation. Penny-Pinchers, attracted more to a cents-off coupon than to brand loyalty, are more likely to be female (63% vs. 37%).
Market Involvement and Savings and Banking Methods are the two financially oriented segmentation systems. They array consumers according to their attitudes towards investing and how they prefer to conduct banking transactions. The Market Involvement and Savings segmentation places consumers into one of four groupings: Money Game Players, Money Game Spectators, Savers First and Financially Uninvolved. Savers First, with a median household income of $48,077, are predominantly female (63%) and prefer low-risk investments. Money Game Players, with a median household income of $66,187, are willing to tolerate market risk for a higher return on their investments. Banking Methods identifies three distinct segments of “consumers as bankers”: Log-in Bankers, Drop-in Banker and Phone-in Bankers.
There are also two food-related segmentations: Cooking & Food Shopping, and Eating & Nutrition. Cooking & Food Shopping explores attitudes relating to the cooking of food and the shopping that goes with it. Segments include Food-to-Go, Home Cooking Virtuosos and Cooking Up an Image. Food-to-Go consumers, with a median household income of $55,500, have little interest in cooking, preferring to eat on the run. In Eating & Nutrition three consumer segments are revealed, based on their relationship with food: Convenience Over Health, Heedful of Wellness and Blasé ‘bout Edibles. Consumers in Blasé ‘bout Edibles are almost evenly split by gender (51% male, 49% female), while Heedful of Wellness shows the highest median household income under the Eating & Nutrition umbrella: $58,088.
There are four groups of consumers in the Technology segmentation: Tech-Splorers, Tech-Sploiters, Tech-Thusiasts and Techno-Phobes. Females outnumber males as Techno-Phobes (61% to 39%), a group characterized as having little or no interest in purchasing advanced technology products or services.
“These segmentations are one more targeting tool in the vast MRI consumer database”, says Michal Galin. “We intend to create additional segmentations in the coming months, allowing for more nuanced targeting by our client base.”
MRI’s new consumer segmentations are based on the fall 2005 MRI data release.