Conventional marketers utilize demographic categorization when targeting consumers. In today’s collaborative world of Web 2.0, thanks to social media, smart marketers are currently identifying/targeting social individuals (a.k.a. brand advocates) who have influence over potential buyers. What’s next? The new world of Psychographic Profiling.
Thanks to mobile technology, marketers can benefit from the expansion of data captured at the numerous consumer technology touch points – transactional purchasing behavior/history, apps, geo-location, etc. Consequently, smart marketers are in stronger position to identify and engage with their target audience via relevant, real time marketing communications. The advent of 5G, the next generation of mobile broadband, will enhance consumer targeting. 5G connections will deliver greater data capacity (instant computing power) and speed than previous generations – 1,000 the data rate of 4G. Consequently, marketers will be able to utilize psychographic profiling thanks to their ability to crunch data in nanoseconds to identify their audience.
Future food industry psychographic profiling buckets:
- Lifestyles (e.g., “on-the-go”) – Snacking behavior, convenience foods preferences, beverage consumption.
- Situational Eating Behavior – Location and time of day consumers buy food.
- Health vs. Indulgence – Special diet needs, labeling knowledge, over the top eating experiences.
- Social Values – Make the world a better place – sustainability, responsible sourcing, etc.
Are you prepared for psychographic profiling, the next challenge for identifying/targeting consumers?
During last night’s storm (a.k.a. electrical display) here on the Mediterranean, I questioned why there is a time differential between a bolt of lightning and the sound of thunder? Google time.
Google explains a bolt of lightning and the sound of thunder actually happen at the same time. A bolt of lightning heats the air along its path causing the air to expand rapidly. The sound of thunder is the byproduct of the atmosphere expanding, but the lightning flash travels faster than the sound of thunder.
More importantly, I thought about what I did pre-Google search regarding trivia questions (e.g., film, sports), scientific or historical inquiries, etc. Google since its inception in 1998, has successfully organized the world’s information, making it universally accessible. How was it possible to live life without Google!
What is the most popular team name in sports? Thunder. Thank you, Google.
Over three years ago I expressed disappointment that F.A.O. Schwartz was closing its doors at its iconic Fifth Avenue location. Good news! F.A.O. Schwartz made its Big Apple comeback in late November.
F.A.O. Schwartz is another example of Brick & Mortar 2.0: providing a great overall retail experience. The toy retailer recently opened a new flagship store in Manhattan’s Rockefeller Plaza, complete with its famous giant walk-on piano. In addition to featuring old classics (e.g., toy soldiers sporting new, updated uniforms), F.A.O Schwartz designed some new experiences to make their store, once again, a global iconic destination for visitors to New York City. New attractions include a remote-control car raceway, a grocery store where kids can fill their carts with play groceries before heading into FAO home to shop for kitchen equipment and housewares, a Build-A-Bear Workshop, etc. to name a few.
“Retail is theater!” – David Niggli, FAO’s Chief Merchandising Officer.
Brands/retailers are geared up for holiday sales surpassing $1 trillion for the first time and the strongest growth rate (5.8%) since 2011. Note: Spending further enhanced by a 32-day holiday calendar. Consequently, influence marketers are working overtime to identify nanoinfluencers (a.k.a. “nanos”) to fuel their marketing movements.
This past year, thanks to my affiliation with the Social Media Research Association, I have been reviewing the current viral wave of influence marketers. Via the different social media platforms, influence marketers are now digitally mining deeper to find their target audience. Their objective is to identify select social individuals who have influence over potential buyers. However, marketers’ question whether is it better to use macro or micro influencers. Macro influencers are categorized as celebrities with massive, millions of followers, while micro influencers are everyday consumers who have significant social media followings (1,000 to 100,000) they engage deeply with on a regular basis.
Welcome nanoinfluencers (a.k.a. “nanos”), people with small followings (1,000 to 5,000), high engagement, their primary social platform being Instagram. In return for monetary compensation or free goods, “nanos” post Instagrammable, shareable photographs of products, services or travel destinations they like. Their online followers (including close friends) value their advice leading to purchase decisions. An inexpensive form of consumer marketing. For the holidays, Macy’s, H&M and J.C. Penny have implemented Instagram influencer movements.
In my last post, I disclosed a unique garbage diversion futuristic concept, an innovative model for sustainable aquaculture. Today I am going to review a Tyson Innovation Lab consumer snack product that was developed in only six months.
Yappah!, a snack launched via crowdfunding in select markets signals a new approach by Tyson. For starters, the protein crisps were designed by a select/lean innovative team in a five-day process comparable to how technology companies develop software. A first in new product development for a CPG company. In addition, the product represents Tyson’s goal to launch more sustainable products. The snack is made from upcycled white chicken breasts, rescued vegetables and spent malt barley, a byproduct of beer brewing. It is packaged in fully recyclable tin cans. Bottomline, Yappah! embodies a food waste solution better known as garbage diversion.
The global food loss and waste challenge from production through retail and consumption is far reaching. Garbage diversion is an innovative baby step in the right direction.
Food loss/waste has significant economic and environmental implications, as well as social repercussions (fighting hunger) when so much food supply is wasted between farm and table. Consequently, I always enjoy learning about new, innovative food-waste (a.k.a. garbage) diversion concepts. Time for an update.
Food waste (a.k.a. garbage) diversion is a novel sustainable approach converting what is normally considered waste in either the beginning (production) or end (consumption) of the food value chain into palatable food products. Recently, I learned about an innovative waste solution, a potential game changer for sustainable aquaculture. Fact: Due to fish consumption being at an all time high, a third of the world’s oceans is over fished (source: Food and Agriculture Organization of the United Nations), thus raising a red flag for the future sustainability of a key protein for millions of people worldwide. One viable solution is aquaculture (a.k.a. fish farming), the fastest agricultural sector for the past forty years. However, critics of aquaculture are concern about farm fish feces contaminating oceans, lakes and drinking water, plus the drain on environmental resources (e.g., corn, soy, ground fish, etc.) needed to feed farm raised fish.
Enter TimberFish Technologies originally launched in 2008. They feed their fish with a combination of nutrient-rich wastewater from food processors (breweries, distilleries and wineries) and wood chips. Wood chips contain microbes, a source of food for small invertebrates like worms and snails. The fish eat the invertebrates. Two additional sustainable benefits of their innovative technology: 1.) The fish excrement provides a source of nutrients for the microbes completing a cycle; and 2.) TimberFish Technologies system’s only output is clean water plus spent wood chips further utilized as a biofuel or soil supplement.
My next post reviews İYappah! a new consumer snack food made from upcycled proteins, rescued vegetables and spent brewer grains.
Last Thursday while I was walking through the terminal shopping mall in Heathrow airport changing flights, I was reminded how Burberry, Britain’s largest luxury label in sales, lost their cue. They are now on damage control thanks to foolishly sending out the wrong signals.
Back in September I posted Forever Relevant – Brand Stamps 4/27/10 detailing how the core essence (a.k.a. DNA) of a brand is all about its code (what the brand stands for) and cue (the sensory signals communicated over time to consumers). As it relates to cue, what was Burberry thinking when it announced over the summer they burned tens of millions of dollars’ worth of unsold goods? Burberry’s rationale: They wanted to maintain their “brand value” to safeguard unwanted items from being stolen or sold at a significant discount, thus negatively impacting the high-end price tags they command at retail. No surprise, politicians and environmental activists stepped forward to criticize the brand, as well as its younger consumers for being irresponsible. Immediately the company announced plans to overhaul their practices of destroying unsold merchandise, as well as rebrand its image including its policy regarding sustainable supply chain.
Burberry, damaged brand? Will they be able to recover their cue?