Businesses need to better understand their customers to design and develop more personalised and targeted products, services and marketing activities. With the capabilities we now provide to our customers in our Audiense Insights platform, this key information is more accessible and actionable than ever before!
Gaining a deep understanding of consumer behaviour and purchase decision-making factors of your target audience can provide a massive competitive advantage. This insight, delivered in real-time, can help to define strategies that focus on better returns on investment and on achieving or even smashing lofty business goals.
Through our partnership with IBM Watson, there are two main groups of intelligence that we have made available to our clients: purchase influence factors and consumption behaviour. These have a key influence on how you reach and communicate with your target audience to maximise success.
Purchase Influence Factors
Purchase influence factors have a direct impact on your target audience making a purchasing decision. These factors are categorised by how likely the audience is to be influenced by brand name, product utility, advertising, social media and word of mouth via friends and family. What’s the best way to break through to your audience?
Consumer Behaviour Indicators
In addition to this, there are other key factors that influence the way consumers make purchases. These include the likelihood of individuals to make purchase decisions on the spur of the moment, whether they prefer to pay using a credit card, how likely they are to respond to wider advertising campaigns, and how they respond to more specifically targeted advertising.
Consumer Preference Insights In Action
So, this posed a question… how does Ariana Grande’s UK fan base make their purchase decisions? We have analysed her fan base in the UK to provide an example of how we can explore this new dimension of insights within a real audience.
Before we begin to comprehend the levers that determine the audience’s purchasing decisions, it’s important to understand the audience to give context.
- The audience is predominantly female (63% in the audience, vs. 48% in the UK audience)
- Almost 60% are between 13 and 24 years old (vs. 17% in the UK audience)
- The most popular cities where the audience lives are London, Manchester, Liverpool and Birmingham
- The audience is more likely to be found on YouTube, Snapchat, Instagram and Facebook
Given the general understanding of people who follow Ariana Grande, our insights help to map reality. The audience is young and predominantly female as we would expect. In addition, we can combine that with what we know about the audiences on YouTube, Snapchat, Instagram and Facebook. Based on publicly available data about the makeup of the audiences on these social networks, the channels frequented by this audience don’t surprise us.
Audience Purchase Influencers
The most relevant influence factor for Ariana Grande’s UK audience is social proof. They care what is being said about a product or service on social media. This is much more relevant to the audience than it is for the average UK population, so if you’re looking to target this audience with your products and services, you need to think about how you develop social proof through your existing customer base or via influencer identification. Audiense’s Insights platform can help you find both macro and micro influencers in any audience.
Online advertising and what their friends say follow. Meanwhile, product utility has significantly less influence on the purchasing decision for this audience, unlike for the average UK citizen where it’s almost twice as likely to influence a purchase decision.
Not long ago, this scope of insight was difficult to define on an audience level, and impossible to deliver in real-time. With just a few clicks to gather data and a few hours to enrich it, you can now gain an immediate understanding of what inspires and influences your target buyers when they make purchasing decisions.