Better Decisions: The era of consumer situationships
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Over half of UK marketers believe consumer segmentation is an outdated and oversimplified marketing method
Research from Treasure Data reveals that six in ten UK marketers (61%) believe consumer segmentation - the categorisation of customers based on shared traits - is an outdated method of marketing, with 63% considering it totally unfit for purpose. The landscape has changed.
The report goes on to explore:
- Trends without benefits: The new realities of consumer behaviour, and the challenges and opportunities these create for marketers, explain why businesses need a first party data strategy in place to understand their audiences and make better decisions.
Warning signs are emerging amongst marketers, with over half (55%) expressing concern that consumers have become more complicated to understand over the last three years.
Diminishing returns from long-established modes of market segmentation signal a need for a new approach
- Out with segments: Six in ten (60%) marketers believe that segmentation is an outdated and oversimplified marketing method, with a similar number (62%) agreeing that the idea of fixed customer segments is no longer fit for marketing purposes. But, if consumer segments are out of fashion, how should brands target their customers?
- In with 'situationships': A momentary mindset based on an individual’s current mood, motivations and circumstances.
Situationships identify a number of different factors, beyond consumer segments, that motivate consumers’ purchasing decisions. Whilst some consumers may lean towards one or two particular situationships, others may adopt a more capricious approach, flitting between any number of different mindsets as their moods, needs, priorities or circumstances change.
Download a copy of the research now for a full summary of the findings and how to target by situation...