Today’s consumers are highly selective and strongly desire companies to understand and address their individual needs. The Internet and social networks add another layer of complexity, providing avenues through which consumers can access information, share their thoughts and opinions, and purchase products as companies speak directly to their customers.
The rapidly evolving marketplace and communications channels have made it increasingly challenging to clearly identify meaningful consumer segments, understand how to reach them and deliver a motivating message. Traditional attitudinal segmentation is no longer powerful enough.
Weinstein & Associates, Inc. employs Latent Class Analysis in a cutting-edge modeling technique. Our statistician is a published developer of this methodology which goes beyond traditional, one-dimensional segmentation. Our model clusters on three key variables:
- Attitudes and lifestyles
- Behavior, including category usage, media/communications usage, file behavior if available, and beyond
Utilizing all three dimensions generates more clearly defined and meaningful segments, providing a holistic view of each group – their thoughts, their motivations, their behaviors and how to effectively reach them.