Transform Quantitative Data into Qualitative Consumer Insights
Create the basis for future-oriented strategies
Everyone is collecting data. Chances are that you have a lot of information on your current clients — but what do you know about your future customer? In this article I want to share an approach that will help anyone from entrepreneur to designer look beyond the numbers.
During my postgraduate studies in Consumer Behavior Trend Research I came across the Innovation Adoption Curve by Everett Rogers (you might have seen this graph in Simon Sinek’s well-known talk here). He defined consumer segments that show certain thought and behavior patterns concerning the adoption of a new product or service.
The beauty of this approach is the mixed usage of quantitative data and qualitative insights, translating business predictions into future-oriented strategies for growth.
Let’s look at meat alternatives as an example. When new products entered the market, they appealed first and foremost to Enthusiasts and Visionaries with their curiosity and sense for novelty. Quantitative data predict a market share of 30% till 2030 (A.T. Kearney) — thus entering the next segment of the Innovation Adoption Curve: the Pragmatists.
Pragmatists are more risk-averse and want proof of the quality of your product, thus requiring a differentiated strategy compared to Enthusiasts and Visionaries. Of course, as the market grows also Conservatives and last but not least Skeptics are more likely to be reached with distinct messaging.
These insights can be adapted for any industry, for example electric cars (read this article on Tesla) and provide a good starting point to tailor your brand, marketing and product innovations towards your future customer and — more importantly — understanding their motifs and addressing potential concerns.
The Innovation Adoption Curve has been used and interpreted in many fascinating ways — comment or drop me a line if you are interested in more insights!