SMAART Buyer Analysis: Why Wrong Assumptions Lose You Money
Once upon a time I peddled cookies, crackers, and canned cheese to grocery store chains in Orange County, California.
At that time the fat-free craze had hit the market, and we had a line of cookies and crackers that were delicious, fat-free, and brilliantly marketed as a good-for-you alternative to regular cookies and crackers.
In the more affluent areas we couldn’t keep the products on the shelf, in the lower income areas we couldn’t give the “good-for-you” stuff away.
This of course lead to the perception among company marketers and sales reps that only people with economic means care about quality, healthy eating, and conscious living.
While at the time we had proof of this claim, today this assumption would lose you money.
SMAART Buyers are a new breed of buyer born at a time when American’s discovered yoga, Dr. Andrew Weil, and label reading.
They are buyers that are grouped together by a philosophy of living well and making intelligent choices.
While socio-economics should be considered when marketing to this group, it shouldn’t be the only factor when determining your marketing strategy.
As you already know, affluent buyers buy specialty and luxury goods and services. But in a recent study in “Today’s Specialty Food Consumer 2012” report, compiled by the National Association for the Specialty Food Trade and market researcher Mintel International, researchers found that buyers ages 25-34 were most likely to buy specialty foods. An age group not typically associated with the affluent market.
The study also found that 54% percent of buyers with an average household income of under 25K were likely to buy a specialty food item. Not surprisingly, as income increased, so was a buyers likelihood for buying specialty food items; thus 83% of percent of buyers with an average household income of $100,000+ were likely to buy a specialty food item.
This means that unlike the luxury market that caters to the affluent buyer, the market potential for certain specialty goods and services is much broader. This also means that if you are able capture these buyers while they are young they will grow with your brand. This is great news for marketers.
By-the-way, it was later discovered that the fat-free stuff was full of sugar and so not-so-good for you after all, which of course killed the brand.
SMAART Buyers are Selective, Meticulous, Autonomous, Astute, Responsive, and Thoughtful.
For more information the SMAART Buyer click here.
I’d love to hear from you.
Krista Magidson is the Chief Content Creator For Boutique Marketing Group.