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TrendSights Analysis: Personalization - Providing a superior and more unique fit for specific consumer segments

TrendSights Analysis: Personalization - Providing a superior and more unique fit for specific consumer segments

  • April 2017
  • 38 pages
  • ID: 4895281
  • Format: PDF
  • By GlobalData

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TrendSights Analysis: Personalization - Providing a superior and more unique fit for specific consumer segments

Summary
Specialized and differentiated products are being introduced in order to optimally cater for different age, gender, and ethnic groups, as well as the lifestyle benefits sought by more demanding consumers. Personalization facilitates differentiation and uniqueness by creating a product that is perceived as being more closely aligned with individual consumer needs.

By increasing product relevance this can enhance engagement and create more involved buying behavior. It can also lead to higher consumer satisfaction at a time when preferences are becoming stronger and more forcefully expressed. Companies can command a price premium and, at the same time, be rewarded with greater loyalty.

Trend drivers
- Informed consumers: Consumers are more aware than ever of their specific needs and requirements, seeking products to address them.
- Individualism: Consumers want to express themselves resulting in more choices being related to identity and lifestyle.
- Desire for efficacy: The idea that personalized solutions can result in more effective results and better address specific concerns.

Consumers are seeking more complex solutions by which to meet their needs across their entire lifestyles, from diet through to beauty, through to the products they use to clean their home. With today’s consumers being more aware and informed of their individual needs than ever, the pressure is on for brands to better resonate with consumers in more meaningful and relevant ways on an individualized and personal level. Brands that can effectively do this are likely to gain favor among these “individual-centric” consumers.

Brands should consider updating traditional personalization approaches, such as by demographic, through combining lifestyle cues alongside conventional segmentation. Explore the use of technology such as apps and devices in order to provide a more personalized service to customers through tracking usage patterns and needs and suggesting products which can meet them from existing portfolios. Specific functional concerns and preferences such as diet and health remain key issues by which brands can personalize their offerings to better meet consumer needs.

The report "TrendSights Analysis: Personalization" is a TrendSights series and explores how brands can provide a superior and more unique fit for specific consumer segments.

Companies mentioned in this report: Kashi, Seeds of Change, Gippsland Dairy, You’ve Dalandan it Again, Temple Turmeric, Ice Break, Garnier, Eucerin, Bulldog Skincare, Glenfiddich, 123 Tequila, The Respect Co., Aekyung Trio, Farmers Market.

Scope
- 43% of consumers globally have a more favorable perception of products featuring claims personalized to their needs.
- Personalization benefits rank among the top 10 factors that would encourage consumers to buy luxury/premium products.
- Brands should consider updating traditional personalization approaches, such as by demographic, through combining lifestyle cues alongside conventional segmentation.

Reasons to buy
- Gain insight into the different routes through by which products can align with the Personalization trend, including examples of best-in-class innovation.
- Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
- Identify the innovation implications of personalization for your sector.

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