September 8, 2016
Charles Dickens once wrote that: “Change begets change. Nothing propagates so fast.” In today’s evolving marketplace, where innovators are setting new customer expectations and companies are racing to meet rising demands, Dickens’ words ring true. The first step on a company’s path to thriving in this environment is understanding customers accurately – specifically, identifying how consumer expectations are changing and how fast.
Our Empowered Customer Segmentation measures critical shifts in customer behaviors and attitudes to gauge how consumers are both responding to innovation and demanding it. While the segments are globally consistent, we see insightful differences when applying the framework to unique markets. For example, Forrester’s Consumer Technographics® data shows how the segments differ between Spain and France:
These country differences reveal unique opportunities and challenges for companies aiming to win or retain customers in Europe. For example, forward-looking brands such as Banco Sabadell and BBVA can engage Progressive Pioneers in Spain to test innovative concepts before planning a broader rollout. On the other hand, brands with large proportions of French Settled Survivors or Reserved Resisters can retain customers by convincing them of the effectiveness of an experience.
However, just as change is constant, companies must track how customers will grow into different segments. In my recent report, I note that “while the rate of empowerment will vary widely by country and context, digital, economic, and cultural forces will continue to drive consumer perceptions and decisions.” In the coming years, brands can expect more consumers to evolve toward Progressive Pioneers, so they must stay ahead of the curve by refining their understanding of customer motivations and deepening their customer relationships.
To learn more about Forrester’s Empowered Customer Segmentation or to see how this research applies to your customers, please contact us at firstname.lastname@example.org.