What are consumer segment trackers?
Consumer segment trackers are systematic, ongoing studies that collect and analyse data about various consumer segments. These trackers focus on understanding the behaviours, preferences, and trends of specific consumer groups over time. The insights gained from these trackers are essential for businesses to tailor their strategies, products, and marketing efforts to meet the evolving needs of their target audiences. They generally involve:
- Demographic analysis: Analysing consumer behaviour and preferences based on demographic characteristics such as age, gender, income, and location.
- Psychographic profiling: Identifying consumer attitudes, values, lifestyles, and interests to create more targeted marketing campaigns.
- Trend tracking: Monitoring emerging trends and shifts in consumer preferences within specific segments to stay ahead of the curve.
- Purchase behaviour analysis: Examining consumer buying patterns, frequency, and preferences to optimise product offerings and marketing strategies.
Some of the main benefits of consumer segment trackers are:
Customise strategies for specific consumer segments
Refine offerings based on consumer insights
Adapt to evolving consumer preferences and behaviours
Deliver tailored experiences to enhance satisfaction and loyalty
Optimise ROI and allocate resources efficiently
Key questions that are answered by consumer segment tracker research
Consumer segment trackers aim to answer several key questions to guide strategic decision making:
- What are the evolving preferences and behaviours of our target consumer segments?
- How do different consumer segments respond to our marketing campaigns?
- What are the emerging trends and shifts in consumer preferences within specific segments?
- How do our products or services resonate with different consumer segments?
- How does consumer sentiment and satisfaction vary across different demographic or psychographic groups?
In On Africa’s consumer segment tracker services
Understanding the consumer market is crucial for any brand operating in Africa. In all countries, various complexities and nuances must be navigated to successfully segment the market and understand consumer aspirations and motivations. In On Africa (IOA) excels in this area, offering robust support to ensure long-term success.
For more than a decade, IOA has conducted numerous consumer segment trackers for some of the continent’s largest companies, particularly in the financial services and retail sectors. These studies have provided valuable insights into consumer behaviours, spending habits, lifestyle preferences, brand loyalty, and the factors driving the use of specific service providers.
Our research employs nationally representative sampling strategies to build accurate consumer profiles across key African markets. Collaborating with our consumer panel partners and field research partners on the ground, we have conducted multiple studies with samples as large as 5000 consumers, covering diverse age groups (spanning from as young as 12 to over 60 years old) and income groups (ranging from unemployed to affluent consumers).
Our consumer tracker research experience has involves quantitative, qualitative and mixed-method approaches, using online, in-person and telephonic methodologies. We often work with our clients between the ongoing rollout of these trackers on more specific consumer research and B2B research studies, as well as in the provision of ongoing CX research and media monitoring to help guide product, CVP and marketing strategies.
Consumer segment tracker case study:
Annual consumer segment tracker for one of South Africa’s largest banks
Client:
One of South Africa’s largest banks
Country:
South Africa
Methodology:
Online 30-minute quantitative survey with a nationally representative sample of 5,000 consumers
IOA has implemented a large-scale annual consumer tracker study between 2020-2024 for one of the largest banks in South Africa. This has involved a nation-wide survey with approximately 5,000 South Africans who are nationally representative across income, province, age group, race and gender.
Each year, IOA provides the client with several in-depth research reports, including a consolidated report with a breakdown of the results across the entire sample, as well as reports that are segment specific. In addition, IOA provides the client with the raw data which is used for ongoing follow-up analyses to further inform the bank’s strategies for the coming year.
Key project outcome:
The results of this research are used on an ongoing basis across multiple units and departments of the bank, guiding various strategies aimed at driving business growth.
Find out more about how IOA can help you through consumer tracker studies.
Read more about IOA’s various service offerings and examples of our past work.