A Buyer Persona is a semi-fictional representation of your ideal customer based on real data and some educated guesses. Include details such as demographics, behavior, motivations, and goals. It is more than just a customer profile, as it focuses on the why behind consumer decisions.
The Buyer Persona is an essential tool for any company that wants to better understand its customers and offer them products and services that meet their needs. In an increasingly competitive world, companies that understand and effectively apply the Buyer Persona concept will have a significant advantage.
Despite the fact that more than half of the global Marketing investment is going through Sales Channels, companies continue to invest much more in market research related to Consumption and Brand Image and Communication and very little in relation to who and how purchasing decisions are made in physical and digital stores. That is, companies know a LOT about their Consumers and very little about their Shoppers.
The importance of the Buyer Persona
The Buyer Persona is a powerful tool for mass consumption manufacturing companies and retailers for several reasons:
Deep customer understanding : Allows companies to better understand their customers, their needs, wants and behaviors. This can help companies create products that meet their customers' needs more effectively.
Market segmentation : Helps companies segment their market more effectively and direct their marketing and sales efforts to the most relevant customer groups.
Personalization : Allows companies to personalize their communication and offers for different Buyer Personas, which can result in a higher conversion rate and customer loyalty.
Product Development : Helps companies identify opportunities for new products or improvements to existing products based on the needs and wants of their Buyer Personas.
Who do you want to buy your brand?
They may be the same person you want to consume your product, but they must be considered from different perspectives, because while the Consumer shows consumption habits, the buyer has purchasing habits and by crossing both information we can have surprising findings.
The understanding of the Target Shopper goes from the most general related to the category to the most particular. We must know not only how and when it buys the brands of a category, but also what other categories it buys, -complementary categories- (rum and cola is one of my favorites) or, on the contrary, are there substitute categories?
In a recent study we determined that in one of our clients' markets, rice and pasta were substitutes for a certain profile of Shoppers, especially when given the opportunity to compare prices. Both our client and the Retailers were very happy with this find!
Our obvious recommendation that generated a positive impact on sales was to put the two categories in different aisles.
How to build the Buyer Persona for your category or brand?
Creating a Buyer Persona involves a series of steps that require research, analysis and creativity. Here is a step-by-step process to create a Buyer Persona:
Research : The first step is to gather information about your current and potential customers. This can include demographics, purchasing behaviors, needs and wants. You can obtain this information through surveys, interviews, sales and marketing data analysis, and other market research sources.
Analysis : Once you have collected the information, the next step is to analyze it to identify patterns and trends. This will help you better understand your customers and identify the different segments of your market.
Creating profiles : Based on your analysis, you can start creating profiles for each of your Buyer Personas. Each profile should include details such as age, gender, location, income level, interests, purchasing behaviors, motivations, and goals.
Validation : Once you have created your profiles, it is important to validate them with real data. This may involve comparing your Buyer Personas to your current customers to see if they match, or conducting further research to confirm your assumptions.
Implementation : Finally, you can start using your Buyer Personas in your marketing and sales strategies. This may involve personalizing your messages and offers for each Buyer Persona, segmenting your marketing and sales campaigns, and developing new products that meet the needs of your Buyer Personas.
Remember, Buyer Personas are dynamic tools. You should review and update your Buyer Personas regularly to ensure they remain relevant and useful. I hope this helps you create your own Buyer Personas! If you have more questions, don't hesitate to ask. We are here to help you!