It is always an exciting journey for any brand to launch a new product line. But knowing your audience inside out is one of the critical aspects of success. By pointing to the right cohorts of your targeted consumer, you can tailor your marketing efforts and product features that resonate with your consumers. So, how can you identify those cohorts? Here is a list of 5 ways that can enable you to tap perfect customer cohorts for your new product line.
1. Data-Driven Demographics:
To identify the segments that align with your product line, begin with demographics. Determine the age, gender, location, income, and education of your targeted consumer.
For example, Apple identified a cohort that focused on a more budget-friendly iPhone option without compromising performance. So, they introduced the iPhone SE that targeted individuals who look for the latest technology in a smaller affordable package. That’s how Apple catered to a specific segment of the market after understanding this cohort’s preference for a compact and cost-effective device.
2. Psychographic Profiling:
Demographics are important but if you want to flourish in the market, it is not enough. You need to delve into psychographics- the attitudes, values, and lifestyle choices of your potential consumers.
Lululemon, the activewear brand that is known for its premium women’s activewear, diversified its product line to include men’s activewear as well. It is because they recognized the rising cohort of health-concern males seeking stylish yet comfortable workout apparel. That’s how Lululemon tapped into a previously underserved segment, and capitalized it.
3. Behavioral Patterns:
The third comes to behavioral patterns. It is another important way to determine the right cohort. Examine consumer behavior to unleash some actionable insights. Just like Beyond Meat did.
Beyond Meat analyzed a cohort of environmentally and health-conscious individuals who were looking for alternatives to traditional meat. That’s when they launched plant-based burgers that replicate the exact taste and texture of meat. This also addressed sustainability and health which became one of the attributes behind the success of Beyond Meat. They wonderfully created a product line that served the requirement for ethical and nutritious food options.
4. Pain Point Prioritization:
Addressing the pain point of your customer and offering them the right solution is the best way to thrive in the market. Hence, identify the issues or challenges that your services or products can resolve just like Peloton did.
It recognized a cohort of fitness enthusiasts who seek a convenient and engaging place for workouts and that’s it. Peloton launched a wide range of connected exercise equipment and online classes that cater to consumers who prefer personalized fitness experiences from the comfort of their homes. This resulted in the rapid growth and success of the brand.
However, not everyone gets lucky in tapping the whitespaces in the market. That’s why over 500+ CXOs chose Ken Research to enable them to identify the consumer’s challenges and make a successful business by offering solutions to those issues.
Do you also wish to determine the pain points of your targeted consumers and build a thriving business? Visit the website now or fill in the details to receive a Free 30 minutes of call with Ken Consultants today.
5. Social Influences and Networks:
While you are trying to find out cohorts, it’s important to consider the social dynamics that may influence your key audience or clients.
Casper an e-commerce company that sells sleep products online and in retail locations, spotted a cohort of young adults, especially millennials who appreciated convenience and a seamless online shopping experience. And there they disrupted the whole mattress industry by launching memory foam mattresses in a compact box and leveraging a direct-to-customer model. This helped Casper gain a strong foothold in the market simply by offering this cohort’s preferences for hassle-free purchasing.
To sum it all up, understanding your consumer cohorts is an excellent way for launching a successful new product line. Several brands have demonstrated the impact of applying these strategies in various contexts and you can do it. Just make use of data, understand psychographics, focus on customer behaviors, address their pain points, and not to forget, consider their social dynamics. Doing this will surely help you tailor your strategy to resonate with a specific group and make a significant business impact. In case, you need some consumer data to back your business strategy, consider Ken research to get some authentic customer insights. Visit the website now.