Market segmentation studies, particularly those by big research-based consulting firms like Gallup, can be very fruitful based on their methodology. Large companies often commission custom studies, which can be a major investment. Keep an eye out for the syndication of such studies by research firms -- often these are made available for a flat fee and can be a wealth of insight about your product category (in this case a target market and its segments.)
This particular study surveyed a group of households that agreed to answer questions about their lifestyles.The Creative ClassSM Gallup panel included 38,000 US households
From the respondents, a follow-up study of 4,669 people in creative occupations was conducted to assess psychographics: personality, values, attitudes, interests, and lifestyles.
This lucrative market has been found to possess over $618 billion in discretionary purchasing power.
The Class's work orientation is knowledge/idea idea driven. Members' talents/skills are used fully -- they get paid for thoughts/concepts, are motivated by new ideas and solve complex problems. Their jobs require high levels of formal education and their work values can be characterized as creative, problem-solving, cutting-edge, inventing, or exploratory. Their personal values include: tolerance, open-mindedness, meritocracy, work ethic, responsibility and integrity.
Not a chance, according to the study.
| Independents -1% | "I break the rules" |
| Innovators - 39% | "I drive change" |
| Competitives- 19% | "I strive for success" |
| Pragmatists - 14% | "I solve problems" |
| Compassionates - 27% | "I help others" |
Beyond all the rich data provided by the Gallup study, there was a bonus -- a presentation by GSD&M. I have always viewed GSD&M's work as brave, brilliant and truly perceptive about brands; they don't just crank out ad campaigns. As someone who ran a small agency in Houston for over two decades, the firm has been a real inspiration for me and I’m sure many for other small creative boutiques as well.
At the presentation, agency President and advertising icon, Roy Spence, announced his support for this study and for Florida’s work. He reiterated the idea that the marketplace is increasingly transitioning to being more knowledge/idea-based and explained how the process will impact both B2B and B2C marketing and brand building. Then Spence provided some real-life pearls of wisdom: explaining how GSD&M used this very knowledge to not only win, but, to contribute to the success of a major piece of business and their world renowned client BMW.
GSD&M employees, Haley Rushing and Carmen Graf walked the audience through the process of understanding the public's current perception of BMW vs. what was really going on with the product. They explained that an increasingly creative trend is developing amongst contemporary consumers: "People are using their creativity and intellect to make a difference -- they’re drawn to companies that are using their creativity and power to make a difference too." This insight formed the fundamental core of GSD&M's branding strategy for BMW.
So now that it has embraced the ideal of creativity, how does a brand like BMW not kick its driving enthusiasts to the curb, while expanding its audience base to include idea enthusiasts, a significant faction of the Creative Class?
Here are some of their top line recommendations.
As someone involved in launching a startup, I wake up just about every night sweating and thinking about at least 20 things. Are we on track? Do we really know our market and its segments? What’s the best, most cost effective way to reach them? Will people think what we are doing is as cool as we do?
Email
Digg
StumbleUpon
Facebook
Buzz Up!
LinkedIn