There are many factors that influence consumer behavior. Perhaps one of the most critical is their personality type and the way they live their everyday lives, their lifestyle. Along with these comes one’s self-concept, another vital factor that marketers must take into consideration when determining how to reach their target markets. The way an individual identifies themselves says a lot about where and how they are willing to spend their money and efforts. Let’s take a deeper look at this idea.
PRIZM Classification
A consumer on the lower end of the income spectrum is much less likely to splurge on the brand-new iPhone that Apple is looking to release than is a consumer on the wealthy end. This plays into the PRIZM method for studying and categorizing customers by lifestyle. The PRIZM, Potential Rating Index for Zip Markets, survey can classify individuals and households based on geographic location (zip code), household size, and average income. Additionally, PRIZM can further dissect based on social groups. With the wide variety of classification options, marketers can use this to their advantage in understanding which markets are most likely to take an interest in their product or service. For example, I would identify most closely with the “Bedrock America” or “New Beginnings” mixes. I determined this by looking at the income level, age, education level, and relationship/family status. With this information about me, marketers can determine which of their products or services would best serve me at this stage in my life, further maximizing their reach and efforts.
VALS Distinction
A second tool that marketers have at their disposal when it comes to dissecting personalities and the effect that they have on consumer behavior is the VALS survey. VALS stands for Values and Lifestyles Survey. This tool, like PRIZM, helps segment potential markets based on factors that may be otherwise difficult to rope in. Unlike the PRIZM survey which has over 50 distinct characterizations, VALS provides users with eight succinct market categories based on each consumer’s top values. Looking at myself, I would identify with “The Innovators”. This places me in a category with like consumers who value the constant pursuit of learning, are future-oriented, are self-disciplined consumers, and have the widest variety of interests and activities. While that is just a snapshot into the current stage of my consumer life, these traits can provide marketers with immense benefits. Using this survey, they can classify individuals into more precise markets, again allowing for the maximization of efforts and reach.
Other Ways to Study Consumer Personality & Lifestyle
While these are only two of the methods in which marketers can study personality, self-concept, and lifestyle within their consumers, both rely heavily on the examination of an individual’s traits and psychographics. Psychographics refers to the way in which consumer lifestyle is measured. A trait is a distinguishable characteristic that describes one’s tendency to behave in a relatively consistent manner. Both serve as foundational aspects to studying consumer personality and lifestyle as it influences market behavior. With this knowledge in hand a market researcher can explore other ways of studying and classifying consumers.
Such ways could include:
- Nomothetic vs. Idiographic Perspectives
- Single Trait vs. Multiple-Trait Approaches
- The Five-Factor Model Approach
While it is nearly impossible to nail down consumer personality and lifestyle exactly, this ever-evolving technological age makes it easier for marketers and researchers to get a more accurate grasp on the motivations behind consumer behavior. Thanks to this, the efforts put forth in the marketing field can be further maximized to achieve its fullest potential.