The first consideration when commissioning a research is Actionability. What will I use the data for?
The Pareto Report is not a typical marketing research. It’s a syndicated consumer report with a very tight lens on the people rather than markets/categories. Think of it as a birds-eye view that reveals a broad spectrum of essential human characteristics and behaviors of a key consumer segment. Even if you know already a lot about your market, the Pareto is intended to provide a broader outside perspective that should confirm your thinking, spark new strategies or at least prompt you to think differently about your plans.
The following questions should help determine the actionability:
- Is your business Consumer focused? The Pareto Report is essentially a portrait of a part of the Romanian consumers, it’s unlikely to be very actionable to a B2B company.
- Is your business selling any Premium or Affordable Premium products? We should not think about The Pareto Population as being rich, but rather middle class. Since they account for about 40% of spend in most markets, they will be key for the success of products priced in the top half. Besides, the Paretos are also aspirational for average income consumers: nobody follows people who are worse-off.
- Do you think your competitors could use this information if they had it? If you do, then they probably will. The report is syndicated and therefore is a map available to everyone.
- Do you have a fresh Segmentation data for your category with boosted coverage of higher income consumers? In that case, congratulations, you should be very well equipped already.
The Pareto population is receiving increased consideration as they can be a major force not only economically, but also in terms of changing mindsets.
