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.