A good amount of data is available on the age , sex and income profiles of residents of different geographies. And this forms the basis of important business decisions which can create profitability for businesses. However, what constitutes good data, that create and run business plans, is availability of Consumer Profiles of these customers.
How is a Consumer Profile different from the regular demographic data ?
The easiest way of getting pin code wise demographic data is through the National Census. The National Census will provide you with basic population characteristics including age, sex, marital status, household composition, family characteristics, and household size. The national census being a laborious process that is supposed to cover people residing in each and every part of the country is a process that is conducted in India every ten years. This data collected requires intense collation and is made available to the people by the government through a website.
Having the advantage of reasonable accuracy and ease of availability, this data then becomes the starting point for many different activities. The activities include both social as well as economic.
To an extent this demographic data is a good point of reference for social activities that are required for governance. However, the depth of information in this does not include Consumer Profiling.
The key differentiator is to understand the consumer profile from the angle of Intent. What a consumer’s need is at a point of time is what helps decide the of a product or a service in that particular geography.
A simple example for the differentiation between pure demographic data and a consumer profile can be explained through this example.
Imagine a municipality running the water pipeline for a particular residential area, deciding on the quantum of water to be pumped to a particular residential apartment’s. The census demographic data would provide sufficient information to be able to decide on the requirements.
Now imagine a food delivery company wanting to target the same residential area with their services. In order to decide on what particular cluster of the area to be serviced by a group of delivery agents, it would help to be able to understand that is the exact consumer profile of those residents. Is this an area where the residents are of an age group where they prefer home cooked food or are there more student profiles where the company could expect that the food is often delivered from a cloud kitchen or a restaurant? Or are there families who prefer to order out on weekends in order to enjoy a variety of different cuisines?
This information is provided by consumer profiling where the intent of the customers is also available as a part of the data.
Consumer Profiles provide key information about the consumers and their interaction with the business. Customer profiles can tell you about the customer mindset and that in turn can help companies make decisions of placing different product variants , particular SKUs and preferred delivery time. While traditional brick & mortar businesses find this of tremendous value, this is especially critical for the new rising D2C businesses.
Understanding customer profiles can help build data that will help brands understand who is the impulsive, need based and the loyal customer.
Discover consumer profile with Kentrix.
We suggest Kentrix, which has data availability for 91.5 crores of Indian consumer. This can be a gold mine for businesses . These are complete consumer profiles which include understanding of consumer intent.
The best part of this data, is that the data points have been identified down to the precise residential place of living. This makes the data extremely insightful for B2C and D2C businesses.
To know more about how this solution can help you in your business, click here.
