🏪Market Module
Identifying your consumer's concentration down to zip code levels
Last updated
Identifying your consumer's concentration down to zip code levels
Last updated
Suppose you have a local shoe brand based in a small town in Kentucky. The locals love your shoes, so you decided to expand to Louisville. Your brand was a hit and you became the talk of the city. You didn't want to stop there, so you planned to expand across the country, but you also wondered about other countries. Wouldn't it be better to know which country to expand to, based on the audience that likes your product? Or perhaps, even within the U.S., wouldn't it be a good idea to know which cities and counties should receive your inventory? Let's be more specific. Even if you are expanding to Louisville, wouldn't you want to know which areas in the city would have a higher chance of buying your products?
Consumr.ai's market module does just that. Pick an interest that defines your product and the module will give you the countries, states, cities, and even zip codes within a particular city. In this article, we will cover every scenario in which you can generate these insights and then use them for activations.
To create a market report, you will need to be on the research section of consumr.ai.
In your organization drop-down, select an organization and a portfolio where you need the report to be created. In the action section of the drop-down, you will need to select "conduct research". This will bring you to the home page of the research section.
The screenshot shown above displays a large search bar in the foreground of the page. This is called the "Omnibox". To learn more about how to use the Omnibox, please refer to the article in this link. To execute a market insight, type in a third-party interest or a first-party audience and hit the arrow button at the right end of the Omnibox. Do not forget to select the market module instead of the behavioral module. Remember, your browser will detect the country you are creating this report from and will run the report for that country. If you want to change the country you want to run a nationwide market insight on, you will need to do so from the advanced options.
If you want to create a global market insight as the market inside advanced options, as you can see in the screenshot above.
The inside page or modal will appear with skeleton loaders while the report is loading. On the top right corner, you can also see a toaster message that shows you the current status. Let us create a worldwide report and see how you can drill down from the worldwide report to a nationwide report and from there to state, city, and zip code level.
If you do not want to create an insight at a global level, but want to hand-pick a country from the Omnibox, you will have to use the advanced options.
Here the country dropdown will give you the names of the countries that your organisation has access to. You can pick a country that is available in this dropdown and execute a domestic report for the food market module.
To create a global report, you may need to wait for a minute or a minute and a half. Once the report is ready, you will see a success message and a pop-up notification on the right top corner of the screen. You will also see a global map of the world with different shades of green, blue, and red. As the legend of the map indicates, red-colored countries are ranked 1 to 10, green from 11 to 20, and blue from 31 to 50. This is a quick visual representation of the regions of the world where your consumers are concentrated.
Below the map, you will see the data formatted in a tabular structure. This table lists the markets and gives you the rank of each market based on efficiency scores. The next three columns show you reach scores, uniqueness scores, and efficiency scores. Reach scores measure the size of the audience in a comparative and indexed way. Uniqueness scores indicate the preference of the audience from the market for the original first-party or third-party audience you entered in the Omnibox.
You can sort each of these columns by clicking on the headings on top. For example, if you want to see the top countries based on reach scores or uniqueness, you can click on the header of the columns and sort them accordingly.
The last column is where the action happens. If you want to drill down to understand the behavior of the audience based on the first-party or third-party audience selected in the Omnibox for a particular country, you can click on the button “View Insights” and it will create a behavior report in a new tab for that country. You need to ensure that you have access to the country, otherwise it will give you an error.
We chose the United States to drill down, as it has a good reach and decent uniqueness of audience. The screen auto-scrolls down to produce another table that has a toggle between cities and states. Using this toggle, you can see data at a state level or a city level. As you can see from the screenshot, the table is similar to the global table, where you can see the reach scores, uniqueness scores, and efficiency scores for the state or city. What is different this time is a bullseye icon on the right of the table, also called the sniper feature. This feature is only available at a city level. If you want to see the concentration of audiences in a particular city based on zip codes, clicking this icon will open a map of the city and mark the areas where the concentration of the audience is higher. This will give you a clearer idea of what areas to target, whether it is full zip code targeting, outdoor marketing, or even opening a new store.
Please remember that you can create a behavior report at any stage for a country or for a city.
The market insight report is an extremely powerful tool that helps you with your expansion plan and also to get the basic offline communications right. Before you can run a successful marketing campaign and understand your consumers, it is extremely important to know the direction (or location in this case) you need to look into. The market insight report is a quick, efficient, updated and scalable research report that can point you in the right direction.
