Demystifying live entertainment consumers through segmentation
No two consumers are the same – especially in the live entertainment industry where consumers are diverse and everyone has their own attitudes, needs, and behaviors. Treating consumers as one homogeneous group can lead to marketing inefficiencies and missed opportunities. This point is highlighted in a recent market study conducted by Habo, where we discovered six unique consumer profiles based on their relationship with entertainment and Broadway, their interest in different types of shows, and their willingness to spend on shows among other things. The results from this study highlight the importance of understanding a consumer base and delivering effective marketing campaigns to them.
No two consumers are the same – especially in the live entertainment industry where consumers are diverse and everyone has their own attitudes, needs, and behaviors. Treating consumers as one homogeneous group can lead to marketing inefficiencies and missed opportunities. This point is highlighted in a recent market study conducted by Habo, where we discovered six unique consumer profiles based on their relationship with entertainment and Broadway, their interest in different types of shows, and their willingness to spend on shows among other things. The results from this study highlight the importance of understanding a consumer base and delivering effective marketing campaigns to them.
The key to creating and sustaining successful relationships with your organization’s diverse customer groups is understanding their unique needs. Segmentation allows companies to present consumers with products and services that will satisfy their individual sets of needs and behaviors. If done effectively, segmentation enables an organization to get the optimal return on investment in turn for its marketing and sales expenses (Martin, G. 2011).
The importance of segmenting customers is highlighted in a recent study done by Habo, where we conducted market research in order to understand the profiles of Broadway Goers beyond just their sociodemographic information. Our study shows that this market can be segmented into smaller groups based on customers needs, behaviors and demographic profiles, and that it can be a powerful tool to identify unmet customer needs.
The insights gathered from this study will allow leaders in the live entertainment industry to:
- Understand the specific wants, needs, and preferences of audiences;
- Recognize trends and evaluate show potential;
- Adjust the marketing communications for shows to better attract target audiences.
And consequently increase ticket sales and market share.
Companies that want to employ a segmented approach can outperform competitors by developing personalized strategies for each of their consumers’ profiles. Segmentation may thus serve as the principal basis for allocating resources towards product or service development, marketing communication, and more.
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