How to identify your buyer persona in 2023

Affordability is one of the most repeated concepts in 2023 when one talks about consumers and their preferences. The terms and concepts associated with digital are still the main protagonists in most marketing strategies. However, people nowadays tend to shop more or prefer to purchase online, but #brands still face problems and challenges of trust, high cost, and preference to buy products and services through physical channels. 

In 2023, companies must develop proposals, products, and services adapted to the consumer they want to serve. It’s the age of customization. The 11th edition of EY Future Consumer Index follows and tracks the feelings and other data related to consumers and their preferences, showing people are still optimists over their life in the long term. Still, their hopes and dreams keep on changing. About 84% of consumers hope to “go back to normal,” 47% like how they have changed some aspects of their life, and 54% affirm that they have changed their values and way of seeing life in their last year.

EY introduces five types of #consumers and their interests, goals, etc. Companies need to prepare for this changing world and anticipate the demands of their buyer persona and the wishes of these new types of consumers. 

1. Consumers who adopt frugality as a way of life and put accessibility first 

For them, price and cost take center stage. Many are pessimistic about their economic forecasts of their country and personal finances, with about 40% expecting their life to be worse in 3 years. Their primary expenses are in essential products, and about 76% do not feel to be on board with the #trends. About 71% of consumers would prefer to buy new products to replace what they already own. These types of consumers give priority to sustainability, expressing it in a cost-efficient way, like the use of reusable shopping bags and energy conservation consumption techniques. Many prefer to purchase in physical stores, and 52% have never purchased a product online. Three ways you can address them: 

• Expand cost alternative prices and products in essential categories. 
• Develop promotional discount prices directly at the store’s point of sale instead of doing it through complex digital loyalty programs. 

1. Innovate and educate on sustainable products that may reduce general costs for consumers (For example, low-consumption electronic products, detergent at low temperatures, services of repairing and reselling platforms are products and services that help prolong the useful life of products). 
2. Consumers making sustainable decisions for a better future put “the planet first.” 

#Sustainability practices are what define them. They are worried about inflation but are less likely to reduce their expenses unless it’s an effort to live more sustainably. They feel the need and responsibility to influence other people’s behavior and would like more information to guide their purchasing decisions. They want to be in the loop on the latest trends in sustainable living, fashion, and technology. Consumers in this category are most likely to purchase products not because they need them but because they make them happy. They are experts and open to using digital channels to make purchases in the future. About 30% of them have attended immersive virtual events. How to approach them:

• Establish traceability in the supply chain and inform with transparency of the impact of your products or services on the planet. 
• Invest in sustainable and recycling solutions that reduce the use of packages and platforms that support the reselling of products. 

3. Consumers who live life today and put “experience first.”

About 1 in 3 want to spend more money on recreational activities or holidays outside the home but enjoy them inside. They are most willing to own online subscription services like video games or streaming platforms (Ex. Netflix). They are adopting digital trends faster than any other type of consumer. Almost half of them have purchased at least one product through #socialmedia . Here are three ways you can engage with these types of consumers:

• Focus on the messages of quality and sustainability as the differentiation of the products. They are not willing to sacrifice quality to help the environment. 
• Build services around products that create unique opportunities and add value and experience more than a simple transaction. 
• Using innovative and gamified tools in digital channels to transmit exclusivity and entertainment through the compromise with the brand.

4. Consumers who focus on their well-being and put “health first.” 

They prioritize their physical health and mental #wellness first and believe they are essential topics of society, along with climate change. About 54% of consumers in this segment intend to prioritize health and overall wellness products and services as key factors to motivate their purchases in the years ahead. They are slightly pessimistic about their economic perspectives and are very worried about the rising costs. They are comfortable with the use of digital channels. However, they are less likely to subscribe to online fitness apps despite being focused on their health. Here are three ways to connect with these types of consumers:

• Develop innovative products that combine mental wellness with physical health benefits and use backed-up influencers of opinion leaders that generate trust in the information. 
• Offer nutritional consultation services. 
• Reduce the need for physical contact, creating services digitally through fulfillment without contact and contact for payment and delivery. 

5. Consumers who make decisions that benefit the community and put society first. 

They are less worried about the costs but are still willing to change some habits to choose economic brands and buy just the essentials. Their main concern is society’s health and the need for a #healthyplanet. They are interested in ethically produced products. About 56% are willing to pay more for sustainable products and brands that value this. They are very active in small initiatives, such as reducing plastic utensils, but avoid making more critical changes, such as restricting their airplane trips. They encourage companies, friends, and family to be more sustainable and friendly. They are familiarized with digital channels such as email, chatbots, or social media direct messages to obtain information. Three ways to approach them

• Focus on the transparency of the supply chain.  
• Collaborate with those responsible for guaranteeing that activities and company initiatives benefit communities. 
• Find ways to connect product consumption and services to local causes that interest people.

One can effectively develop marketing, public relations, and digital marketing strategies by understanding and defining what type of consumers one usually wants to sell to. Understanding the audience can save the company money and execute plans more efficiently and effectively.