A new GfK analysis has identified over 10 million US households that represent the greatest potential value for pet retailers and manufacturers. Using GfK’s Pet Owner Navigator, manufacturers and sellers in the pet retail marketplace can target their most important potential customers more efficiently in specific geographies – through promotion dollars, shelf-stocking decisions, in-store promotions, and other marketing efforts.
Pet Owner Navigator divides consumers nationwide into six groups based on their pet attitudes, buying habits, and location of residence. The highest-value segment, Privileged Pet, represents 9% of US households, is well educated, and has a high likelihood of earning over $100,000 annually. Members of this group tend to live in urban and inner suburban areas and prefer to purchase pet food at pet specialty stores; they appreciate the expertise of the store owners and are generally not concerned that the prices may be a bit higher.
Other groups tracked by Pet Owner Navigator are:
GfK’s Retail and Technology team developed Pet Owner Navigator by segmenting extensive data on US consumers. Using this analysis, manufacturers or retailers can allocate marketing funds against the right geographies and stores; distributors can support retailers with the right marketing programs; and marketing and sales professionals can distribute marketing dollars more wisely.
“The days when stores and manufacturers could simply ‘mass-target’ their customers have passed,” said Neil Portnoy, Managing Director of GfK’s Retail and Technology team in North America. “Using Pet Owner Navigator, retailers and manufacturers alike can personalize their offers, product selection, and marketing activities for maximum effect in a given region. Privileged Pet may represent the biggest opportunity – but it is also essential to know if customers in a certain area prefer to shop online, are driven by price considerations, or tend to rely on their vets for pet products. Each of these suggests a different set of tactics for both manufacturers and sellers.”
GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions. More than 13,000 market research experts combine their passion with GfK’s long-standing data science experience. This allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries. By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers’ experiences and choices.