Changes within the healthcare marketplace as a whole continue to affect healthcare retailers, such as pharmacies, grocers, equipment/device retailers and vitamins/supplements shops. While these retailers have a wealth of shopper purchase data and some forms of market research, it may not be sufficient to achieve their sales goals and business objectives.
To successfully drive changes in the behavior of healthcare consumers, it’s important for retailers to better understand them, what they want and what drives them. But traditional market research only offers limited insight to retailers, especially when consumers are lumped into a uniform population.
Segmentation is a method of market research that divides healthcare consumers into groups, allowing retailers to get a better understanding of their target market. Approaches to segmentation include behavioral, socioeconomic and demographic, attitudinal and psychographic. Retailers rely on behavioral data — in this case shopper purchase data — to offer coupons, in-store promotions and anticipate inventory needs. However, such data only show what shoppers do, not why they do it.
Two shoppers may purchase the same vitamin product or OTC pain reliever, or fill a prescription, at a retail pharmacy. The behavior is the same, but the motivations behind that behavior can be very different for both of the two shoppers. If motivations are different, messaging needs to be different to elicit the desired response.
While all approaches to segmentation have their place, psychographic segmentation offers unique benefits to retailers in the healthcare industry. Here’s a closer look at psychographic segmentation in retail, how it works and the benefits of using this approach in a healthcare retail environment.Read More