We marketers have always searched for new ways to segment our markets to enable efficient and effective targeting and then messaging. Demographic variables are always at the core and then psychographic factors were introduced last century. As technology has progressed, marketers have been able to use databases to factor in actual behavior, including media usage.
There is a separate stream of thought which provides the basis of an additional way to profitably delineate a target market: perspective on time. Kahneman pinpointed the impact of time perspective on financial decisions with his Prospect Theory, which posits that some people focus on optimism for a better future, while others tend to avoid any risk. Further research, by Zimbardo and others, demonstrates that we differ in what we take away from memory (some dwelling on positive nostalgia; others on aggravations and negativity). More importantly, some of us bring these past associations into current decisions, while others live more in the moment and still others are mostly focused on the implications for the future.
An example of the applicability of this learning comes from financial services. Those who unconsciously bring the past into decisions will tend to choose options toward saving, not spending. Those who simply react to current circumstances will opt to spend and not save, while those who are future focused are the prime candidates for investment products.
Demographics and psychographic segmentation tell you who your customer is. Time perspective may be what predicts what they do next. It’s an avenue that we at HawkPartners are actively exploring, and one we think deserves a place in every marketer’s toolkit.
