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Are your customers NEOs and how do you know? On 29 March 2007, social scientist and author Verity Byth, entertained and informed us with her insights into a new way of looking at our customers and ourselves!
Verity and her co-author Ross Honeywill have conducted over 500,000 interviews to ascertain a number of behaviours, attitudes and spending patterns that differentiate consumers in the Australian market. Their groundbreaking research in New economic order: changing the way we live work and play (2006) identified a powerhouse group of consumers, the New Economic Order or NEOs, who are redefining the economic and business landscape of Australia.
Australia’s 4 million NEOs consume more quality products and experiences and are less price-sensitive than the rest of society, but they will pay for quality, authenticity and a unique personal experience. Whilst these NEOs are the minority of our population (24%) they account for 54% of discretionary spending.
Verity’s fresh approach to identifying customers shows us a way of thinking about customers that is immediately applicable to manufacturers, and also to our lives as consumers. Have a look through Verity’s presentation to help you answer questions such as: Are my consumers NEOs or Traditionals? If they are NEOs, how do I target them given that mainstream media may not be appropriate? and Who are my consumers of the future and how will I create products of value to them?
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