SuperConsumers By Eddie Yoon: Part 1

Currently Reading: SuperConsumers

Author: Eddie Yoon. 

5 takeaways: 

1. Superconsumers aren't necessarily heavy users (defined by purchase volumes). They are characterized by their attitude, i.e. how passionate, highly engaged & little obsessive they are about the product. 

2. Superconsumers only constitute 10% of the consumer base but can drive 30%-70% of sales! 

3. They aren't particularly price-sensitive and are more predictable than other consumers since the root cause of their behaviour is deep emotions and motivations rather than socioeconomics or demographics. 

4. Insights provided by superconsumers prove to be invaluable since they know what they want and are a great test audience. Their input allows companies to tap into another category of consumers called "potential superconsumers". This group is as passionate as superconsumers but doesn't spend as much. 

5. Most companies have NOT cracked the code on identifying and engaging with superconsumers. “A report by the auditing company KPMG and the Economist Intelligence Unit revealed that only 1% of 580 companies hit their forecast exactly over a 3-year period, and only 22% were within 5%. On average, companies were off by 13%, an inaccuracy that had an estimated 6% impact on total shareholder value.”