Predict Consumer Preferences by Asking Why

To most accurately predict consumer preferences, go beyond tracking trends. Also know reasons behind each trend. An opportunity to do that came this past week with the release of a Pew Internet & American Life Project report about online confidentiality. The conclusion of the report is that young adults are becoming more cautious in what they reveal about themselves online. This was less true with older adults.      You therefore might decide that a trend has begun for your customers—especially younger ecommerce customers—to want to keep more information to themselves. That, in fact, is what some retail consultants concluded.

      But wait. Let’s also look at what Pew said is why these young adults are getting more cautious about what they share online: It turns out that behind the fear of losing privacy is a wish to gain financial security. Savvy in the ways of Google, these folks recognize the importance of ensuring prospective employers are positively impressed during a tight job market. Nearly half of the 18- to 29-year olds report deleting comments others have made on their social networking profiles. More than 40% report removing their names from photos.

      The trend here is to be more careful when seeking a job, not for young adults to be more protective of confidentiality when buying retail. Actually, according to researchers at Quinnipiac University and Providence College, all adults are relatively willing to share personal information about themselves if it helps a retailer better meet their needs.

      Why did the Pew survey find that young adults are more concerned with confidentiality protection than older adults? Again, job seeking might be behind it. The News & Observer in Charlotte quotes a University of North Carolina-Chapel Hill researcher as opining, “…if you’ve got a pension, you can pretty much say what you want.”