Socioeconomic groups
Socioeconomic groups share similar characteristics defined by social and economic factors such as income, education, occupation and place of residence. Socioeconomic classifications are often as part of a segmentation strategy. High-net-worth groups are of interest to marketers due to their purchasing power, particularly for luxury brands. Low-income Bottom-of-the-Pyramid (BOP) groups are also of interest due to their very large size, particularly in developing markets. However, marketers increasingly focus on other groups defined, for example, by life-stage or shared passion.
Key Reading
Important papers from across the Warc database
This Best Practice paper puts forward three essential principles that need to be considered when practising community marketing. It explains how brands can build successful community links.
A guide to reaching and supporting low income households, with ethnographic insights into their aspirations.
Why affluent consumers are statistically more likely to be male, aged 25-34 and married.
The relationship between individuals and the communities they belong to.
