TORONTO -- This is the final part of a three-part series by Environics Analytics Senior Vice President and Practice Leader Rupen Seoni, who takes a deeper look into how the COVID-19 crisis is impacting the Canadian population financially and socially though a segmented system called PRIZM. Today, PRIZM’s five-year rebuild launches, capturing new insights about Canadians from coast to coast.
At a time when businesses are recognizing the importance of up-to-date data to make better decisions, Environics Analytics has launched its latest edition of PRIZM, its comprehensive segmentation system widely used by businesses, not-for-profits and government agencies to analyze consumers and markets.
As the nation adapts to changes associated with the COVID-19 pandemic, PRIZM can help organizations better understand the motivations and behaviours of their customers—and track the recovery of businesses anywhere in the country.
A year in the making, the new PRIZM classifies Canadians into 67 distinct lifestyle types with names like Latte Life (younger, single urban renters), Came From Away (multi-ethnic, middle-aged urban renters) and Vie Dynamique (older, middle-income Quebec suburbanites).
The system provides a deep trove of authoritative information about Canada’s changing demographics, lifestyles, behaviour and values. Integrated with privacy-compliant data from dozens of marketing and media sources, the PRIZM segments provide users with insights for a wide range of applications—from marketing strategies and site location decisions to merchandising, mobile analytics and media planning across traditional and digital channels.
“Canada has undergone so much change in recent years, and even more in the last few months, that decision-makers need the latest data to understand the new normal,” says Jan Kestle, founder and president of EA.
“PRIZM takes away the guesswork with the most authoritative data available on consumers and markets. It goes beyond demographics to explore how people spend their time, where they spend their money and what issues resonate with them. Ultimately, it helps marketers better understand their customers to more meaningfully engage them, especially as the economy rebounds.”
With its 67 segments, PRIZM provides a fresh perspective on Canada’s distinct markets and communities. Since the prior edition was released in 2015, new segments have emerged as a result of powerful social currents, including the increasing popularity of condo-dwellers and high-rise neighbourhoods (New Asian Heights, Savvy Seniors), the growing prominence of the Millennial generation (Indieville, Social Networkers) and the expanding cultural diversity in midsize cities (Middle-Class Mosaic, Midtown Movers).
The new release features 14 predominantly francophone segments, 17 with large numbers of immigrants and two—Diversité Nouvelle (New Mix) and Enclaves Multiethniques (Multiethnic Enclaves)—with a significant presence of both francophone and immigrant neighbourhoods in and around Montreal.
