October 10, 2022
Market research agencies and marketers often use the Big Five personality traits to help understand the consumer and to segment customers into personality types. It is also often used by HR professionals to evaluate prospective employees.
The Big Five dimensions are considered to be the key underlying traits that make up an individual’s personality. The Big Five traits are often referred to as OCEAN big five – Openness, Conscientiousness, Extroversion, Agreeableness, and Neuroticism (But also occasionally called CANOE).
People who like to learn new things and enjoy new experiences usually score high in openness. Openness includes traits like being insightful and imaginative, and having a wide variety of interests.
People who have a high degree of conscientiousness are reliable and prompt. Traits include being organised, methodical, and thorough.
3. Extraversion
Extraversion traits include being energetic, talkative, and assertive (sometimes seen as outspoken by Introverts). Extraverts get their energy and drive from others, while introverts are self-driven get their drive from within themselves.
As it perhaps sounds, these individuals are warm, friendly, compassionate and cooperative, and traits include being kind, affectionate, and sympathetic. In contrast, people with lower levels of agreeableness may be more distant.
Neuroticism or Emotional Stability relates to the degree of negative emotions. People who score high on neuroticism often experience emotional instability and negative emotions. Characteristics typically include being moody and tense.
OCEAN personality traits can help explain who we are, but it is not our total personality. Brian Little argues that it is sometimes when we break away from our norms that we can show greater insights.
See the video below for a brief but entertaining introduction to OCEAN from Personality Researcher Brian Little.
Some recommended reading on the subject of Personality testing and the OCEAN Big Five, check out Wikipedia. There are also numerous personality trait tests you can do online, which are fun and informative.
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Serviceable Available Market (SAM) is the portion of the Total Addressable Market (TAM) that a business can realistically target with its products or services, based on geography, customer segments, and product fit. SAM helps entrepreneurs focus resources, set achievable goals, and define practical opportunities within the broader market.
TAM, SAM, and SOM are tools for sizing markets. TAM is the total demand for a product, SAM is the segment you can realistically serve, and SOM is the share you can capture. Together, they help predict market opportunity, guide strategy, and set achievable growth targets.