Psychographics In Contemporary SMB Marketing

Are you a market researcher? If yes, then you would be familiar with the terms demographics and psychographics. They are methods used for understanding the target market externally and internally, respectively. In recent times, marketers have observed a paradigm shift in market research. Now, small businesses seem more inclined towards exploring the psychology, lifestyle, attitudes, and the diversified personalities of their target audience.

Demographics focus on the external parameters of the market. For instance, annual income, education, age, occupation, or region. However, the emphasis with psychographics is on market segmentation according to lifestyle, attitudes, social class, and dynamics of personality which help businesses to psychologically connect with their target audience.

Do you understand the psychographical paradigms of modern-day marketing? If not, it is time you learn, and adapt this contemporary marketing trend and psychographic-ally connect with your target market.

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Psychographics In Contemporary SMB Marketing from LogoDesignGuru

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• 1. Psychographics in Contemporary SMB Marketing Does your business understand psychographical paradigms of modern-day marketing? If not, it’s time. You need to adapt this contemporary marketing trend and psychographic-ally connect with your target market. What Psychographics Do? Psychographics provide a deeper understanding of your target market, which helps in identifying the variables that drive their buying behavior. How to Study Consumer Psychographics? The psychographics of consumers are studied through ethnographic research, which involves: Developing and structuring of questionnaire Communicating one-on-one with the sample population Conducting focus groups Lifestyle It is based on understanding the living patterns of individuals: • Values • Beliefs • Opinions • Interest Cross Cultural Consumer Characterization Model This is one of the famous models for studying lifestyle patterns, which is based on how an individual behaves according to his/her character Resigned a. Strict in rules b. Rigid to flexible patterns c. Loves to play safe d. Follows traditional patterns Struggler a. Limited resource holders b. Flexible in ideas c. Distorted thinking patterns d. Appreciate things that make an impact Mainstreamer a. Brand conscious b. Conformist c. Loves to follow trends d. Passive to intellectual bigots. Aspirer a. Persona matters b. Intrinsic in their values c. Affiliates well d. Actively follow fashion Succeedor a. Stable people b. Opt for reliable brands c. Calculated in their decisions d. Strong and confident Explorer a. Energetic b. Cherishes autonomy c. Love challenges d. Enjoys trying new products. Reformer a. Socially aware b. Knowledge lovers c. Intolerant to bad taste. d. Appreciate powerful messages Knowledge Do they know about your products? Liking Do they actually consume your product? Or how much do they like it? Awareness Are they familiar with your company or brand name? Preference Do they prioritize the purchasing of your product over others? Conviction Do they value your brand enough to stick to it? Purchase Does your product offer rates that your target market could afford? Applying Psychographics The data collected through interviews and focus groups helps you in developing insights and translating it into brand strategies. Application of psychographics in marketing is a big challenge for SMBs. It depends on the level of creativity in your organization. Once you know the characteristics of your consumers, you become aware of all the weak points and strengths of your target market. Now all you need to do is, prepare effective marketing campaigns based on your consumer analyses. The reason behind the Coke and Nestle’s successful marketing campaigns is their hands-on psychographics. 1. 2. 3. 4. http://hotmama.at/Images/psychographicsegmentation.pdf Understanding Consumer Characteristics Consumer characteristics are studied through dividing your research tool into 3 categories listed below: Social class is associated with the social grade or rank of an individual. Also, it involves characterizing which income bracket he/she belongs to. For e.g. SOCIAL CLASS Unemployed Bank Clerk Service Provider Company Director Middle Manager Skilled Worker Labourer Personality Personality is studied by understanding behavioral patterns of a target market References