Demographics Aren't Enough: 3 Reasons You Can't Afford Not to use Psychographics
When my mother began her marketing career, things were very different. The vast majority of consumers did not have regular access to computers, smart phones were the unrealistic fantasy the writers of Star Trek dreamed up, & indeed the most horrifying nightmare for today's millennials, social media was nonexistent. Well, we've come a long way, baby. You'd think marketing would be a snap in the current age. With everyone's personal information on demand, it's now possible to target demographics with laser-sharp precision. At the click of a button you can choose which consumers see your advertisements in an à la carte fashion, from age range to gender, interests, income, & even major life events. For example, I am recently engaged & whereas pre-engagement, my feed & ads were mainly marketing, business, & pet-related, now my screen is saturated with a sea of wedding venues, bridal expos, & planning apps. This is demographic targeting at it's finest, but there remains a commonly overlooked component to market research that is the key t serving up relevant ads to the most valuable members of you already meticulously researched demographics; psychographics.
But What The Heck are Psychographics?
Now don't feel bad if you're unfamiliar with this term. Though the idea behind psychographics is not new, it's only within the last few years that they've become of interest to marketers who want to know more about their demographics than just the bare basics. Whereas demographics tend to be things like age, gender, location, marital status, family load, etc, psychographics take that data a step further by delving into what your target consumers' lifestyles, values, interests, & opinions; essentially why they are instead of just who they are. Getting to know your consumer on a deeper level is invaluable when it comes to reaching quality leads & here are 3 reasons why.
1. Emotional Motivators are Stronger than Sense
We are emotional creatures who often choose things based on gut feelings as opposed to logical sense, which is what the most successful brands will focus on. A famous example of this in action is the Pepsi Challenge. When participants were asked whether they prefer Coke-a-Cola or Pepsi, the majority of them stated that they preferred Coke. However, when served both soft drinks in unmarked containers, the majority chose Pepsi as the better-tasting beverag