The second is after your product hits the market. You can use data from your sales to find out who is actually buying and using your product, not just the people you thought would. This makes it easier for you to target them or change your strategy to target a different market.
Demographics Vs. Psychographics. How To Target Your Ideal Audience?
What are demographics?
Statistics known as demographics are used to classify and divide the population into various variables and subgroups. Demographic information is defined by experts based on characteristics of a consumer like gender, age, marital status, parental status, health, and financial situation. Marketers divide the population into subgroups based on the characteristics of those groups using demographic data. Demographic data is a foundation for audience segmentation in marketing.
You can find demographic information by consulting the US Census or using website analysis to determine the characteristics that your website’s visitors have in common. You can use this information to create a rough draft of the characteristics that your target audience typically possesses. As a result, you can create subgroups and further explore their psychographic information to improve your marketing strategy.
What is audience segmentation?
A marketing tactic called audience segmentation works by locating subgroups within your target market so you can market to them specifically. You can comprehend your customer and brand in a way that appeals to your target consumer by using audience segmentation. There are many different kinds of audience segmentation, including segmentation based on psychographics and demographics.
For accurately identifying target audiences and appealing to prospective customers, audience segmentation is crucial. Marketers use audience segmentation to determine which subgroups to market to and how to market differently for each subgroup. Marketers can reduce the cost and effort of their campaigns by using data to make these decisions.
What are psychographics?
The collection and categorization of population data using IAO (interests, activities, and opinions) characteristics is known as psychographics. The focus of psychographic data is on traits that people can typically influence, such as values, lifestyle, needs, wants, concerns, hobbies, spending patterns, and attitude. Psychographics focuses on understanding the comprehensive personality of your consumer.
A more granular and focused method of understanding your target audience is through psychographic audience segmentation. You can gather psychographic information by interviewing your existing clients. Ask them about their weekend activities, favorite forms of entertainment, upcoming travel plans, and any long-term objectives they may be pursuing.
In addition to conducting interviews, you could also conduct questionnaires or surveys, spend money on social media analytics, and review your website analytics. You may concentrate on whether a customer purchases during a sale or uses a discount code and what comments they leave on your website when reviewing your website analytics. You can use psychographic information to determine which social media platform your customers use most frequently and concentrate your marketing efforts there.
Demographics vs. psychographics
Both of these fundamentally different audience segmentation techniques are combined by skilled marketers to create powerful marketing campaigns. Here are some comparisons and differences between these approaches:
Psychographic segmentation is more frequently used by marketers than demographic segmentation, but neither one enables you to identify the atypical behavior that may occur within particular subgroups.
Psychographic data is typically much more effective than demographic data, especially for marketing at the individual level. Psychographic data is typically easier to obtain and implement.
Demographic data is quantitative, while psychographic data is qualitative. Demographic information can identify a consumer, whereas psychographic information explains why a person makes a purchase. You can gain a complete understanding of your customer and what motivates them to buy by combining the two types of data.
A marketer can create a rough draft of their target audience using demographic data, and then add psychographic data to polish the idea and present a polished target consumer. Demographic data can be used in some marketing campaigns to draw in a general audience, while psychographic data can persuade them to believe in the brand and make a purchase.
Example of using demographics and psychographics in marketing
Your marketing campaign can be more successful by combining demographic and psychographic data, which will ultimately increase sales or competence. Let’s say, for instance, that you offer a monthly subscription for quilting supplies. Your social media advertising strategy calls for targeting ads for your subscription box on a well-known social media platform, and you’ve already established through demographic data analysis that your target audience is women between the ages of 35 and 65.
After a few months, you notice that your sales and website traffic aren’t increasing, so you decide to gather some psychographic data. You conduct a survey of your existing clientele to learn about their interests, daily routines, attitudes toward social media, and preferred social media platforms.
When you see the results, you realize that you were targeting your advertisements for your target audience on the incorrect social media platform. You can better understand who your target consumer is by combining psychographics and demographics. Utilizing the information, you can increase your reach and sales opportunities by customizing your marketing campaign for them.
Here are some additional instances of how marketing has used demographic and psychographic data:
What are examples of psychographics?
- Personalities. Characteristics that a person consistently displays over time are referred to as their personality, and they are typically evaluated using a 5-Factor Model.
- Lifestyles. …
- Interests. …
- Opinions, attitudes, and beliefs. …
Why are psychographics better than demographics?
Demographic information can identify a consumer, whereas psychographic information explains why a person makes a purchase. You can gain a complete understanding of your customer and what motivates them to buy by combining the two types of data.
Is culture demographic or psychographic?
3 types of psychographics. The main types of psychographics are interests, activities, and opinions. You can split that into subcategories as well. (Attitudes differ slightly from opinions, while lifestyle and behavior differ slightly from activities.)