The Ascent of Psychographics in Marketing Mix
How well have you tapped into your customer psyche?
By S. Lakshmi Narasimhan Founder, Ignite Insight LLC | October 04, 2015
In this, the Internet and digital era, traditional bastions of marketing are crumbling fast and furious. On the one hand, the Internet has spawned a degree of connectivity that was not even dreamed about a decade ago, while on the other the social media juggernaut has ensured that the customer is barely a tweet away from businesses. These two factors have turned marketing on its head. It is not any more enough to mine sources of revenue and therefore the customer profile by tracking geographical and demographic trends, which traditionally have been the paths businesses had adopted. There is a new kid on the block! This kid is forcing a depth of research on the customer as never before. I am referring to the coveted craft of customer psychographics.
Marketing Mix Today
Traditionally, customer profiling began many decades ago with a geographical segmentation. Customers were targeted based on where they were located. However, this was soon found to be inadequate as an index of customer buying preferences. It gave way to what until recently was a facet more superior to geographical segmentation and that was demographics. Segmenting customers based on age, gender predominantly gave insights into their profile in a much better way.
However, this was still based on the mass marketing push that gripped businesses over the last half century. Knowing whether your product is preferred by a youngster or an elderly person or by a man or woman definitely was a more focused approach to profiling.
In recent times, however, mass marketing is clearly conceding defeat to what can at best be termed as pinpointed customer profiling. Social media has not just hastened this process but made it mandatory for survival. Demographics were at best an indication of what a certain profile of customer could possibly be thinking when it came to buying decisions. It still did not touch upon the mindset of the buyer for which a more targeted approach was necessary. Enter the fascinating world of customer psychographics.
Enter Customer Psychographics