Psychographics can be described as the study of consumers based on their ideas, actions, and interests. It aims to understand the cognitive aspects of the user behaviors– including sentimental opinions and inherent behavior, such as ethics, values, political visions, biases, etc.
Psychographics goes beyond categorizing people on the basis of general demographic data, which means the statistical data about an individual based on facts and figures, such as age, gender, religion, culture, and income.
So, marketers assemble and examine the data in order to create detailed psychographic profiles of audience segments, which can be further used to reach out to the particular segments.
Psychographics are essential for marketers as even within clearly specified demographic data, there is usually a noticeable difference between people. For instance, two people of the same age, race, or location can have separate political views.
A psychographic profile includes an individual's likes/dislikes, hobbies, and preferences. This can create a clear picture of a person's behavior, including their reason for buying a product.
The demographic statistics data is not completely reliable, as in the B2B industry, variables such as decision-making power can evolve and fluctuate continuously. Here, psychographics show emotional characteristics that cannot be determined by examining only demographics.
Psychographics are the key to understanding the buyers' behavior. As we know, the B2B buying process is much more emotional and personal, which means conveying the weightage of your offer is critical, but not enough to distinguish your company from another.
For instance, customers prefer to buy a product that leads to growth or advancement in their career or satisfaction in their purchase decision.
B2B companies can take advantage of knowing the user behavior with the help of psychographic factors and build valuable connections with their target market. The combination of demographics and psychographics can lead marketers to reach suitable customers, with the right message, at the perfect moment.
Psychographics include cognitive data that is based on behavior or attitude, whereas demographics include statistical data of a person.
Psychographic data can pinpoint each individual as separate and unique, whereas demographics share the entire data on the basis of a mass audience.
Psychographics can provide an in-depth understanding of the buyer and assist businesses in understanding the customer's purchase decisions, unlike demographic factors.
Psychographics also allows marketers to build segmented campaigns based on users' wants and requirements.
Combining demographic and psychographic details can form a comprehensive image of your customer. So, the more information you use, your message will be more focused while targeting. These details are added in the buyer personas that enable brand positioning and marketing messaging.
For example, if you take psychographic factors such as hobbies & lifestyle choices and demographic data such as the age & income of your target customers. Then, you can have a much more accurate buyer persona rather than focusing on just one of those factors.
Psychographics play an important part in business– it helps you understand your customer better and can further help you improve your marketing strategy. Now, getting good psychographic data is a simplified process, and it is no longer a guessing game where you have to assume whether it works or not.