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Psychographics

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Psychographics

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Psychographics

  1. 1. Submitted By: - Shruti Pendharkar
  2. 2.  Introduction  Customer profiles  Psychographic variables  How to implement psychographic?  Psychographic in advertising  Advantages and disadvantages
  3. 3.  Psychographics refers to information about consumers’ attitudes, values, motivations, and lifestyles as they relate to buying behavior in a particular product category.  It is a quantitative research intended to differentiate and aggregate consumer in terms of psychological dimensions.  Psychographics look at the mental model of the consumer in the context of a customer lifecycle.
  4. 4. • Amazon.com has long been a leader in this space, through innovations like “recommended products” and “users like me also bought.” Its algorithms have learned to predict its users, and what they are interested in. And now, there are a number of tools that any business can use to leverage psychographics. • Psychographic profile of a childcare provider:
  5. 5. GENERAL PURPOSE CUSTOMER PROFILE CUSTOMIZED GENERAL- PURPOSE VAL’S Segmentation Yankelovich Mindbase Segmentation
  6. 6.  These studies are typically customized to the client’s specific product category.  questionnaire items included are selected in view of the unique characteristics of the product category. PSYCHOGRAPHIC STUDY OF CONSUMERS’ BANKING PRACTICES.
  7. 7.  Independent psychographic profiles of people are generated for any particular product or service.  Yankelovich MindBase psychographic segmentation scheme: -  consists of eight general segments and 32 specific sub segments.  It summarizes the eight general MindBase segments and labels these with descriptive terms such as “I am Expressive,” “I am Rock Steady,” and “I am Sophisticated.”  Direct marketers and other marketing communicators use these profiles for designing creative advertising campaigns that best match the attitudes, values, and lifestyles of their target audiences.
  8. 8. The TATA TEA “JAGOO RE” Campaign was meant to change the lackadaisical attitude of people towards voting & elections and awaken them to use consciously their right to vote.
  9. 9. Indian brand slogan ‘Sach kar denge sapne’, Connect emotionally with customers of all demographics and psychographics by associating with a iconic Brand Ambassador Akshay Kumar and Create new benchmark with Dream Yuga – Honda’s foray into mass motorcycle segment. .
  10. 10.  SRI Consulting Business Intelligence’s (SRIC-BI’s) VAL’s system: -  The U.S. VALS segmentation scheme places American adult consumers into one of eight segments based on psychological characteristics that are related to purchase behavior and several key demographic variables such as age and household income.
  11. 11.  Psychographic variables are also known as AIO variables  Activities,  Interests and  Opinions.
  12. 12. There are 6 typical ways to learn about your customers: - •PERSONAL OBSERVATION •TEAM OBSERVATION •ORAL INTERVIEW •WRITTEN SURVEYS •FOCUS GROUPS •ONLINE RESEARCH
  13. 13.  To get really curious about your customers from their perspective.  To observe them and seek to understand their values, interests, personalities and lifestyles.  EXAMPLE : -  A restaurant owner can easily come to understand their customers more deeply through observing them first hand and seeing and hearing what they are talking about.
  14. 14.  Get your team involved. Challenge them to become more keenly aware of your customers. Delivery people, customer service associates, service technicians, coaches, everyone in your business that has contact with customers can participate in furthering this psychographic understanding.  Have a monthly meeting where all you do with your team is talk about their observations of your customers.
  15. 15.  What do they like about your competitor's product?  What made them decide to buy your product?  Did they know which brand they were buying before they purchased it?  What advertising messages had they seen prior to buying?  How much disposable or discretionary income is available for this type of purchase?  What are their hobbies?  What emotional aspects impact their purchase?  What is their social class or status?  Who is the actual decision-maker for this type of purchase?  What values and attitudes play a part in this type of purchase?  Who do they look to when making purchasing decisions?
  16. 16.  With online tools .It’s simple and easy to create a survey and send it to your customers.
  17. 17.  The domain of market research firms, a small business owner can model the idea, gather a few customers together, and ask questions to get a group conversation going which is certain to elicit important information.
  18. 18.  There is a wealth of information online, in journals, and in periodicals that can help inform you of the underlying attitudes, lifestyle, and interests of these customers.  Search, Facebook, YouTube, LinkedIn, raddit, Twitter, StumbleUpon, lay boutique demand-side platforms (DSPs) and other emergent channels’ targeting (combined and mashed into multi- channel retargeting layers) form powerful grids of attributes to define customers.
  19. 19.  In advertising, psychographic profiles can help identify ways to present particular brands to consumers so those persons will link the products with their lifestyles.  Media planners consider lifestyle profiles when selecting the appropriate media for their ads.  Psychographics aren’t nearly as easy to deploy in targeting strategies as demographics.  psychographics aren’t easy to standardize on taxonomy – brands won’t necessarily agree what qualifies someone as a ‘sneaker head’ the way they will ‘Age 18 – 24’.  It’s also far more difficult to collect the information from people.  In most cases, there isn’t a pure data-driven signal, but rather a combination of data and context that works as the best proxy.
  20. 20.  Travel channels ,Devotional channels, food channels and lifestyle channels, which are more Psychographic oriented.
  21. 21. For each market segment it is now possible to develop specific toothpaste brands and associated marketing programs that effectively serve each segment's unique needs and characteristics. Segmenting the market makes it possible to more efficiently target the firm's limited marketing resources.
  22. 22. In this particular advertisement Nike is trying to target the majority of their customers having interest in sports and athletics.
  23. 23. This advt. by Max NY motivated parents to dream Big for their children & protect them by MAX NY’ Children Plan Insurance.
  24. 24. The TATA Nano known as “Lakhtakia” car was designed and made for those middle class people who use two wheelers for the conveyance. Ratan Tata dreamt to give those people opportunity to be the car owner in minimum possible budget.
  25. 25. ADVANTAGES  Combination of psychographic information with other variables, such as demographics, firm graphics, etc., can provide other powerful data points.  It gives you the knowledge to craft content that will resonate with your customers.  Allows to connect with practical as well as emotional aspect of customers. DISADVANTAGES  No one-stop solution for acquiring data.  It will add cost to the product.  Not always easy to categories into numbers like demographics.

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