Defining the target market of any product or service is a task that marketers around the world take at heart. After all, many great ideas fail constantly when they are not delivered at the appropriate time to the appropriate customer base.
Historically, understanding the demographics of different sectors of the population and their core characteristics has proven to be an effective way to segment and evaluate target customers. It has also served
as a portal to develop effective marketing campaigns and position businesses in their end consumers’ mind. However, in a highly globalized world where competition is the norm and not the exception, demographics have fallen short to consider all aspects that guide the customers’ purchase decision and psychographics have gained greater importance in defining and narrowing these key elements.
Psychographics, which measure customers’ attitudes and interests rather than “objective” demographic criteria, has proven to be an effective approach to the modern market segmentation and according to these, marketers should have answers to a set of questions pertaining psychographics in order to effectively define a product or service customer base.
- Customer Concerns: Is there a real problem or need that my product or service can satisfy?
- Customer Lifestyle and Limitation: What are they genuinely interested on and is their something preventing them from fulfilling these interests?
- Customer Likes: Where do they spend their free time and how does my product or service fit on their schedule?
- Customer Values: Do they value quality or quantity? What is their real capacity to acquire this product or service?
- Customer Motivations: Are the family or career oriented? Is my product or service fuelling their motivation?
- Customer Emotions: Do they socialize with a larger or smaller groups of people? How my product or service attends to their personal needs?
The above are just a small group of questions for a good-practice psychographics evaluation. Demographics, although still current and important, are no longer the only considerations to create an effective marketing campaign, that reaches and fulfils a real need in the market by catering to a specific group wants and needs. Knowing and understanding these customers’ motivations will help you to effectively design your next ad, craft your next blog post and most importantly deliver all this at the right time.