Demographics and Psychographics...What's the Big Deal

     We all know about demographics: the more statistical and factual aspects of a population. These include the age, race gender, income, etc. of a group of people. Demographics are extremely important in studying the people in a certain area and helping to determine what products would go over best and how to market them; however, they don't tell you everything you need to know about a population. What they don't tell you is what people's hobbies, interests, and aspirations are. That's where psychographics come in. Psychographics study and help to classify the more individual characteristics of people. This includes anything from peoples everyday lifestyles and hobbies to the genres of music that they enjoy. The reason why psychographics are so important is because while you may have two 40 year old women that both make $40,000 a year, they may or may not have any of the same interests or hobbies. One may enjoy pottery and attending her child's soccer games, and the other may like skiing and exotic travel. Combing demographics with psychographics helps to paint a better picture of the population in question.
     To have a successful venture, you have to know what to offer, where to offer it, and who to offer it to. Knowing your target market and being able to satisfy their wants and needs can mean the difference between running a prosperous business or closing the doors. That's why being able to study and interpret population demographics and psychographics are so important. Knowing your target market helps you to better adapt your product and marketing strategies. It also helps in determining whether it is even worth investing in a particular market or geographic location. For instance, it probably wouldn't be wise to open a feed store in the middle of a big city, or to start a pricey, high-end restaurant in a lower income country town; however, if you switched the locations of these ventures, then the level of success may be different. If you are familiar with your product and the market you are targeting, then you will be able to use demographics and psychographics to know how best to satisfy the wants, needs, and expectations of your target market as well as help you avoid some devastating  mistakes.

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