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Segmentation, you may know means grouping of people. Psychographic segmentation likewise means a grouping of people based on the psychological traits that influence their consumption habits. Market research tools can allow analysts to conduct this form of segmentation easily. The segments of customers or consumers are based on their: social class, lifestyle, personality, interests, and so on.
Psychographic data can help you give your business a customer-centric image that is relevant for a brand in the market. Psychographic data can be considered the last piece to complete the set of a holistic view of customer’s purchase or consumption behavior. It is conducted by understanding “How” people think about your service and “What” they should buy to reach the “Why” the customer should appreciate your products/service. The psychographic survey takes into consideration the psychological journey of the customer.
To measure and predict these patterns the researchers fulfill some basic criteria such as:
Understanding customer’s demands and expectations play a major role in the marketing strategy. As a result, the data can be used as guidance to provide the market with products that are customer-oriented.
Therefore, the belief of psychometric segmentation is that understanding the customers would help them to understand your brand.
For example, if a Chinese restaurant wants to open a branch they will have to take into consideration several factors. They need to conduct market research to consider the area with a better social circle, the food habit of the neighborhood people, and many more factors. They will put out a survey with questions beneficial for their strategy and then decide their business plan.
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Psychometric data is challenging to collect because people are not always willing to tell you everything you want for research purposes. Moreover, you need to dig beyond the obvious data and read between the lines. You need deep insight to understand the psychological functioning of your customers.
There are several ways you can collect these data, some are listed below.
This method is quite tricky and may turn out expensive. Third-party implies that you take help from market research companies that can provide you customer data for your market. You can then use the information you require. There are two ways this method functions: focus group and customer interviews.
Conducting exploratory research seems tricky but an effective guide can help.
Customers have a special need and expectation from brands and these demands are based on a certain factor which affects their life. Companies use these factors to promote and capture the attention of their customers in the market. The following are the variables used for marketing strategies.
Starbucks uses psychographic segmentation while conducting market research as you can see the range of products they sell. For examples,
Starbucks advertises and appeals to their customers with a high success rate because they use psychographic segmentation.