So we all know that market research is integral to figuring out what specifically about your offerings compels someone to buy from you v.s. a competitor. Nothing new or revolutionary there – and something we’ve all heard a million times. However, one thing that isn’t always talked about is the value of using psychographic data as a means to dive even deeper into your potential customer’s psyche.
What are psychographics, and why should you care?
Psychographics are an aggregate of your customer’s current attitudes, beliefs, opinions, lifestyle, and purchase motivation factors (even their fears), which help you understand their “WHY”. I.e. Why they choose to buy what they do. It’s an important, supplementary component to demographics, which only covers “who” your target is.
To illustrate this point – if your target customer is from the millennial generation, your demographic data would include their age, location and income, but the psychographic data would narrow that down further by what they read, what the watch, what associations they belong to, their core passions and their strongest held beliefs. By combining the two data sets you only target the most relevant sections of your target customer pool.
Note: Psychographic information is also often known as the IAO variable (Interests, Activities, Opinions) in Marketing Terms
So, how can Psychographic information help you better define and connect with your target? Here are 3 different ways:
1. Gain deeper insights – Like we just mentioned, while defining demographics can help you understand dry fact-based profiles (age range, location, income range, educational qualification, type of car owned, etc.) of your target, Psychographics take this a step further. They go beyond answering who will buy (or whom to sell to) and attempts to answer why they will buy. This gives you a chance to make an emotional connection with your target customer by being to relate to their core beliefs and passions.
2. Craft more personalized approaches – Building on the last point, just because a target fits a certain demographic doesn’t mean they’ll have the same psychographic profile.. Knowing the specific psychographic information of each of these segments can help customize your selling approach accordingly, thereby offering a more personalized touch to the conversation with the target customers.
The other benefit is that you can also create more custom content that will resonate with your target customers and pay for itself for years to come.
3. Generate better targeted, fully qualified, and engaged leads – This is what it really comes down to you as a business owner. If your product or service connects best (i.e., offers the greatest possible value to your target customer) with certain types psychographic profiles – or you can prove this out via testing, then you can build on this data to establish your business or brand as the go to for your target audience. This leads to raving fans and exponential growth for you, while decreasing your lead costs and time involved
One key takeaway from all this is that people buy on emotion first, but they justify by logic. So by connecting with your audience’s core beliefs, you make a connection with who they are at their core, and by combining this with known demographic data – you end up with a message and offer that resonates with your target customer perfectly.
Now that we know why Psychographics are
important crucial (hey, it’s 2016 already… let’s step it up a notch, shall we?), it’s also important to understand where you can find the data you want, and how exactly to target your ideal psychographic profiles once you find them.
The good news is, the data is free and one of the –in fact probably the best- platforms you can leverage is Facebook. However, there are certain nuances to effectively targeting your ideal customers that just aren’t publicly available. They often take months of testing, and thousands of dollars in testing to get a handle on – which isn’t always feasible for everyone.
But there’s good news below
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