Why Psychographic Data is Crucial in Times of Crisis

The crisis has left businesses with no options, but to drop the conventional methods of marketing and adapt to new as well as emerging trends, or be at the risk of being left behind.

Psychographic data is the information about the actions of an individual, such as beliefs, activities, preferences and views, used to create a profile of how an individual perceives the world, the issues that affect them, and what causes or motivates them to behave in a certain way. It builds a complete picture of the target markets, coupled with demographic analysis, and offers valuable insights as to when and how to reach them. The rationale behind this marketing technique is that demographic is a blunt tool that can be honed by identifying various traits of personality.

For instance, marketers may run marketing strategies that are filled with psychographic information to boost a particular brand's sales, endorse a cause, or shift votes. They may also use this data to determine which influencers have the maximum reach to peddle a new e-product with their ideal customer. But the current crisis has led to the slashing of the demand for several brands.

Importance of Psychographic Data

Psychographic aspects are required as they offer a much clearer and focused view of the client or user. Psychographics take the company closer to the desired customers and consumers, who are likely to purchase their goods and services. With the passage of time and growing situations always implies that the customer desires, expectations and interests are continually developing, but not only has the Covid-19 pandemic been fast-tracking, but it has also established a new planet with new normal.

Growing Importance of Psychographic Data

Source: Fatpos Global

Below are some reasons which drive the usage of psychographic data in today’s world:

1. The world is altering at a fast pace: It is a period of rapid and unforeseen global change. And while customer behaviors are, and will strive to be, a vital component of any marketing campaign, the factors behind those behaviors are only likely to increase insignificance. Understanding why the intended audience is behaving the way they do has never been more relevant.
2. Be open to customer’s demands:  The pandemic has affected every sector of the society in several ways. The ever-lasting impact of the Covid-19 can be seen on the social, economic, political as well as environmental behavior of the customer. Thus, this is the time when we need to cater to the needs of the consumer and monitor how they react in different situations.
3. The situation is unpredictable: originality is must: To lean back on your brand promotions and cling to your product message without re-evaluating its intent is not decent enough. It is indeed time to get imaginative and ensure the target market resonates where they are right now. The best way of doing this is to have exposure to a kind of psychographic research that provides you with an updated, specific background about shifting mindsets and behaviors.
4. Increased suppleness: The Covid-19 has shown to brands that you may be as ready as you want – but certain things are just out of reach. While one may have a sleek, data-driven marketing strategy, to assure it still actually works, you need to return to the customer data – and perceptions change faster than behavior.

The process to recheck the psychographic model

To keep a check on the viability of the advertising or the marketing strategies, one needs to ensure timely revision of the owned strategies. In the time of such a crisis, the brands must follow these steps:

• Recreate Audience Persona
• Categorize the customers
• Connect emotionally with the audience
• Identify new and refreshed contents

Fatpos Global projects that psychographic data is crucial in determining consumer behavior and their reaction to different market trends. Thus, businesses should consider revising their strategies to stay in the market.