Demographics vs Psychographics
The key to the success of any business is the people that it engages with. It is important to do the necessary research in order to properly reach the target audience of one’s enterprise. This is where demographics and psychographics come in.
What is Demographics?
Demographics can be defined as the quantifiable statistics of any given population. They are typically used to identify quantifiable subsets within a specific population that characterizes the said population at a given point in time. Used widely in the practices of marketing and public opinion, trends in demographics are used to describe the changes in population throughout time. Some of the most commonly examined demographics can be listed as ethnicity, gender, mobility, age, disabilities, employment status, employment etc. It can be seen as an invaluable insight into the culture of the people or a certain population that prevails in a certain region.
In marketing, demographics is used in order get an idea about the typical member of a certain community in order to gage an idea about its hypothetical aggregate. Such information is important to create marketing strategy as well as a marketing plan for businesses.
What are Psychographics?
Psychographics can be defined as a study of values, personality, lifestyle, opinions and interests of people of a certain community. It can also be seen as the equivalent of culture when conducted at the national level. As they conduct their opinions on the above mentioned factors, these psychographic factors are also referred to as IAO variables. Psychographics are useful in fields such as demographics, marketing, opinion research, and social research, in general, as well as strategic foresight. However, it is not to be confused with demographics.
When a group’s psychographic make-up or a person’s relatively complete profile is constructed, it is called a psychographic profile. This psychographic profile is a very useful tool when it comes to advertising and market segmentation. Some categories included in market segmentation are activity, interest, opinion (AIOs), attitudes, values , behaviour.
Psychographics vs Demographics
When it comes to marketing strategy, demographics and psychographics play a crucial role in identifying the audience that one is dealing with. This is referred to as market segmenting. As such, it is very important to discern the difference between demographics and psychographics in order to utilize it properly in marketing endeavours.
• Demographics is the quantifiable statistics of any given population. Psychographics is the study of values, personality, lifestyle, opinions and interests of people of a certain community.
• Demographics is quantitative. Psychographics is qualitative.
• Demography deals with factors such as ethnicity, gender, mobility, age, disabilities, employment status, employment etc. Psychographics deal with factors such as values, personality, lifestyle, opinions and interests.
• Psychographics can also be the equivalent of culture when conducted at the national level. Demography can be used to describe the changes in population throughout time.