importance of psychographic segmentation

importance of psychographic segmentation
December 20, 2020
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In psychographic segmentation, customers are divided based on their personality, psyche, Lifestyle, Attitude, Self Image, and other factors. Psychographic segmentation is very important in marketing and is used extensively by marketers. One such company is PatientBond which offers a platform for automating patient communications (email, text/SMS, Interactive Voice Response), customizing its messaging according to patients’ psychographic segment. Activities interests and opinions about psychographic segmentation. Companies make products in order to fulfil the needs and wants of a customer. PatientBond enables our clients to create personalized, digital relationships with healthcare consumers beyond the walls of their facility, meeting patients on their terms when they’re most receptive. Its companion article, “Is It Time to Bring Consumer Data into Health Care?” discusses the application of c2b solutions’ psychographic segmentation model at TriHealth, a major health system in Cincinnati, Ohio. Talk with a PatientBond representative, REQUEST A DEMO All rights reserved. Indeed, in the best-case scenario, thoughtful use of psychographics will help you develop not only the messages and campaigns but also the products and services that specific customers want and need.”, Topics: Are they school going kids, are they college going teens, are they professionals o… Reference List. However, this method of consumer understanding is gaining attention as a way to augment current marketing and care efforts. However, not everyone who is newly diagnosed reacts the same way to the news or walks lock-step according to the physician’s direction. Based on personal lifestyle, every person dresses differently. You may need to import it above. Psychological Segmentation also allows marketers to understand the motivation behind a buying decision. Another innovative company is EdLogics, which uses “gamification” to improve health literacy and incentivize participation in health education. Creates a more dynamic view of the different types of consumers - The basis of psychographic segmentation lies in the ability to create different groups of buyers. This is directly related to the human psychology or psychographics of a customer. EdLogics is using psychographic segmentation to attract healthcare consumers to its platform, and while there, 88 percent of participants complete the learning modules, and 90 percent indicate EdLogics’ educational programs answer questions they would have asked their doctor. Marketing segmentation is an important strategy for developing products and marketing materials targeted towards groups likely to buy your products and services. There are several benefits of psychographic segmentation, some of which are discussed below: 1. Browse the definition and meaning of more similar terms. Psychographic segmentation divides a group of customers based on their personality traits, values, interests, attitudes and lifestyles. Innovative companies are empowering healthcare organizations to leverage psychographic segmentation in patient engagement. Consumer segmentation involves grouping people according to shared traits; thus, psychographic segmentation groups people according to shared motivations. However, every patient with a certain health condition does not think and act alike, either. With the above example, it’s very easy to understand the importance of customer segmentation. Lifestyle 3. Values and Attitudes- Along with lifestyle, values and attitude of people also help in identifying the right set of customers. The Commonwealth Fund interviewed me for the publication Quality Matters, in an article titled, “Q&A: Using Market Research to Improve Health Care,” to understand more about our psychographic segmentation model and its application to health care. In these cases, psychographic segmentation is extremely critical for a company. Thus, if a company is able to understand the customer’s psychology, there can target them better with the products and services. Social class 2. It prevents you from falling into the trap of one size fits all marketing. MBA Skool is a Knowledge Resource for Management Students & Professionals. Companies make products in order to fulfil the needs and wants of a customer. Psychographic segmentation can help healthcare providers gain a deeper understanding of their patients/members by uncovering personality- and attitudinally-driven motivations. These bases range from age, gender, etc. TriHealth has been piloting a successful health coaching program using the model, focused on patients with diabetes and musculoskeletal issues, to build connections with patients and help them achieve their health goals. Social status 7. Customer segmentation is a marketing activitythat involves breaking down your customers into a number of groups. Ms. Samuel states that, “Marketers are used to thinking and speaking in demographics, since slicing a market up by age, gender, ethnicity and other broad variables can help to understand the differences and commonalities among customers… but psychographics, which measure customers’ attitudes and interests rather than ‘objective’ demographic criteria, can provide deep insight that complements what we learn from demographics.”. Is It Time to Bring Consumer Data into Health Care. to psychographic factors like attitude, interest, values, etc. You may need to import it above. Values 5. This type of research is known as Values And Lifestyles (VALS) Research, and explain customers on the basis of ideals, achievements and self expression. */, {% set textColor = "#565656" %} /* This sets the universal color of dark text on the site */, {% set boxContainerWidth = "1200px" %} /* 'none' makes your site full width. Since every customer is different, so is their psychology. Psychographic segmentation could be used to segment markets based on personality traits, values, lifestyles, and interests. In this case, the psychographics of the customer are that he has a posh lifestyle and can afford to spend money. Those traits are drawn from an individual’s lifestyle and preferences. {% color "primary" color="#990051", export_to_template_context=True %} /* change your site's color here */, {% color "secondary" color="#ef4044", export_to_template_context=True %} /* change your site's secondary color here */, {% color "grad1" color="", export_to_template_context=True %} /* change your site's color here */, {% color "grad2" color="", export_to_template_context=True %} /* change your site's secondary color here */, {% set baseFontFamily = "Helvetica Neue" %} /* Add the font family you wish to use. Most people do not define themselves by their health condition, so a healthcare provider focusing only on the disease misses the majority of what drives a patient’s actions. Psychographics pertain to people’s values, attitudes, lifestyles and personalities. 3 Psychographic segmentation factors HBR: The Importance of Psychographic Segmentation, Psychographic Segmentation and its Practical Application in Patient Engagement and Behavior Change, Reducing Missed Patient Appointments in a Multi-Speciality, Multi-Clinic Provider Group, Psychographics Are Just as Important for Marketers as Demographics, Psychographic Segmentation: Innovation in Patient Engagement, Q&A: Using Market Research to Improve Health Care. Add the font family you wish to use. Personality traits- This parameter is used to group those people who exhibit similar personality characteristics. C2B Archive, CONTACT US The importance of market segmentation. The health care industry may have been generally slow in adopting psychographic segmentation, but now is the right time to capitalize on it, especially in an environment that is increasingly moving toward consumerism. Psychographic segmentation can be conducted using a variety of methods that include profiling likely participants, web and field-based customer service applications, scraping data from various user platforms and social media, pricing/value and price sensitivity studies, surveying and interviewing customers, creating online communities of customers, focus groups, supply-chain … This is directly related to the human psychology or psychographics of a customer. 5. Quizzes test your expertise in business and Skill tests evaluate your management traits. The advent of social media and data-driven companies like Facebook has made psychographic segmentation practical for companies seeking to execute against these insights. Psychographic segmentation , also known as lifestyle segmentation, is one of the four main segmentation bases used in segmenting consumer markets, with the others being geographic, demographic, behavioral (which is sometimes also split down into benefits segmentation).. As you may have guessed, the word “psychographic” the combination of psychology … There is a constant requirement for a customer for buying new products or services, and these wants keep on evolving and changing with age, income etc. Thus, if a company is able to understand the customer’s psychology, there can target them better with the products and services. These clusters will form subsets (or segments) of customers based on their: 1. Granted, patients may share certain externally-defined priorities (e.g., what experts say the patient should be doing) within each stage and behaviors may be similar. Activities, Interests, Opinions- These three types help the company identify customers who have a similar liking towards activities, have interests in the same domain and what opinions they have about certain matters. It is an extremely time consuming process, which mostly yields qualitative data, which becomes difficult to comprehend and take action upon. 4. Interests 4. Psychographic segmentation is a very important tool used by the marketer in determining the marketing strategy of the product. All that said, psychographic segmentation should not necessarily replace good demographic or behavioral segmentation work. Psychographic Segments consists of divisions based on social or personal characteristics such as lifestyle choices, interests and opinions, personality, values, etc. When segmenting a target market based on lifestyle psychographic characteristics, marketers promote their products and services as solutions to those wants and needs. Hence, one of ways of reaching out to a homogenous group of customers with similar psyche can be done by considering the following variables: 1. PatientBond amplifies engagement with personalized communications at scale, across any population, to motivate and activate patient behaviors. Take diabetes, for example. Back in 1980, Arnold Mitchell developed VALS(values, attitudes, lifestyles) which became a technique for marke… It also makes it possible to attract a diverse group of customers with the same product without making material changes to it. Many people hypothesized that healthcare consumers would generally begin adopting preventative and wellness behaviors under the ACA, but we have not yet seen this broadly in our model. Opinions 9. Along with behavioral segmentation, psychographic segmentation can help completely understand the customer behavior, attitude and personality. Terri Hanlon, COO of TriHealth’s corporate health program, said, “We all want to do the right thing, but to provide patient-centered care we need to make an effort to understand what motivates patients.”. Over their careers at P&G and continuing with our current company, the founders of c2b solutions have extensive experience operationalizing psychographic segmentation to drive meaningful business and medical outcomes. Ms. Samuel closes off her HBR article with the following statements, with which I couldn’t agree more: “While the internet has made psychographics more important than ever, today’s research, analytics, and ad targeting make it newly possible to turn those psychographics into the foundation of a robust market research and marketing strategy. OUR CALLINGPatientBond is the best way to amplify the results for any patient engagement initiative using a unique combination of proprietary healthcare consumer psychographics and digital engagement workflows. Attitudes 10. Understanding the psychology is critical for a business to prosper. Psychographic segmentation is extremely essential if a company wants to offer niche or customized products or services to the customer, 3. In the simplest of terms, psychographics aid in market segmentation and help you identify your perfectcustomers within the pool of potential customers. Healthcare Consumerism, Psychographic segmentation helps you position the same product differently for different types of people. I have known some healthcare companies (especially in the pharmaceuticals space) that segment patients with diabetes according to stage or treatment: pre-diabetes; newly diagnosed Type 2 diabetes; ongoing management of diabetes; advanced diabetes, etc. Personality traits like social, extrovert, introvert, emotional, imaginative etc are considered, which help companies approach these set of customers in a better way. Consumer products companies and retailers would develop personae of psychographic segments and choose a “Prime Prospect” consumer type (typically the most profitable, or high growth potential consumer segment) against which it would focus its mass marketing campaigns.

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