by: Brian Bogler
There’s no doubt Big Data plays a key role in any financial institution’s (FI’s) ongoing battle to attract and keep customers. Understanding why individuals make the purchase decisions they do is an important piece of an effective marketing plan.
One tried and true way to utilize data to categorize consumers’ buying habits is by collecting demographic data. Demographics include factors like age, income, education level, occupation, region of residence and the number of individuals living in a household.
A recent white paper from theCUNA Marketing & Business Development Councilbrings to light another type of data, called psychographics, which examines a different set of characteristics.
Essentially, psychographics take demographics a step further. Psychographics include characteristics that go beyond the external to focus on target consumers’ psychology, lifestyles and behaviors. Psychographics can include information such as...
