New to the Site Report: Psychographic Analysis
Olvin is delighted to offer you a brand new layer of analysis. With some help from our partners at TransUnion, we’re supercharging the Site Report with psychographics analysis. This will offer you deeper insight into consumers, by providing you with information not only on who they are, but also why they behave the way they do.
When talking to our customers about how to improve the depth of analysis we offer, a need for a better understanding of their consumers came up again and again. The previous version of the Site Report provided insights on store performance within an area, but failed to offer any understanding of how the people driving that performance were.
Our clients not only need an understanding of the numbers of people visiting a point of interest, but also a means of characterization, on both an individual and group level. Demographic information, while useful can be restrictive, it’s hard to get a full understanding of the “why” consumers behave the way they do, offering only a more detailed picture of the “who”. To best provide this understanding, we have deployed psychographic analysis to our Site Report.
The Power of Psychographics
Psychographics is the psychological study of consumers and looks at their attitudes, interests, personality, values, opinions, and lifestyles. Our psychographic analysis breaks down into two analytics: Psychographic Groups and Psychographic Profiles.
The Psychographic Groups analytic categorizes consumers based on socio-economic status; consumers in these 10 groups are linked primarily by their wealth. By default, each group is ranked by the share of visits to the point of interest you select. To get an even deeper understanding, the Psychographic Profiles offers you a breakdown of the individual characteristics of consumers; household income, age, occupation, educational attainment, homeownership, commute type.
How It Works
This new feature within our Site Report will make it incredibly easy for you to access these insights. Now, you can get an overview of the behavior of the customers in the selected retailers in your chosen site, or you can deep dive into a specific retailer. Additionally, you can easily switch between the two views by using the selection dropdown in the selection menu.
This view provides an indication of how likely it is that each group will be seen in the area. To help put the numbers into context, we’ve also provided a bar graph that shows how this data compares to the wider population. Now you will be able to see whether a particular group is over- or under-represented when compared to the state or national population. While a one-line summary is provided for each group in the table, you can get even more information on any of the group names by clicking on the name.
While the Psychographic Groups categorizes consumers based primarily on wealth, the Psychographic Profiles provide a more holistic and in-depth analysis. These 58 profiles are more granular, giving you a deeper understanding of their family structure, lifestyle and attitudes.
To help you get an overview of what profiles make up the visitors to an area, we’ve laid out the information in a simple, easy to read table. Again, we’ve also included a separate column that helps you contextualize this information – by comparing the share of the visits of each profile to their representation in the state or national population.
Supercharge Your Next Pitch With Psychographics
With this level of understanding not only of the financial status of an area’s customer base, but their buying attitudes, beliefs and emotional drivers, you will be able to get a clearer picture of the site. Whether you are looking to show a target retailer that their key audience is under-served in an area, or you are looking to tell the story of your site with vivid portraits of consumers, psychographic analysis provides you with a greater breadth and depth of understanding of the people visiting a location.
Want to find out more about how you can supercharge your next pitch with psychographics? Get in touch here.