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Psychographics and Firmographics in Big Data

Psychographics and Firmographics in Big Data. IS 682, May 1, 2014 Pouneh Rousta and Scott Sosebee. Demographics to Psychographics. Demographics : Gender , geographic location, marital status, WHO The year that someone was born will not tell you how likely he is to buy your product.

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Psychographics and Firmographics in Big Data

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  1. Psychographics and Firmographics in Big Data IS 682, May 1, 2014 PounehRousta and Scott Sosebee

  2. Demographics to Psychographics • Demographics : Gender, geographic location, marital status, WHO • The year that someone was born will not tell you how likely he is to buy your product. • Psychographics: Activity, interest, opinion (AIOs), attitudes, values, Behavior, WHY, WHAT • What types of offers get downloaded the most? What styles of blog posts get the most interaction? What times do emails get opened most often?

  3. Two Different Views targeting 14 million consumers to sell 50,000 units OR 500 sales from every 1,000 people you marketed to

  4. Where to Find Psychographic Data? • Sales and Customer Service Teams • Surveys • Social Media • Focus Groups or Group Interviews • Profiles • Posts

  5. Psychographics and Big Data • As of 2012, about 2.5 exabytes of data are created each day • Amazon, GE, and Netflix are using insights from Big Data to deliver better personalization, product recommendations, and enhanced customer experiences • Forbes: Big Data is the biggest game-changing opportunity for marketing and sales since the Internet

  6. How Hyundai used Psychographics? • Assurance program in 2009 • “After a purchase or lease from a certified Hyundai dealer and the customer paid his first two payments, a buyer could simply hand back his keys to Hyundai with no negative impact on his credit report (up to $7,500) if he lost his income source.” • 14% increase in sales, Fewer than 100 keys of 435,000 vehicles going back to Hyundai

  7. Sources of Psychographics Data • Claritas – MyBestSegmentsProvides a segmentation system defining every neighborhood in the U.S. by zip code in terms of 66 distinct lifestyle types. • VALSThe system identifies current and future opportunities by segmenting the consumer marketplace on the basis of the personality traits that drive consumer behavior. • Consumer Expenditure SurveyThis Bureau of Labor Statistics program provides information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit characteristics (families, singles, etc.).

  8. What are Firmographics? firmographics • Demographics = people • Firmographics = organizations • Used to define a target market for business to business sales “Firmographics are descriptive attributes of firms that can be used to aggregate individual firms into meaningful market segments.” -Tim J. Smith

  9. 28 Million Goals of Firmographic Analysis • Identify Target Audience • Convert Leads to Sales US Businesses 6 Million Active US Businesses 1,000 Contacts

  10. Dimensions of Firmographics • Industry • N.A. Industry Classification System (NAICS) • Standard Industrial Classification (SIC)

  11. Dimensions of Firmographics • Location • City, state, country continent • Metropolitan statistical area (MSA) • Location is a natural market segment

  12. Dimensions of Firmographics • Size • Revenue • Number of employees

  13. Dimensions of Firmographics • Status and Structure • Relationship of the company to another • Legal status of company • Stand-alone • Franchise • Subsidiary • Limited liability company • Private • Shareholder • Government

  14. Dimensions of Firmographics • Performance • Duration of existence • Rate of growth or decline • Profits and losses • Key indictor

  15. Traditional Sources of Firmographic Data • Vendors • Dunn & Bradstreet, Hoovers.com, Experian, Salesforce • Government • Census

  16. What’s a More Accurate Predictor? Web Form to Access White Paper Buyer’s Actual Behavior Browsing habits and Twitter follows are better predictors of awareness and readiness to buy • People Lie • 70% of data received by web forms is inaccurate Better Predictor

  17. Big Data and Firmographics • Expanding Traditional Sources • Social Web, psychographics • Predictive Ability • Awareness • Readiness to buy • Big Data Analytic Tools • Natural language processing • Data mining • Marketing as a Cost Center • Expected to turn leads ready to buy over to sales

  18. Big Data’s Impact • Lead Scoring • Ranking leads based on sales readiness • Establish an Ideal Buyer Profile • Social Score (Awareness) • Takes into account all aspects of a buyers digital footprint • Behavioral Score (Readiness) • Web site visits, searches • Used to determine if buyers are ready to purchase Example of an Ideal Buyer Profile • Interest in cloud computing • Attends Gartner conference • Follows certain industry analysts on Twitter • Has knowledge about VMware and Amazon cloud

  19. Psychographics and Firmographics Hands-on • Facebook Ads Demo http://facebook.com/ads/create

  20. Questions?

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