A basis in market research is an understanding of groups of people in relation to each other. Rhino Market Research works with a variety of organizations to help them understand who their customer is. This is primarily done through both demographic and psychographic analysis.
Demographic analysis looks at the composition and change of a given population. Some of the components include:
- Total size
- Gender
- Geographic distribution
- Age
- Household composition
- Education level
Psychographic analysis is a technique that investigates how people live, what interests them, and what they like. It is also called life style analysis because it relies on an individual’s activities, interests, and opinions. It is a technique that investigates how people live and what interests them as opposed to what they are. Some of the components include:
- Magazines read
- Food preferences
- Activity level
- Hobbies
- Sports and teams followed
Traditionally, groups of potential customers and non-customers were segmented, or divided into groups, by demographic variables. However, with the availability of information provided by customers, directly or indirectly, psychographics are starting to emerge as a complementary and increasingly component of customer segmentation.