Tune in to the Psychographics of Your Market or Go Out of Business!

When crafting your personal or company brand and your marketing it is of paramount importance that you take time to understand the demographics (age and income) as well as the psychographics (Interests, activities, opinions and lifestyles) of your target market. The psychographics are more important than the demographics.

Luxury brands have for a long time focused on demographics rather than psychographics. In September of 2012, we reported the closing of Louis Vuitton and Ruth Chris in one of Santa Barbara’s wealthiest neighborhoods, because they did not study the psychographics of the area. At the end of this month, Saks Fifth Avenue is closing in Santa Barbara.

In the eight years we have lived here, we have watched constant changes in their merchandise to more and more expensive brands. We kept scratching our heads trying to understand their strategy. Their shoe department was selling Chanel logo sneakers for $1,350. What were they thinking? The mindset of those living here is casual and relaxed.

Make sure that you are constantly on top of the psychographics or your marketplace because it may change. Last week, we revisited some of the places we frequented in our Los Angeles neighborhood. We were surprised how the psychographics had changed and brand name stores had replaced the local merchants.

Tune in to the psychographics of your marketplace, or go out of business!

Written by Ron & Alexandra Seigel-

ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.