MADISON, Wis. (8/28/14)--Marketers may know the "who" and "where" of their target market, but it's the elusive "why" that will key them in to what people buy and use.
A new white paper from the CUNA Marketing and Business Development Council looks at psychographics, which classifies people based on lifestyles, attitudes, habits, interests and opinions opposed to geographic data ("where") and demographics ("who").
The power of psychographics allows credit union marketers to build better connections with members by getting inside their heads and understanding how they think and what is important to them.
Psychographics helps marketers understand what will grab members' attention and, more importantly, what may turn them off, the paper noted.
How can a credit union discover its members' distinct voices? Begin by asking them five questions, the paper advised:
Psychographics brings a personal and emotional connection to the relationship. FAA CU, Oklahoma City, with $563 million in assets, collected data from its core processing, marketing customer information file and customer relationship management programs.
Instead of a sweeping communication, the credit union created personalized URLs to give members with a free credit score analysis. By focusing on member service, the credit union and its See Your Score Soar campaign saved members more than $10 million over 18 months (News Now May 12).
Use the resource link to access "The Power of Psychographics: Segmented and Targeted Marketing Strategies."