What is socio demographics?
Socio demographics are essentially the character traits of a particular population. Socio demographics is hinged on various factors such as gender, age, ethnicity, income, educational qualification, location etcAll the factors that contribute to your position in a society. It is no big secret that socio demographics are considered while putting out surveys, conducting interviews, or any other data collection tactic.
It has been known for quite some time now that there is a direct link between an individual’s socio demographics and the lifestyle he leads, thus making this an advantageous and important point of study when it comes to the business world.
Some of the most relevant and important socio demographic factors and character traits from which information and conclusions can be arrived at are as follows:
- Age: Can be used to gauge your priorities as an individual as well as a cog in societal living
- Education: Can be used to gauge what you require, need, and want
- Gender: Can be used to stereotype your beliefs and interests
- Marital status: Can be used to gauge the amount of expenditure and the nature of it as well.
- Employment status: Can also be used to gauge the amount of expenditure
Of course there are a myriad of other factors that also come into play but these ones are by far the most prevalent and distinctive. This information can be used to deduce enough information about an individual so as to make more relevant product or service suggestions.
The whole concept of this sort of segmentation is to draw conclusions based on social factors, while this might not always be accurate it is a proven fact that more often than not it is, and these attributes are a fairly reliable resource to draw conclusions from.
It bears repeating that this is not accurate a hundred percent of the time but is still a reliable tool that must be accepted to have a slight margin for error.
Some of the advantages of segmentation based on social factors are as follows:
- The collection of data is a simple and hassle free process
- The process of targeting is straightforward and the same can be said about the analysis of the same
- The entire process is a cost effective one
- The data collected is easy to digest and measure
- It is an extremely advantageous means of monitoring trends and shifts in social media
- Ensures a certain degree of predictability when it comes to consumer behaviour
Some of the disadvantages of segmentation based on social factors are as follows:
- This process is hinged on and propelled by assumptions and furthers stereotypes
- The demographic data is not always clear and can be extremely vague at times
- This alienates people and ignores their individuality
- The chances of misinterpreting the data is extremely high
- The nature of this is extremely dynamic (people get older, change jobs, move locations at a rapid speed, which means the data can easily prove to be impotent very quickly)
- People are far too dynamic to consider this reliable in the long term