The Tribune

By D’Arcy Rahming

There is a term in marketing called psychographics. Psychographics is the study of personality, values, attitudes, interests and lifestyles, according to consultancy firm Booz Allen. This is useful information for people who are trying to market. One application is finding out not only what people buy, but where and when they buy.

I was an early mover on the Internet. Few people may remember that back in the 1990s, people were afraid to put their credit card information online. I am told that when the telephone was introduced as a marketing field, the same fears existed. Customers were afraid of credit card fraud. You will find that among older people today. They would rather buy from an existing business than order something online. So my early marketing efforts met with limited success.

So if you are selling a product to anyone aged over 50, I would not recommend that it be sold online but, rather, through newspaper advertising and a ‘bricks and mortar’ business. By ‘bricks and mortar’ I mean a business that has a physical address. The reverse is true for those persons aged 30 and below. They want their product or service, and they want it now.

There are so many things sold over the Internet. Of course, everyone is familiar with books and other physical products, such as electronics, which are shipped to you. However, there are now also coaching, advice and education courses. Anything that can be delivered in an online fashion can be sold online. In fact, I recently asked a young entrepreneur what books he was reading, and he told me he was following some business gurus on Twitter, while he read Forbes online.

At first I was taken aback, but then I realised this is how he received his information. He does not read books, and is unlikely to be sold anything by it being put in a book. However, this does not mean he will necessarily buy online.

You see, as a young Bahamian, I doubt he has a credit card. But let’s say that he could go online and be enticed to attend a local seminar, or even an international conference. I bet he would register online and pay at the door if the subject were really something he was interested in.

This is why FaceBook is doing so well now. It really helps to get companies to go online and target persons according to their likes and interests, instead of what they need right now. It even allows a marketer to target your friends who probably have similar interests. Mastering the psychographics of your customers begins with you observing them, asking questions and engaging them. This works whether you are a tattoo parlour, fancy restaurant or even a guy who sells phone cards on the side of the road.

• NB: D’Arcy Rahming holds an MBA from the Kellogg School of Management at Northwestern University. A lecturer at the College of the Bahamas, Mr Rahming has clients in general insurance, retail, the health and medical fields, sports federations and financial services. He is also treasurer of the Bahamas Olympic Committee. To contact him he can be reached at DArcyRahmingsr@gmail.com.