We spoke to Marisa for the Courier Workshop podcast on assessing the market. Listen to a clip above or read the story below.
Whereas demographics looks at who the customer is, psychographics looks at why they buy, taking into account their buying habits, attitudes, values and opinions. ‘Demographic is much more easy to find online by Googling, buying one off reports, things like that. Psychographic specificity is much more difficult, much more expensive.
There are tools that exist that allow you to size markets and if you know someone who has access to those tools, I strongly recommend that you tap up those people. We did have access to psychographics specificity merely because of my background and the tools that I had access to. But if you don't have that, you can find ways to piece it together and you can find ways to connect with people who have experience in those markets.
So if you're trying to develop a new pasta sauce, it might be worth just having conversations with people who are steeped in that, if you're not. They'll be able to tell you that information off the top of their heads because they live it every day. It is really about resources. If you don't have the resources to get that detailed information, you can get scrappy about it. And I don't think it means that you are locked out of the opportunity to develop a product that's really special.’
Read more about how to assess a market and develop a position.