At A Glance
Psympl explains how psychographic data improves financial marketing by revealing consumer motivations. This Q&A covers how tools like the Consumer Console™ and Psymplifier™ help financial institutions target, engage, and retain customers during the Great Wealth Transfer. The interview ends with practical steps for starting psychographic segmentation.In our Ask the Expert series, we interview leaders from our partner organizations who are helping lead their brands to new heights in AdTech. Today’s interview is with Brent Walker, Co-Founder and Chief Strategy Officer at Psympl.
What value does psychographic data add to financial marketing?
Demographic data tells financial marketers WHO a consumer is (like age, gender, or income), but it doesn’t predict decisions. Behavioral data shows WHAT a consumer does, but people can take the same action for different reasons. Understanding these reasons helps marketers engage consumers more effectively.
Psychographics reveal people’s attitudes, values, lifestyles, and personalities, the core of their motivations. This layer helps marketers understand WHY people act, anticipate needs, and connect in more meaningful ways.
This matters now as the “Great Wealth Transfer” unfolds: $124 trillion will be transferred from older to younger generations by the 2040s. Psychographics vary widely across generations, and up to 80% of heirs may switch financial institutions.
Using psychographic insights gives financial marketers a competitive edge during this historic wealth shift.
How can marketers apply Psympl Financial Segmentation?
Psympl Financial Segmentation groups households into five psychographic profiles, each with distinct approaches to money, investing, and engagement with financial advisors.
Psympl’s platform, the Consumer ConsoleTM, offers reference materials for understanding and engaging each Financial Segment, as well as access to extensive market research data conducted with Ipsos on the Segments to inform marketing strategy and campaign planning.
Psympl collaborates with Experian to map psychographic segments for all U.S. adults over 18. This allows financial services brands to enrich their consumer databases and find target customers based on psychographic, demographic, and socioeconomic profiles.
Experian Marketing Data also powers Psympl’s Geo-Targeting tool, which heatmaps the U.S. by psychographic segments down to the zip code, with filters for demographics, socioeconomic factors, and household counts.
Psympl’s platform also includes the PsymplifierTM, which uses Psychographic AITM to create, analyze, and rewrite marketing content tailored to specific segments or generate new content from simple prompts.
How do Psympl and Experian aid targeting strategies?
Psympl and Experian support targeting strategies by connecting psychographic insight with consumer data, geography, and channel preferences. That combination gives financial institutions a more actionable view of who to target, where to reach them, and what message is likely to resonate.
By connecting psychographic insights with consumer data, geography, and channel preferences, Psympl and Experian show financial institutions who to target, where to reach them, and what message will resonate, forming the foundation for effective targeting.
For example, a bank can pinpoint areas with consumers who prefer in-person service. Psympl’s Consumer Console™ highlights the Guided Mindset segment, those seeking expert financial help with $250,000+ in assets, as prime prospects. Psympl’s Geo-Targeting feature, powered by Experian Marketing Data, heat-maps where Guided Mindset households with $250,000+ in assets are concentrated.
In this example, one location stands out with a high representation (41.9%) and concentration (10,796 households) of the targeted Guided Mindset segment with $250,000+ in investable assets, shown in orange on the heat map. While nearby areas are dominated by Ambitious Mindset (blue) or Performance Mindset (green), the data suggests that ZIP code 45208 is an excellent candidate for a new branch, supported by targeted print, outdoor, or digital marketing.
Beyond location, Psympl’s research and Experian TrueTouch help firms choose the best channels for each segment and predict responses to direct mail, email, digital, and broadcast channels. Enriching customer databases with Psympl segments lets firms tailor messages—like notifying Guided Mindset customers about new locations, and use the Psymplifier™ to quickly generate targeted marketing content.
What are the top use cases for psychographic profiles?
By addressing customer motivations and priorities at every stage, organizations drive consistency, align communications, and deliver on customer expectations, whether acquiring, retaining, or upselling clients.
Relationships with Baby Boomer clients often do not carry over to younger heirs, who typically have Ambitious and Hopeful Mindsets instead of the Guided, Performance, and Self-Reliant Mindsets more common among older generations. Psychographics reveal these generational differences, distinct needs, values, and engagement preferences, so firms can anticipate, address, and communicate more effectively across generations.
Tools like Psympl’s Consumer Console and Psymplifier, combined with Experian TrueTouch Engagement data, equip financial professionals to tailor interactions and marketing content to each segment’s unique preferences, maximizing impact and receptivity.
Firms that fail to adapt to the needs and preferences of younger generations will inevitably lose AUM. The Psympl platform, enhanced by Experian data, positions organizations to turn The Great Wealth Transfer into an opportunity rather than a threat.
How can banks, credit unions, and wealth marketers start using psychographic segmentation?
Building a psychographic segmentation model is resource-intensive and challenging to scale, but Psympl’s collaboration with Experian addresses these challenges. After 20 years leading psychographic initiatives at Procter & Gamble, I wish I’d had Experian’s data and capabilities; they make planning and measurement much easier.
To start, enrich your CRM with Psympl psychographic Financial Segments from Experian. Analyze your customers to see which segments are over- or under-represented, revealing strengths and growth opportunities. Identify which segments most use specific products to target Prime Prospects. Then set a campaign goal and test psychographic messaging against a control group or with pre- and post-measures. Start small, earn, and adapt as you go.
Once you see results with relevant, psychographic-based content, expand this approach to prospecting, customer experience, and other applications.
Where can readers learn more?
I appreciate this opportunity! To learn more, readers can visit the psympl.com website, and more specifically, the Resources Page on the website, which includes videos, whitepapers, and guides for utilizing the Psympl psychographic Financial Segments for customer acquisition, retention, and enhanced engagement.
Contact us
About our expert
Brent Walker, Co-Founder and Chief Strategy Officer, Psympl
Brent Walker is Co-Founder and Chief Strategy Officer for Psympl, helping wealth management firms, banks, credit unions, and financial services enhance customer acquisition, retention, and cross-sell initiatives. Brent started his career in Brand Management at Procter & Gamble, and over 20 years he led teams in product management, customer marketing, and psychographic segmentation initiatives. In 2012, he cofounded his first company focused on psychographics in healthcare, which saw a series of multiple acquisitions. Brent has delivered a variety of publications covering critical marketing topics, featured in Forbes, The Ohio Bankers League, The Commonwealth Fund, and Healthcare Finance.
Latest posts
Dextro Analytics partners with Tapad, a part of Experian, to deliver persistent measurement across devices
FeaturedDextro clients to achieve increased accuracy in cross-device consumer measurement and engagement NEW YORK, Feb. 6, 2017 /PRNewswire/ — Dextro Analytics, a pure play analytics company that harnesses the power of human learning and artificial reasoning to drive more informed and effective consumer marketing, is partnering with Tapad, the leading provider of unified, cross-screen marketing technology solutions and now a part of Experian. The deal is effective immediately and the scope of the partnership covers North America. Additional terms were not disclosed. Leveraging Tapad’s privacy-safe Device Graph™, Dextro Analytics will be able to significantly bolster its insight engine to decode complex customer journeys. Armed with more relevant, actionable insights, marketers can use Dextro’s cross-screen, closed-loop measurement systems to reach and engage the right customer at the right time through the right channel. “Being able to accurately map consumer preferences, behaviors and journeys in a privacy-safe and unified way across devices is still one of the biggest pain points for marketers,” said Ajith Govind, co-founder of Dextro Analytics. “At the same time, this partnership engages customers with the right message at the right time.” “Detecting latent patterns and signals, and tracing backward- and forward-looking behavioral characteristics, are keys to sustaining a competitive advantage in a crowded space,” said Manmit Shrimali, co-founder of Dextro Analytics. “With the proliferation of data and devices, connecting the dots is of paramount importance.” “Dextro is solving some of the biggest challenges in analytics today,” said Pierre Martensson, GM of Tapad’s data division. “Our partners consistently see notable improvements in both budget allocation and device optimizations after integrating with the Tapad Device Graph, and I have every confidence that Dextro will be among them.” For more information about Dextro Analytics’ revolutionary approach to using human learning and artificial intelligence algorithms to solve business and analytical problems, please visit http://dextroanalytics.com/. For more information about Tapad’s cross-platform advertising solutions, please visit https://www.experian.com/marketing/consumer-sync. Contact us today
Tapad, part of Experian, and Rubicon Project launch automated global cross-device campaign solution
FeaturedNEW YORK & LOS ANGELES / BUSINESS WIRE / Jan. 30, 2017– Tapad, part of Experian, and Rubicon Project (NYSE: RUBI) announced today a new global partnership offering a unified, cross-device campaign delivery solution within an automated advertising marketplace. Tapad is the leading provider of unified, cross-screen marketing technology solutions and Rubicon Projectoperates one of the largest advertising marketplaces in the world. The Tapad Device Graph™, which enables buyers to expand their high-value display data signals to associated mobile devices, will be integrated across Rubicon Project’s leading advertising exchange and Orders platform, significantly improving consumer mobile reach. The new global partnership will empower Buyers within Rubicon Project’s exchange to find and engage audiences across their entire digital experience. Rubicon Project operates one of the world’s largest mobile exchanges connecting to approximately 1 billion unique mobile devices globally. “We’re excited to partner with Tapad to continue to provide our customers the very best data for managing their advertising businesses,” said Harry Patz, Chief Revenue Officer, Rubicon Project. “Cross-device delivery is crucial for buyers today with more than 81% of internet users currently relying on more than one device for digital access[1]. Through our partnership, buyers will be able to extend their desktop private marketplace campaigns to mobile, allowing them to find and engage their audience across devices, anywhere in the world. The net result will also benefit sellers; the increase in mobile reach will better position publishers and app developers to strategically capitalize on their inventory, ultimately increasing bid rates and mobile revenue across the board.” “Our partnership with Rubicon Project marks the first time advertisers and publishers alike are able to use cross-device solutions at significant scale outside of Google and Facebook,” said Pierre Martensson, GM of Tapad’s Data Division and APAC. “Our Device Graph will help Rubicon Project’s advertisers make more informed buying decisions and find the audiences who matter most.” Barry Adams, VP of Commercial Development at Bidswitch, said, “As digital advertising moves away from desktop and increasingly toward a mobile-first model, cross device data becomes critical to finding consumers. The rich data buyers will now be able to leverage at scale through the Tapad and Rubicon Project integration will enable us to provide a state-of-the-art cross-screen solution for the 150+ buying platforms that use our service, and the tens of thousands of advertisers they represent.” For more information about Rubicon Project’s inventory, please visit www.rubiconproject.com. For more information about Tapad’s cross-platform advertising solutions, please visit https://www.experian.com/marketing/consumer-sync. Contact us today
Tapad expands linear TV analytics solution, enabling optimal reach and frequency across TV and digital platforms NEW YORK, Jan. 24, 2017 /PRNewswire/ — Tapad, now a part of Experian, has partnered with WideOrbit, the leading provider of advertising management software for media companies, to develop the industry’s first programmatic TV-buying platform powered by a device graph. Tapad is the leading provider of unified, cross-screen marketing technology solutions and was first to market with a device graph, the Tapad Device Graph™. WideOrbit’s robust supply platform and industry-leading footprint offers access to premium TV inventory on top networks, reaching more than 99 million households across local affiliates. The partnership pairs Tapad’s demand-side technology with WideOrbit’s supply-side inventory. As a result, marketers can leverage cross-device audiences in their TV buys for the first time. Additionally, integrating the Tapad Device Graph™ with digital feedback loops and audiences both accelerates optimization and enables precise audience discovery for TV marketers. “The integration of WideOrbit’s quality TV supply takes orchestrated cross-screen media buys to the next level,” said Marshall Wong, Tapad’s SVP of TV market development. “Marketers can now optimize TV campaigns within days instead of weeks. This also untethers them from buying against generic demographics like age and gender. By allowing brands to employ their own CRM or third-party data, we can move them much closer to audiences who will take action.” “Integrating Tapad’s device graph with WideOrbit’s programmatic marketplace delivers enormous value to marketers looking to add TV to cross-device campaigns,” said Ian Ferreira, EVP of programmatic at WideOrbit. “Television still delivers the most efficient reach of any medium, and Tapad’s platform now allows marketers to purchase premium broadcast inventory that extends the power of cross-screen campaigns to TV with a single, unified solution.” “Our clients build lasting relationships with consumers through thoughtful and pioneering marketing,” said Jeff Giacchetti, VP of digital at Mediavest Spark. “The strategic partnership of demand-side technology and supply-side inventory makes it easier for brands to find efficient, incremental reach and are critical in this endeavor.” For more information about Tapad’s cross-platform advertising solutions, please visit https://www.experian.com/marketing/consumer-sync. Contact us today