How to use psychographics to make your advice personal

In a digital age where products and services are only a mouse click away and competition is fiercer than ever, exceptional client experience is everything. A client‑centric approach builds not only brand loyalty but also invaluable trust and retention by giving you an understanding of clients on a much deeper level.

For financial advisers, a client-centric model involves more than treating the customer right – it is a crucial mind shift from product-centred to customer-centred. Read on to discover how psychographics can help you uncover the “why” behind your clients’ needs!

At Medihelp, we champion a client-centric approach. We’re committed to providing advisers with the tools to excel and build quality, long-term connections by providing personalised healthcare advice.

On our journey to understanding client personas, we’ve explored demographics and valuegraphics as essential building blocks for providing personalised advice and gaining a solid understanding of clients’ core healthcare needs. Demographics reveal the “who”, while valuegraphics delve into the “what”. But what truly sets exceptional advisers apart? It’s the ability to uncover the “why” behind a client’s preferences. And this is where psychographics come in. 

Psychographics: The pivotal puzzle piece

Psychographics are qualitative measures to study clients based on psychological characteristics and traits derived from their activities, interests, and opinions (AIOs). By understanding the intricate tapestry of human behaviour, we can move beyond superficial needs and connect with the core of what motivates a client’s healthcare choices. It enriches our understanding and allows us to provide healthcare advice that resonates on a profoundly personal level.  

Psychographic segmentation

Psychographics allow you to segment your client base into distinct groups based on shared characteristics, enabling you to predict future behaviour and tailor your recommendations effectively. This segmentation, combined with demographic and valuegraphic insights, ensures a comprehensive understanding of your clients.

Brent Walker, Senior Vice President of Psychographics at Upfront Healthcare, describes five psychographic health consumer segments:

These are just a few examples. The specific psychographic segments you encounter will depend on your target market. Understanding these segments allows you to gain insight into a client’s thought processes and decision-making. You can then tailor your recommendations and messaging to resonate with each individual’s unique needs, preferences, and motivations.

Psychographic information

You have two prospective clients, Kgomotso and Chris, who are interested in joining Medihelp. You have to recommend a plan for each of them. While formal psychographic assessments exist, simpler methods can also yield valuable insights during client interactions. Lien Potgieter, Head of Marketing at Medihelp, suggests three methods:

	Active listening	Pay close attention to the language your clients use and the questions they ask. Does Kgomotso frequently mention yoga classes (indicating a health-conscious mindset)? Does Chris express concerns about long waiting times (highlighting a need for convenience)?
	Open-ended questions	Move beyond basic demographics. Ask Kgomotso about her biggest challenges in managing her healthcare or Chris about his priorities when choosing a medical aid plan.
	Hypothetical scenarios	Use hypothetical situations to understand client reactions and preferences. Ask Kgomotso what she does when she gets the flu or Chris how he would react to an unexpected serious medical diagnosis and what he would want his medical aid plan to cover. Their answers can reveal their risk tolerance and decision-making style. Gain insight into their decision-making process by asking them to explain their reasoning.

Psychographic indicators

Personality traits

Detail-oriented or easy-going? Risk-averse or adventurous? These traits influence a client’s preferred plan and risk tolerance. A basic knowledge of established psychological frameworks like the Myers-Briggs Type Indicator and the OCEAN Big Five personality traits can be helpful in identifying key client personality traits. If Kgomotso’s decision-making style leans more towards thinking than feeling, she might prefer a savings plan like Medihelp’s MedAdd that allows flexibility in healthcare spending. If Chris leans more towards neuroticism, he may prefer a comprehensive plan like Medihelp MedPrime that covers extensive healthcare needs and offers peace of mind.

Lifestyle, habits, and behaviour

Lifestyle choices impact health directly. Pay attention to what your clients reveal about their routines, exercise habits, sleep, and diets. Kgomotso follows a set daily routine that includes exercise and a healthy diet. In her case, you can deduce that she is a goal-oriented self-achiever, proactive about her health, and would go for regular check-ups and screenings. Point out Medihelp’s plans offering care extender benefits that reward members for looking after their health.

Interests

Interests might be identified through social media engagement or direct enquiry. Ask about your client’s hobbies and passions. Are they interested in preventive care or holistic therapies? For example, an adviser can point out Medihelp plans that cover complementary therapies like chiropractic, homoeopathic, and herbal and naturopathic services to a client who indicates an interest in holistic medicine.

Opinions, attitudes, and beliefs

Opinions, attitudes, and beliefs play a significant role in shaping one’s approach to healthcare. Is Kgomotso open to embracing new technologies? Is Chris reluctant to incur healthcare costs? Understanding these attitudes can help in providing personalised recommendations and addressing specific concerns. If a client is a trusting responder, they are likely to rely heavily on their doctor for healthcare advice and may be less likely to engage in preventive behaviours. This could lead to increased utilisation of medical aid benefits. This client may benefit from a comprehensive plan like Medihelp MedPrime, which also covers optometry and dental needs that may arise as a result of neglected preventive care.

Psychographics in action: Selling with insight

For medical aid advisers, applying psychographic segmentation can revolutionise the way they interact with their clients and recommend Medihelp plans. By understanding each client’s psychographic profile, advisers can match Medihelp’s offerings to the client’s unique psychological and lifestyle preferences, ensuring a fit that is both personal and practical.

Adopting a holistic and human-centred approach to healthcare advice, which integrates demographics, valuegraphics, and psychographics, offers a multidimensional view of clients, enabling advisers to provide more nuanced and effective advice that truly addresses their clients’ needs and preferences.

This not only enhances the adviser-client relationship but also fosters a culture of empathy and a human-centred approach within the healthcare industry.