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When creating a business plan, one of the components of your plan should be a demographic study. Demographic studies are comprised of information about your potential consumers. A well thought out study can help a business of any size understand who their market is and how to pitch their products to them.
Composition of study
There are several items that are important to include in a demographic study to ensure a business is reaching their audience. Some of these items include:
Age group of consumer - when you are targeting teenagers, you should be looking at age groups between 13-18. When targeting seniors the age group would be 60-over
Spending capacity - disposable income figures are typically available by using information available on census websites
Specific consumer - when marketing oftentimes products are more suitable for men than women or vice versa
Creating a strong demographic profile for your business can help you ensure you can reach your target market. Businesses who take the time to create a good demographic study can typically tailor their marketing more effectively in order to reach the audience they wish to market their products for.
Census Bureau data can be retrieved from the US Census Bureau at http://www.census.gov/econ/geography.html
|Jennifer Mathes, Ph.D.|