Study Your Potential Customers: Demographics

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Study Your Potential Customers: Demographics

Becoming familiar with your potential customers is very important when running a successful business. Evaluating the population of a particular community, their needs and wants can help properly position a business’s product or service. This is done through demographics.

Read over the following demographics when you begin evaluating the residents of a particular area:

Age – Are the residents in the Generation X, or are they baby boomers? If you’re product or service is geared toward 18 year olds, it is best not to set up shop in an area of senior citizens.

Place of Residence – Where people live often dictates how they spend their money. Getting insight into their socioeconomic level is very important. Do they rent or own their own homes? Do they live in an apartment or a high-rise condominium?

Occupation – What types of jobs do the residents have, and where do they work? Knowing this information will also give you a sense of their spending habits and socioeconomic level.

Disposable Income – Do they have a strong purchasing power? If the residents have a fair amount of disposable income, much of it could end up benefiting your business.

Hobbies or Extracurricular Activities – Do the residents perform any activities that could create opportunities for your business?

Transportation – Are residents able to get to your business’s location easily? Do they have reliable transportation or do they ride on public transportation? It is best for a business not to become established in a location that will be difficult for potential customers to reach.

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