One of the first rules of business is “know your audience.” There are over 6.5 billion people in the world right now, and the population is expected to increase by another 50% over the next 40 years to reach a grand total of 9 billion. In other words: You can’t possibly cater to everyone on the planet. So you need to understand who you can cater to.
But knowing who your ideal audience might be isn’t enough. You have to understand who they are, what they like, where they live, who they know. The best way to amass this information is through demographic reporting, one of many marketing analytics services used by companies around the globe. Here’s what goes into demographic reporting that will help you learn more about your target audience.
Everyone can understand the importance in age when you need to determine whether you should be marketing to teenagers or to little old ladies. Who is your product for, and what do they want out of it — everlasting youth, or a hip sense of maturity?
The barriers between women’s and men’s products are rapidly breaking down, but that doesn’t mean that gender doesn’t still play a role in advertising. In fact, you could market the fact that you don’t discriminate by gender at all — but you still need to take it into account.
Location intelligence software has come a long way in recent years. These days, virtually every American carries around a GPS system with them at all times (i.e., their smartphones). You can understand better than ever where your ideal customers live, where they like to shop, and where they go to work using demographic reporting.
The same holds true for habits. Does your target audience live in a walking-friendly urban area? Or do they need to drive? (In which case — do you have enough parking?)
Socioeconomics are important when it comes to properly identifying and targeting your desired customers. If your products are too expensive, they probably won’t fare well in a working-class rural area. But good luck selling cheap or off-brand foods in a high-end supermarket retailer.
Understanding your target demographic is key. Today’s reporting tools make it easier than ever to learn more. So what are you waiting for? Start marketing! More.