What are demographics?
Demographics is a term that refers to a group of statistical categories. It’s a group that examines individuals’ characteristics, such as age, gender, location, etc. It is essential because it gives you an idea of how to market your product or service.
For instance, if you are selling makeup, knowing that women aged 18-35 purchase cosmetics would be helpful to you in your marketing efforts.
What are the different types of demographics?
There are many types of demographics, but the most common and basic ones include:
- Sex and age: This gives you an understanding of who your customers or users will be and how old they will be so that you can adjust your product to their needs.
- Location: Where is your customer located? This can help you determine if any sales are coming up in certain areas.
- Household income and education level: You can adjust the prices accordingly by knowing what kind of salary your customers earn. Another critical factor is to know what type of education they have because it will help you determine if there are any literacy problems for using a specific product or service that you provide.
- Population and family/marital status: Knowing how many people are in a household will help you in your advertising campaign because you can determine what kind of ads to show on social media or TV.
What are market demographics?
Market demographics are a term that refers to the number of people in a specific market. This shows you how big or small the market is and if it would be profitable to enter it.
For example, there might be a million teenagers, but only 10% buy chocolate, so those are your customers. On the other hand, there might be only 10 000 teenagers buying chocolate, but since they do, it is a profitable market.
How do I find my target market demographic profile?
There are many ways to find demographic data. One way is using Google’s Ad Planner, which shows you the demographics of your potential customers.
Another way is through social media websites such as Facebook audience insight. The information you put out on your profile will show what kind of person you are and can help determine if that specific audience likes similar things or not.
Another way is through surveys. SurveyMonkey and Zoomerang are two websites that can help you conduct a study for free within your social circle or school group.
You can use a marketing research company that will help gather the data for a fee for more specific purposes. For example, Ipsos-Reid is a market research firm based in Canada with offices worldwide, and it costs $1 000 plus tax to do five focus groups.
What are the advantages of knowing your target audience demographic?
First and foremost, you can create your buyer’s persona. This is a picture that shows what kind of person your target customers are. Knowing this helps you understand how to better sell to them and gives you an idea of creating marketing materials that appeal directly to the customers.
A second advantage is knowing where they hang out. So you can place your advertisements where your customers are likely to see them.
A third advantage is knowing what they like and dislike. This allows you to adjust your product or services accordingly to provide what the market wants, not what you want them to purchase.
Do demographics change over time, and does that matter?
Demographics are constantly changing. For example, more and more women are entering the workforce, which results in many being childless or choosing to have fewer children. Generally, people have kids later in life, so the statistics on age change often. Another way that demographics can change is through new technology that enters your market. An excellent example of this is the iPod. It became so popular. Apple had to stop counting the number of iPods being sold because they didn’t have enough digits for it.
These changes are significant because they affect your market research and marketing campaigns, so you need to check the latest statistics to adapt accordingly constantly.
Demographics are a crucial part of any business. Knowing who your customers are and how many they will play a huge role in determining if your market is profitable, which helps you make the right decisions about the business. The critical thing to remember is that demographics change over time, so it’s essential to do market research periodically to ensure you are still in touch with your customers.Demographics are a crucial part of any business. Knowing who your customers are and how many they will play a huge role in determining if your market is profitable. #demographics Click To Tweet
- Market demographics are a term that refers to the number of people in a specific market.
- This shows you how big or small the market is and if it would be profitable to enter it.
- Knowing your demographic helps you understand how to better sell to them and gives you an idea of how to create marketing materials that appeal directly to the customers.
- Demographics can often change, so it is essential to keep up with statistics and research regularly.