“Hello, have you met your customer lately?”
Your customer is everything. Consider, for the purpose of this blog, that your customer is a close friend or associate. Now, do you know what they like, their age, their personal quirks, or whether they like to shop based on reviews? What is their income level? Education? The more you know, the more you can target to them and make them feel good. In return, they will like you, then, trust you, and, finally, buy from you. Even better, they will send their friends.
Would you prefer the restaurant that knows your table and your favorite wine, versus the one that SHOULD know your favorite table, and SHOULD know your favorite wine? After all, you go there often enough.
Are your customers changing and are you keeping up with those changes? That really is all that’s meant when we speak of “demographics,” a boring ancient term that describes the characteristics of your customer, like age, race, sex, economic status, level of education, income level, and employment. Trends in your customer population are really, really important, and it’s critical to your business to take advantage of these opportunities. For instance, college students are older, more diverse, and take longer to graduate than those 10 to 20 years ago.
Get what I mean?
Trends and life choices change over time, due to economic, cultural, or political circumstances. As the business owner, it’s important to be aware of these changes, adapt your marketing, and keep an out for the next demographic change.
Some key examples:
Recommendations and Opportunities:
All I mean to say is that if demographics and particularly customer trends (whether large or small) are ignored, it will put any business in jeopardy. The takeaway from this: consistently evaluate relevant demographics/trends so you catch the small ones. Then adapt and keep your eyes on the horizon. Demographics can be one of the keys to your business success.