10/1/2021 Tip: Demographics & Ancillary Needs | Growthink

10/1/2021 Tip: Demographics & Ancillary Needs

Today’s Quote

“Dependability has a much more satisfactory market than cleverness.”
~Croft M. 

 

Today’s Tip

As you may recall, this week I’ve been discussing the different types of market research you need in your business plan to start and/or grow your company. Yesterday I talked about the first area of customer research aspects you must look at which was identifying your key customer segments.

Today, I’ll talk about the final two areas of customer research you must assess:

Demographic Profiles of Customer Segments

Once you detail which customer segment(s) you will target, you must detail their demographic make-up. For example, what gender are they, where do they live, how much money do they make, etc.? If you serve business clients, demographic variables also include the size of their company, what their title is, etc. 

Understanding these demographic profiles will help you better understand, target and serve these customers.

Ancillary Needs of Key Customer Segments

The final step in assessing your customers is to determine what else they might be buying before, during and/or after purchasing from you. For example, if you were purchasing a new computer, you might first purchase a desk (if moving into a new office), and soon after purchase software, monitors, a printer, etc.

Knowing this will help in further understanding customer needs and alert you to potential business partners to contact.

 

Today’s Resource

Let Us Conduct Your Research for You

Over the past 10 years, we’ve developed an amazing market research service in which we conduct the research you need quickly and expertly.

Having this research is critical to you getting funding (if needed) and having a solid growth strategy.

Click to learn about our Market Research Service

 

Trivia

Today’s Question: With what product did the term “brand name” originate?

Previous Question: What famous children’s book author created an imaginative ad campaign for an insect spray called Flit?

Previous Answer: Dr. Seuss.

His real name was Theodore Seuss Geisel. He worked on the ad campaign, which featured his trademark bugs, for 17 years.

 

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