Demographics and Market Trends
What Are the Demographics of Your Audience/Market?
Demographics: This is an important word that you will encounter in nearly every discussion on advertising and marketing. Make sure you understand what it means.
When someone says demographics, he or she is referring to information about people. It might mean gender, age, geographic location, education, marital status, annual salary, or tax bracket. All these factors help you identify and focus on potential buyers.
As a marketer, its crucial that you learn how to spot trends or patterns. If you are in the restaurant business, youd have to be aware of the current health trends that are important to consumers.
People are eating less red meat and more chicken. They are concerned with lower fat content and reduced calories. They want foods that are more natural. And although many of us havent given up caffeine, we are cutting down dramatically. These current trends have to be considered.
The Shifting Internet Population
It is important that marketing is directed toward the correct target audience. Consider the Internet, for example. Ten years ago, the Internet was still in a rather fledgling state. If you were playing an online ad in 1990, who would your target audience have been?
If you were a marketer today responsible for Internet advertising, how different would your ad campaign be? How much have Internet demographics changed?
Whether you are a marketer, a sales associate, a person in Research and Development, or an entrepreneur, it is your business to understand changes and shifts in the market. If you can accurately predict that a market is opening or closing, you can adjust to meet it and profit thereby.
Consider this trend. Five years ago, women made up less than 10 percent of the user population on the Internet. Now, over 47 percent of users are womenand the number is growing. In fact, women are the fastest-growing segment on the Net!
You must never forget that people make up the market. You have to know the people to whom you are selling. Keep in mind, too, that cultural forces help structure how we think about ourselves and how we spend our money.
To stay competitive, its crucial that innovative businesses look at marketing trends and developmentsespecially trends that will affect current and potentially new product lines. For example, its no longer a mans world. Women small-business entrepreneurs are one of the fastest-growing elements in the market.
This crucial trend needs to be considered, especially by business concerns that support or help small-business owners. Nearly 40 percent of businesses in this country are owned by women. Such businesses are growing almost three times as fast as businesses owned by men.
This is an 80 percent increase since 1986. As a matter of fact, almost one in four workers in the United States is in the employ of a women entrepreneur. This is a viable market for trend watchers. Put in marketing terms that are more meaningful, 9 million women are small-business owners. That translates to about $2.5 trillion in gross sales.
This is a market to consider, as is the
small-business market in general. This is why TeleView has developed a cordless phone that
has a range of nearly a mile. Our R&D people, along with the Sales and Marketing
teams, knew there would be a demand for an inexpensive, yet powerful product like this.