A Different Way To Use Demogaphics

demographicsLast Friday afternoon, I sat in a room with a group of entrepreneurs who were all talking about issues in their business that were seeking advice from other entrepreneurs.

One of the people in the group was talking about their company and discussed the expansion opportunities in their business and it was mentioned they looked at expanding into some “smaller” markets.  Even though the markets were smaller, there was a college presence in these markets, which seemed to be their initial target market.

When many people think about age based demographics, they may think about different age brackets that a population is broken down into.  Others may think about the typical ages for a product or service.

One of the things I suggested this individual to do was to look at their current successful markets and look at the demographic percentages of their target market, in this case college age men and women, in relation to the geographic market and look for others that mirror that breakout.  From there, regardless if the next geographic market is a “smaller” one, it will likely be a good one.

So what are some ways your used demographics in different ways?

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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