Run a profitable business by understanding the demographic information concerning your customers and competition as it relates to your product or service. You may sell a fantastic product, but if your intended customers are 18 to 25, and your product's packaging looks more mature or old-fashioned, you've missed the mark and lost sales.
After you perform demographic information searches, you can't just set the data aside; apply the results of your research. Using reliable demographic data, analysis and reports will boost your sales and help you prepare strategies for future products. Consider the benefits of demographic information to:
1. Gain intelligence on your competition and help you decide if there's room in the market for your product.
2. Analyze demographic radius reports to help determine the perfect physical location for your business.
3. Generate new leads on potential business customers and suppliers by highlighting existing manufacturers and top businesses in your region.
4. Take advantage of demographic information to study the characteristics of your available workforce pool.
Enhance your B2B sales by using business demographics to make marketing and sales decisionsFind demographic information on businesses that helps you identify your competition and highlight potential customers.
U.S. Census Bureau surveys businesses every five years and creates both local and national reports, broken down by North American Industry Classification System (NAICS), annual payroll, sales and additional categories. Consider a subscription to SRC for at least four months to get detailed demographics information on your customers, potential business locations and full-blown market analysis tools that can help you grow your business to the next level.
Find demographic research providers online to enhance your B2C sales and marketing effortsTake advantage of demographic information available online that you can purchase in the form of software, reports or subscriptions.
Use surveys for post-purchase demographic researchLearn about your customers by gathering demographics information through surveys. Encourage completion of surveys with small tokens of appreciation like coupons or nominal gifts.
Find international demographic information providersExpanding your customer base beyond our borders requires tons of research to ensure you zoom in on profitable population segments within the countries you want to reach.
U.S. Census Bureau website. Scroll down the page of the University of Michigan Documents Center and click on countries that interest you to find demographic statistics and reports to assist with international marketing strategies.
- Look for information provided in creative and visually aesthetic ways; then use that demographic information with charts, graphs and other visual displays for print or TV advertising, as part of your product packaging and in business presentations you give to potential clients, suppliers and other interested parties to boost your product's credibility.
- Invest a little time in demographic research, and you can usually find valuable, free information on any state or local economic development website.