![]() ![]() Related: A Complete Guide to Pricing Strategies Examples of demographics Pricing new cars at $50,000 and higher will likely alienate the dealership from its intended market. ![]() A new car dealership will need to stay in this range to be competitive. Consider customers in a certain zip code who generally spend $30,000 on a new car. Product pricingĬompiling financial data on clients can help businesses determine appropriate prices for their products. For instance, a new sandwich shop may want to choose a location where residents prefer to walk rather than drive to increase foot traffic in the shop. Learning about a community's demographics can help organizations decide where to open new locations. Related: A Guide to the 8 Phases of Product Development Location scouting This knowledge can help businesses develop new products that meet a certain need or solve a specific problem for their target market. When companies know who their customers are, they can then determine what problems those customers are likely to have. Related: 20 Promotional Sales Ideas To Attract Customers (With Tips) Product development For instance, if a business learns that most of its customers shop for Christmas presents during the last week of November, it can plan sales around that time to attract more customers and encourage current customers to spend more. Sales offers can be planned to appeal to certain demographics. Related: 17 Marketing Strategies (With Examples) Sales offers For instance, if a company learns that the majority of their clients have children under five, they can target issues related to parenting young children. Having detailed demographic information can aid businesses in the following areas: Marketing strategies and campaignsīusinesses can better tailor their marketing efforts when they know who is most likely engaging with their content. Many companies find it valuable to develop a basic buyer persona that they can refer to when making decisions. Many companies use demographics to tailor their business practices to current and potential customers. Read more: What Are Demographics? (Definition, Examples and Uses) What can you use demographics for? The statistical information of the population's socioeconomic conditions is known as demographic data.ĭemographic categories that business owners can gather data on include: Demographics examples can include factors such as the race and age of a population that is being studied. What are demographics?ĭemographics are the various characteristics of a population. In this article, we discuss what demographics are, why demographics are important for business and give examples of demographics questions and answers. Some of the most useful research for companies is data about their clients. As companies acquire more information, they can make more deliberate decisions about the direction of the business. Companies can use demographics such as age, marital status and employment to design a market segmentation strategy to reach their target audience. ![]()
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