Are you selling to the market you reach? Watch demographic trends for targetting ads, products, more.
In many parts of the country the new “majority” is made up of minority groups. And even where minority groups don’t collectively make up the majority, they are growing in number. Paying attention to these and other demographic trends and making sure your ads and products target important demographic groups in your area will help your business prosper.
Selling high-priced shoes and boots in your boutique? Consider adding a line of products aimed at women over 60. Notice that a lot of people in your area are Hispanic or Asian? Have an Hispanic Heritage or Asian Heritage Day sale. Want more African-Americans or women to attend your conferences? Invite them as speakers or panelists.
Age and ethnicity aren’t the only demographics to watch, either. Keep an eye out for trends in what people are eating, what they’re buying, how they use their leisure time, how they gather information about planned purchases and how they actually buy them.
To stay on top of these and other trends, listen to the news, read magazines, trade journals, online news and local newspapers. Pay attention to how people use the Internet, and what they use it for.
And, listen to your customers if you are already in business. They may alert you to profitable new products or services you could add to your offerings.
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