Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 4.8 Target Market Age Demographics Analysis Questionnaire
What is the benefit of having an age demographics analysis of the target market of Cuyahoga in the business plan for Lights On Electrical, Inc.?
The age demographics of a target market like Cuyahoga gives the reader of the business plan a very good summary view of what the age composition of the target market of Cuyahoga looks like. The reason we think that age demographic analysis is important is that the prime purchasers of most goods and services tend to be folks who are in the age range of between 18 and 65 and hence we ought to know just what percent of the population of the target market like Cuyahoga actually belong to that age bracket.
What is the age demographic analysis for Cuyahoga compared to?
The age demographic analysis for Cuyahoga is compared to the age demographic analysis for the entire state of Ohio. The reason for this is fairly obvious. If we don't compare our findings of the local target market to a regional, state or national trend, we will never be able to understand if there are deviations and discrepancies from the larger averages. For example if the statewide average for the percentage of the population over 65 is 14%, and we find that the target market has that number at 23% - it obviously means that there are more retired senior citizens in the target market than the state as a whole.
In order to conduct our analysis we have the following age classifications for the target market of Cuyahoga:
How should Andy Powell and Jose Garcia market to people under the age of 18 using social media?
Marketing to younger people requires an appropriate medium of the correct technology and right advertising messages. Thus the younger the consumer, the more adept they tend to be at using technology. A small business like Lights On Electrical, Inc. should be able to create an online advertising campaign that directs the user to a mobile friendly version of their website. Their reason for this of course is the younger folks tend to get a lot of their content via their cell phones. Thus it is not just enough to have a website, it is equally important that the render quickly when it loads on a cell phone.
Additionally there needs to be larger digital strategy in place that includes a heavier reliance on social media using platforms like Facebook, Twitter, Google Plus and LinkedIn A small business like Lights On Electrical, Inc. will have to be able to understand which of these platforms is used more frequently by their target market users and then move forward with the creation of advertising material for each platform.
What about folks in the age bracket of more than 65 years - how does that affect a business?
One thing that the under 18 crowd does not tend to buy in any significant quantity is of course things that older folks will spend their money on - namely health care and retirement lifestyle oriented products and services. Thus if you are were planning to start a business that specialized in providing transportation services to the elderly, and your target market had a much smaller proportion of retired folks as compared to the state, you would have to understand what you are getting into and realize that you will probably have a tough time building a book of business since the market for your services is smaller when compared to the rest of the state.
Yet another important aspect of catering to a target market that has a lot of retired folks and senior citizens is understanding that their lifestyles and interests are dramatically different from the younger age groups. For example, it is fairly well known that most retired folks tend to eat very early and sleep early as well. Thus if you are a restaurant in a target market with a lot of older folks, you will most certainly need to have an early dinner specials to be able to capture some of the business. If you decide to open for dinner later, you will certainly miss out on some of the business that you could get from 'early birds'.
Advertising on radio and television to the elderly also has its own special understanding of which kind of programs have a significant older audience. It would not make any sense for a business advertising their products or services targeted at older folks on say MTV or other local channels and stations aimed at younger folks - why - because they will not be listening!
Having all paperwork printed up in larger and clearer typeface is yet another example of a business adapting to an older client base. It is well known that as folks get older their ability to hear and see diminish and having larger and clear lettering and signage may be a good idea. The home health care industry for example is well aware of the special challenges and care that is needed by older folks and has been able to grow quite well over the years as senior care becomes a larger and larger part of our lives.
Why are folks in the target range of 18 and 65 the most coveted target market?
The reason why the age range of 18 to 65 is the most desired range by most marketers is simply because that is the age when people are earning a living. Most people retire at 65 and even if they don't, they are saving away for their retirement. In fact in the world of small business, it is well known that the age bracket of 25 to 45 is when most folks start their businesses and a lot of focus is paid to the tastes and preferences of that age bracket when marketing products and services geared towards helping entrepreneurs start their own business.
When folks earn an income, they pay income tax and they also tend to spend money into a local target market like Cuyahoga.
This of course means that more money is going into the local economy along with sales tax and other fee revenues for the local and state governments. The changing and shifting demographics of age has implications for all these parts of the economy including investing, real estate and insurance.
For example in the insurance business, we know that the time that most folks buy whole life policies is between the ages of 30 and 50. Before the age of 30 most young folks don't tend to think of life insurance since they are mostly only recently married or still single; on the other hand once you pass the age of 50 most folks find it very difficult to afford the life insurance premiums that insurance companies want from them to insure them given that they are getting older.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.
Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.