With big data and sophisticated segmentation, it’s easy to overlook the importance of demographics. Here are five criteria marketers should be clear about for every campaign.
Are you ignoring demographics now that your company has access to big data? This could be a significant mistake. While demographics are just part of the picture, they can be integrated with other information—such as market research data and buying information—to help shape a complete picture of your audience. Here are four demographics details you can’t afford to ignore.
Location: Location can be a helpful filter for your marketing campaigns. Let’s say you have significant clientele in a specific market, and it’s time to invest in more marketing and advertising to grow your business with that market—or to customize some of your services, contact numbers or other business information. Segment data based on region, state, city, and ZIP code for different views.
Generation: In some cases, generational insights can be helpful. It’s important not to get hung up on stereotypes, but instead to look for patterns of insight that can help you navigate conversations. For example, if you’re serving customers in the Baby Boomer generation, there are specific issues they’re dealing with. These may include deciding whether to retire, dealing with health care and health issues, caring for parents, and navigating finances with their adult children. Each Baby Boomer’s life is unique—some will continue to work and be interested in downsizing, while another may finally be buying their 5,000-square-foot dream house. Putting your marketing in a generational context can help narrow down your focus appropriately.
Family dynamics: A number of different questions can be wrapped up in your family dynamics analysis. Are your customers partnered or single? Do they have children? Are they part of a multigenerational family structure or another distinctive approach to building their families? Understanding who your customers live with can help you more effectively target messaging to their specific needs.
Income: Understanding your customers’ income can help you make important product and pricing decisions. For example, a family with an income of $100,000 may have significantly more disposable income than someone with an income of $50,000. While this must be put in context with spending habits and debt—a lower income and a frugal lifestyle may lead to more spending flexibility—it can provide general guidance about the market size and market cap of your target audience.
Incorporating demographics into your data analysis helps make it easier to segment your audience and make smart decisions about your products, pricing, and messaging. Dig into this information today to better get to know the people behind your buying and other audience information.