Demographics is the “who”, Psychographics is the “why”
Helps to look at competitors and collaborators
1. Bob ScardamaliaRLS Demographics, Inc. March 20, 2012
2. Geography Demographics, Psycho-graphics, and business data - why are they important Define your ideal customer – who and where they are Locate sources of demographic data Navigate Census demographic and economic dataMarch 20, 2012 RLS Demographics, Inc.
3. Governmental Areas States Counties Cities Towns Villages “Places”March 20, 2012 RLS Demographics, Inc.
4. Statistical Areas Metropolitan Areas Census Tracts Zip Codes Congressional DistrictsMarch 20, 2012 RLS Demographics, Inc.
5. Census TractsMarch 20, 2012 RLS Demographics, Inc.
6. “Demography is the study of the size, distribution, and composition of the population” Size: How large is my market (people/houses) Growing/Shrinking Distribution: Where is my market located - geographic Composition: What are the important characteristics Age, gender, race, income, educationMarch 20, 2012 RLS Demographics, Inc.
7. You’rein business to solve your customer’s problem You need to deliver a benefit You need to differentiate yourself Understanding trends can help you: Position your product Tailor your service Change with your customersMarch 20, 2012 RLS Demographics, Inc.
8. “The measurement of attitudes, values, lifestyle, beliefs, buying habits and opinions” Interests, Activities, Opinions Variation even within demographic groups Everyone doesn’t think the same! Wants and desires: Trends, the influence of advertising How and why people buy: What motivates people to buy your product or service Market segmentation: Based on geography, demographics, consumer behaviorMarch 20, 2012 RLS Demographics, Inc.
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10. We can paraphrase and call business demographics the study of the size, industry, distribution, and composition of businesses Size: How many businesses Competitors or Collaborators Industry (SIC/NAICS): What do they do (retail, service, const., manuf.) Distribution: Where are businesses located Supplier networks Composition: Sales/revenue, employment, product typesMarch 20, 2012 RLS Demographics, Inc.
11. Male/Female Is Age Important? Baby Boomers, Gen X, Gen Y defined by their age Single, Married, Children, Families Income sensitive? Educational Background Industry characteristics Growing or transforming High-tech/Low-tech On-lineor big box buyers What others…?March 20, 2012 RLS Demographics, Inc.
12. Your neighborhood, regionwide, statewide Walking distance to your store Is drive time important? Downtown location Suburban mall, strip mall Boutique shop Where people live vs. where they work Global Internet marketMarch 20, 2012 RLS Demographics, Inc.
13. The people/businesses who DO buy your product or service You may not have much information – How do you get it? Mail list sign-ups Coupons/offers Survey a sample of customers Measure at multiple points in time to understand changeMarch 20, 2012 RLS Demographics, Inc.
14. Public – i.e. “free” U.S. Bureau of the Census (factfinder.census.gov) Population estimates Decennial Census American Community Survey Economic Census Business statistics Surveys Consumer Expenditures Computer usage Time Usage County/Regional Planning Dept. Google!March 20, 2012 RLS Demographics, Inc.
15. Private – i.e. “not so free” DemographicsNow (www.demographicsnow.com) Population, industry, marketing reports Subscription service to data updates Nielsen/Claritas (www.claritas.com) Media stats Consumer demographics/psychographics Buying habits Environmental Systems Research Inc. (www.esri.com) Mapping Consumer demographics/psychographics Buying habits Forecasts Market research firmsMarch 20, 2012 RLS Demographics, Inc.
16. The Census data comes from: an enumeration like the 2010 Census just taken a survey of the population mathematical estimates of the population It’s taken on the basis of housing address It’s reported on the basis of geographic areas (like we talked about earlier) To access the right data you need to think about: the characteristics you’re looking for, and the geographic area you wantMarch 20, 2012 RLS Demographics, Inc.
17. The 2010 Census Basically a headcount of all residents Very little characteristics detail The most accurate population base The American Community Survey Detailed socio-economic data Annual updates Confusing results Population Estimates Best updates of the basic count data – but limited geography Annual UpdatesMarch 20, 2012 RLS Demographics, Inc.
18. Taken every 5 years count of businesses Characteristics like employment, industry, sales The most comprehensive business data Other establishment data Establishments versus business Based on surveys and administrative records Usually annual updates County/Zip Business Patterns Establishments by industry Basic characteristics Non-employer statistics Sole proprietors – businesses with no employeesMarch 20, 2012 RLS Demographics, Inc.
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20. CapitalDistrict Regional Planning Commission www.cdrpc.org State Data Center www.empire.state.ny.us/NYSDataCenter.html Small Business Development CenterMarch 20, 2012 RLS Demographics, Inc.
21. Demographics define the “who” of your market and customer Psychographics define the “why” of buying desires and habits Pay attention to geographic distribution of your market and customers Learn how to access demographic data and profile your marketMarch 20, 2012 RLS Demographics, Inc.
22. Bob Scardamalia P.O. Box 160 Rensselaerville, NY 12147 (518) 703-0724 (cell) (518) 797-3163 (home) email@example.comMarch 20, 2012 RLS Demographics, Inc.