Demographics in business are more important than many companies realize. Amidst the other concerns presented in building a company, this one important aspect can easily be overlooked. However, when trying to grow a larger customer base, understanding the demographics of your target audience could be the key to your success.
Finding Customer Demographics
Demographics encompass any specific information regarding the population of your target audience, or the people who will most likely buy your goods or services. This information includes:
Number of individuals in a household
Status of home ownership
Race or ethnic background
A smaller chapter of customer demographics include psychographics, which takes a look at the psychology, lifestyle, and behaviours of your customers, and includes things such as:
Values and opinions
If you want a comprehensive analysis on the demographics and psychographics of your target audience, you’ll need to conduct thorough research on a certain geographical region and fill out customer personas, which will give you an accurate depiction of who your customers are and what,
how, when, and why they’re interested in purchasing goods or service.
Using Demographics to Improve Your Business
Understanding customer demographics is one of the most important things for improving your overall business, but it also has a particular influence on the effectiveness of your marketing strategy. Here are just a few of the ways that understanding customer demographics can positively impact your business.
Exposes Shopping Habits: When is the best time to run an advertisement? Where will most of your customers see it? Is digital or physical more effective? When you understand the psychographics of your target customers, you get the answers to these questions and more. With this information, you can tailor your marketing strategy to produce advertisements when and where it will be most effective for you.
Targets Price Points:
Regions throughout the country have a certain median annual income that shapes the asking price for your goods and services. For instance pay is important to know your audience, London has a higher wage than elsewhere in the country, as is Atlanta, less pay in USA, wherever you are always check this.
Prevents Costly Errors:
Deductive reasoning through customer demographics helps to eliminate costly mistakes in your marketing plan. It helps you to hone in on what your customers are interested in seeing and helps you eliminate unsuccessful strategies. For example, researching customer interaction with similar businesses in a certain area can tell you what they’re buying and what they’re avoiding. It can also define a certain need of the consumer, which can help you avoid making many of the mistakes your competitors have already made regarding drawing in customers.
Identifies Product and Service Needs:
Products and services are successful because they fulfil a customer need. Understanding the needs of your customers can help you comprehend what products or services you should offer in the future. This can also help you to evolve your product so that it can better meet the needs of your customers.
Successful companies don’t ignore the demographics of their company. They research them in depth, and apply the information to their business processing. From there, companies can see significant growth and improvement in their dealings with customers.
The times when we all have to “keep your head down and get on with it,” in the event of a crash, then afterwards we have seen that our membership has once again become much more active and keen to take part in everything that we do.
Social media has been a sexy thing to talk about and cloud technology, and home working are all significant developments that our industry must surely embrace in this new era of mobile commerce. While a number of organisations thorough out the world are making considerable progress in adding these things to their customer service offering, the focus has remained on doing the basics right. Which is what we have to concentrate on.
There has been a good deal of positive energy around and many organisations are looking to recruit, to educate and to develop their people.
We expect the focus on customer experience to remain undiluted and that a minority of businesses in adopting leading edge technologies to improve customer service. Many others will continue to gain cost efficiencies from improved processes, better staff education, increasing agent authority and engagement. We need to identify and share best practise wherever it is found.
The more that things change, the more we have to be aware ladies.
Across the UK, US and Japanese markets, there are some common areas of focus – getting social media customer service right, the blended-channel customer journey, integrating analytics, cloud solutions, and home working. But the overriding principle behind all of these is the desire to increase professionalism so please be aware ladies your business is your baby so look after it.
A tangible sign of this was the high quality of entries for 2019 is the entries to our NoW Network Awards it shows that recognising individual success and rewarding initiative brings benefits for business as a whole to move forward with success.
Top Customer service is attesting to the huge importance of treating each customer as an individual.
This again speaks to the growing recognition that identifying and retaining talent must be a cornerstone of our businesses. If we work alone get your name on the awards lists to give you and your business Kudos. Remember moving with the times without losing your core mission statement is a must ladies.
Optimism can be just as contagious as moaning. So as a team for us NoW ladies we hope that the entire world catches that particularly positive bug.
Despite the challenges we have to face everyday on its own is hard enough, and we will always have a unusual customer so always do your best to solve the situation for your business to come through it. Best practice, for you will be different to another company. The appetite for you also, should be embraced by the challenges that you face in serving your customers’ needs.
Efficient, lean operations doing the basics right, has led to key areas of interest in specialist training and people development especially addressing the ‘right behaviours’ for maximum customer experience. Learn as you earn always train yourself on everything you can.
The behaviours from you and customer interaction has been an interesting one when many organisations are then applying the principle to the hot topics which have been Social Media, cloud technology, which because of the flexibility associated with such, has led to many organisations implementing a home working strategy. Of which a lot of you work from home with.
l experience across the customer journey; a single view of the customer is still daunting to many businesses, which are challenged by working in silos. Marketing, sales and service are somewhat still distant in many businesses, yet the essence is to keep on top of it with your customers, be organised.
There will also be great benefit to continue to train yourself timely benchmarking and research, both in order that you may continue to gain cost efficiencies from improved processes.
Slow IT systems
Average Handling Time
Email response times over 1 hour
Scheduling by Excel
Video Chat/ Skype
81% of Pinterest users are actually Females.
40% of New Signups are Men; 60% New Signups are Women.
Men account for only 7% of total pins on Pinterest.
Millennials use Pinterest as much as Instagram.
The average age of a Pinterest user is 40, however, the majority of active pinners are below 40. there we go ladies good information for you all.
It’s official, Pinterest is now a social media star. Boasting some 150 million users, the once cutesy platform has morphed into a social media powerhouse, popular amongst individuals and businesses alike. And considering it only debuted in 2010, it’s done so with astonishing speed.
Long adored by brides-to-be and foodies, Pinterest is now much more than a storage space for wedding plans and recipes. Today, the virtual pinboard houses over 75 billion ideas representing all types of users and content—from millennials pinning gift guides to music aficionados sharing their favourites.
Ideas are the primary reason people go to Pinterest. Increasingly though, folks are also turning up to shop. And oh how they shop. According to a Millward Brown Study, 87% of Pinners have purchased something they’ve seen on Pinterest, while 93% plan to do so.
Also take stock of the fact that two-thirds of Pins now showcase a brand or product. Yes, Pinterest means big business for brands. And chances are we’ll see more of this trend as Pinterest makes it easier and easier to shop from virtually anywhere.
But just who are these millions of Pinners making Pinterest a success? For any social media guru, gaining smart insights into Pinterest demographics is critical. So sit back, here’s all you need to know about who’s buying on Pinterest now.
While increasingly popular amongst the fellas, Pinterest is still very much a lady’s game. In fact, according to a 2019 Pew Research study, of all adults online in the U.S., 45 percent of women use Pinterest compared to only 17 percent of men. The rest of the world will catch up as they always do.
As for the top goods catching the eye of female Pinners? Food, home decor, and clothing rank as the most popular. Interestingly, women are also heavily using Pinterest to help plan out their futures.
Millward Brown’s 2016 study found that Pinners were 47 percent more likely to be planning for a life event (think weddings or trips) within the next six months. What’s more, a remarkable 96 percent of active Pinners use Pinterest for their planning research.
L’Oreal also frequently partners with beauty influencers and other lifestyle brands on various life-event boards to broaden their reach. In their summer collaboration with popular stylist Katherine Accettura, L’Oreal cleverly positioned their products as the ‘look of summer’ through a series of 97 playful Pins. At the time of writing the board has earned an astonishing 930,000 followers.
Pinterest age demographics
So, what age group is most active on Pinterest? Interestingly, the platform is popular across multiple generational brackets—with millennial, Gen Xers (University of MA), millennials prefer Pinterest over any other social platform for shopping. And by quite the long shot: 47 percent of millennials on Pinterest have purchased something they’ve pinned—a solid nine and 14 percent greater than Facebook and Twitter respectively.
Like most Pinners, millennials use Pinterest to help curate their vision of their ideal self. Research by Chain Store Age found that a remarkable 79 percent of millennial Pinners see Pinterest as a guide to life. The study also showed that:
80% of millennials say Pinterest helps them find things they want to buy.
And the income group leading the pack on Pinterest? According to the Pew Research Center, Pinterest is fairly evenly used across all income brackets, with those earning above £75,000 in the slight lead:
Less than £30,000 per year = 30% of users
£30,000-£49,000 = 32% of users
£50,000-£74,999 = 31% of users
More than £50,000 = 35% of users
Of note to luxury brand marketers, a big chunk of millennials plan to be rolling in the dough one day. According to the Schullman Research Centre’s 2019 Millionaire Trilogy, 49% of millennials plan on becoming wealthy (compare that to only six percent of Gen Xers and 14 percent of Boomers).
And like most things they touch, millennials are seriously disrupting the meaning of luxury. What once meant designer handbags and shoes, luxury to the millennial is all about the experience—the memory and feeling a brand evokes.
For luxury brands trying to snag these future ballers on Pinterest, provide a shopping experience to remember.