55+ TAKING FLIGHT...WHO KNEW!
THE TRENDING ENTREPRENEUR ACTIVITY AND OPPORTUNITY SHARE IN THE MARKET SHOWS INDIVIDUALS 55 YEARS AND OLD ARE TAKING FLIGHT!
So, this isn't a new or unusual question to ask. If you're in business or thinking of going into business one of the first things to think about is who your customers will be. RIGHT?
Well, all to often business owners or new entrepreneurs don't take this under consideration or at least don't give it the amount of weight it deserves in your business planning.
Lets use Curacy as the example. We work with business owners and entrepreneurs. Some might think business owners and entrepreneurs are one in the same, but they absolutely are not. That small statement though immediately creates an assumption of what the age and gender would be for the clients who come to us for solutions. Ironically, the majority of the assumptions people make are that our clients are primarily made up of an equal amount of men and woman and in the age bracket of 25-35. WRONG!
This assumption is actually pretty far from the truth. Do we love working with all genders and age brackets...ABSOLUTELY! The reality is though that some age brackets, gender, and other factors play an important role to us knowing how to find and bring the customers to us who really need our assistance. We have to know who our market is for customers, plain and simple.
The truth is, we have two sets of customers we help, Business Owners and Entrepreneurs. And both categories have two different demographics which we need to be aware of when servicing and marketing to.
If we were to average our two categories of clients we would come up with the results of it primarily being, male clients in the age brackets of 35-65. If we were to separate the two we would get very different answers, which could mean a big difference in the success of our marketing campaigns. Example being, our entrepreneurs are primarily men, but the primary age bracket is between 55 and 64. Business owners are primarily men, but average 45 to 54 years of age. The two differences in age make a big difference in how we approach servicing these customers and even more importantly, how to find them!
THE NATIONAL BUSINESS OWNER SHOWS STRENGTH IN THE 45 TO 54 AGE BRACKET AND DOMINATING THE RETAIL SECTOR OF THE BUSINESS WORLD.
We can go much deeper into the research, but you can see from this very simple example of research how important knowing your customers demographics can be. We encourage you not to make assumptions when putting your business plan together. Here are a few questions we ask ourselves when ever doing research:
- What is the 5-10 year age range on our ideal customer?
- What is the gender make up of that age group?
- Where does our ideal customer live?
- What income bracket does our ideal customer have?
- What does our customer dislike about business most?