Key Trends to Consider when Evaluating Your Customers’ Changing Demographics
Updated: Sep 13, 2018
We've identified some quick and easy trends to follow when monitoring changes in your customer profiles and target market demographics.
In this blog post we’ll tell you what to look for when monitoring changes in demographics.
Current Factors Influencing Demographics
Evidence of the first group can be found in the intensity in which opinions and counter positions are voiced online. These expressions and the nature of the communication styles chosen give voice to key attitudes, beliefs and opinions of current and prospective customers. This information is incredibly valuable to marketers. But what about those customers that aren’t socially engaged?
It is imperative to know and understand how your clients, customers and prospects have changed over the past few years and how they are expected to change in the near future. Not only does that include changes in their demographics but also in engagement styles.
Watch for changes in demographics that follow social conditions and events.
A few key trends to watch
Following are a list of some current happenings that can lead to changing demographics and preferences in both current and future customers.
This fall the first students from GenZ will move into colleges and universities. This generation, the first to be born into a completely digital world, live their lives almost completely online. This will result in higher rates of engagement between brands and their customers lived out online – for better or worse.
Social Media has made voicing opinions easier than ever and users are not afraid of sharing what they think. This gives marketers a great advantage when employing social media listening tools. For marketers, this information is invaluable as it helps to identify issues that are important to your customers and create marketing messages that best resonate with the target market or audience.
The use of chatbots in social media has and will continue to increase. A chatbot automates conversation between a brands social media and the customer. Chatbots are increasingly becoming more customized. This requires an innate understanding of the users experience and the company’s sales processes to effectively implement this technology.
Keep an eye on the news headlines. Clients and customers may have different demographics based upon societal changes such as employment, income, gender identification and political affiliation, to name a few. The demographics related to the topics in the news are the ones marketers need to watch.
Action Items To Best Position Your Company
Following is a list of action items to position your company for success.
Analyze the demographics of your current customer base to determine changes in specific demographic categories (i.e. age, gender, income, etc.)
Invite customers to update their contact information and any other demographic information that you track. This can be done through an email campaign for a brief update or engage a professional market research firm to design and administer a customized campaign if you are looking to collect new demographics.
Commission a market study to determine change in market composition and the impact of current events your market.