Why is the use of demographic data an important tool when trying to grow your business?
The use, and understanding,of demographic data becomes particularly important for any aspiring business - person in 4 ways:
-It allows you to ascertain what type of person identifies with your product or service, and thus to make coherent, filtered, cost-effective marketing decisions based on that information.
-It allows you to measure the effectiveness of your social media presence and advertising.
-It allows you to gauge what aspects of your social media presence and advertising appeals most to the audience that you have targeted.
-It serves as an early warning system to detect any changes in the behavior of your target market, or any changes in sentiment towards your brand or product.
Any business needs to understand what kind of person would most likely want to buy their products or use their services, and why. This affords the business owner an opportunity to re-direct their advertising resources in such a way that they are continuously communicating with their selected audience, on a social media platform that appeals most to the potential customer, using the type of media that the customer is likely to respond most favorably to. It is also important that the business owner has an advertising model that can adapt quickly to the ever-evolving habits of their chosen audience, as well as changes in social media technology and the world of e-commerce.
The understanding of demographic data will also guide your choice of social media influencers, which has become one of the most popular, but also one of the most expensive, ways to bring a product or service into the public eye. Monitoring related data will give you a means of tracking your return on advertising investment.
There may even be subtle clues in the demographic data that suggest it would be good business acumen to make changes to your product or service to render it more attractive to a bigger segment of the market.
The analytics tools of popular social media platforms are a key component in achieving these elusive insights, and to filtering them into a cost-effective, manageable and adaptable marketing strategy. Understanding how to use them effectively, or what they are telling you is not so easy.
Growing your business today is as easy as getting in touch with our media professionals at Media Fanatics, by visiting our website