1. Demographics- The characteristics of human populations and population segments, especially when used to identify consumer markets.
Common groupings are:
- Educational attainment or enrollment
- Geographic Area
- Home ownership
- Employment status
2. Psychographics- are any attributes relating to personality, values, attitudes, interests, or lifestyles of people.
- What type of media do they consume?
- What are their beliefs? Is this how they see themselves? How they want to be perceived?
- Why do you believe they are the type to buy your product? Can you prove it?
3. Life Stages- Is your product limited to certain time periods in customer's lives? (e.g., single, child rearing, retired, empty nest, college age)
Think about the lifestyle choices people make such as when we buy life insurance or stop snowboarding. What drives these changes?
Questions you should answer within your business plan:
- Who is your customer - provide a specific description (summarize the information above that describes your ideal customer)
- How many potential customers are there in your target area?
- How are these customers currently being served?
- What is the unmet need and how will you meet it?
- How you will win the customers currently being served by others?