Consumer Profiles & Demographics
Businesses usually study their customers' profiles to improve their marketing approaches and tailor their inventory to attract the most customers. Customers are often grouped according to their demographics.
Demographics are statistics that companies keep on business clients and consumers. The information is used as a business marketing tool to determine the best way to reach customers and assess their behavior. Demographics help companies identify who their customers are, where they live, and how likely they are to buy their products or services. By studying their customers through demographics, they can identify the changing needs in the market and evolve to avoid marketing errors.
Some important demographic factors include age, sex, geographic location, occupation, size of family, ages of children in the family unit, expenditure, and lifestyle factors.