IV. Customer Analysis
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Demographic Profile of Target Market
[Company Name] will serve residents and businesses in the [Location] area.
The demographics of the town in which our business operates is as follows:
|Target Population by Age Group|
|Target Population by Income|
|Income $50,000 to $74,999||11.16%||6.00%|
|Income $75,000 to $99,999||10.91%||4.41%|
|Income $100,000 to $124,999||9.07%||6.40%|
|Income $125,000 to $149,999||9.95%||8.02%|
|Income $150,000 to $199,999||12.20%||11.11%|
|Income $200,000 and Over||32.48%||54.99%|
We will primarily target the following customer segments:
- Small businesses: Smaller businesses need to take any form of income they can get. However, these businesses have a much harder time paying the fees charged for letting customers use credit cards. Having an ATM can help them take in more cash sales, which means they get a larger net profit.
- Local restaurants: Many local restaurants and food carts are cash only and therefore cannot take customers who only have credit cards. Furthermore, many customers prefer to tip their waitstaff in cash instead of adding it to their tab after their card transaction. Therefore, these businesses will greatly benefit from purchasing an ATM machine.
- Businesses/organizations that only take cash: Not every business has adapted to the 21st century. Some are resistant to accepting credit cards as a form of payment, while others just want to avoid fees. Providing nearby ATMs can prevent these businesses from losing sales simply because they don’t accept credit cards.