IV. Customer Analysis
This Section's Contents
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Demographic Profile of Target Market
[Company Name] will serve the community residents of [company location] and its surrounding areas. It will offer its services to the family members of the deceased. It is safe to say that the target market for funeral home services cuts across people of all classes, races, religions, and cultures.
The precise demographics of the town in which the business is located is as follows:
| Wilmette | Winnetka | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| 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% |
Customer Segmentation
The Company will primarily target the following customer segments:
- Individuals aged 45 to 64 – This cohort accounts for approximately 20% of revenue for the industry. The mortality rate begins to rise significantly at this age, with cancer and heart disease the leading causes of death.
- Individuals aged 65 to 84 – This is by far the largest customer segment, due to the fact that the average life expectancy in the US of 78.6 years old.
- Individuals aged 85 and older – This segment accounts for over 31% of industry revenue.
