IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve small businesses in [company location] and the immediately surrounding area.
The area we serve is suburban, with retail stores as a primary business sector. In addition, some light manufacturing companies have their facilities in the area.
The precise demographics of the town in which our location resides is as follows:
|Forestry, Fishing, Hunting, and Agriculture Support||0.29%|
|Transportation and Warehousing||2.83%|
|Finance and Insurance||6.56%|
|Real Estate and Rental and Leasing||4.75%|
|Professional, Scientific and Technical Services||11.36%|
|Management of Companies and Enterprises||0.69%|
|Admin, Support, Waste Mgt, Remediation Services||5.15%|
|Health Cate and Social Assistance||10.80%|
|Arts, Entertainment and Recreation||1.66%|
|Accommodation and Food Services||8.59%|
|Other Services (Except Public Administration)||9.78%|
The Company will primarily target the following three customer segments:
- Business Startups: Startups are overwhelmed by the amount of information they must take in and the speed at which they must learn. They often seek insurance brokers to handle all insurance requirements while looking out for their company’s best interests. As these companies grow, they tend to stay with the same insurance broker as long as they are assured that the broker continues to seek the best deals and negotiate on their behalf whenever possible. Business startups have a great need for information and seek out advice on the ins and outs of insurance often.
- Employer firms of up to 99 employees: Small businesses of this type need a wide range of insurance and can benefit through time savings by using a one-stop insurance broker. Often the CEOs of these firms delegate the job of finding insurance to an employee or manager, although the CEO is generally interested in knowing that the right coverage at a good price. Although these firms may be more knowledgeable about insurance, they still have a lot to learn about what their insurance does and does not cover and how they can reduce business risk once they know.
- Non employer firms: Businesses owned and operated by the same person are often unaware of the proper insurance requirements and may be operating without the right coverage. These owners take on a high amount of liability personally, and are in great need for expertise to guide them towards a safer way of doing business. Specifically, these firms need key employee Insurance, some types of casualty insurance, and property or renter’s insurance to protect their assets.