IV. Customer Analysis
This Section's Contents
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Demographic Profile of Target Market
[Company Name] will serve the residents of [company location] and the immediately surrounding areas as well as those who work in [company location].
The area we serve is populated mostly by middle class Millennials; as a result, they have the means to pay for higher quality service, and are looking for holistic wellness services that focus on the whole person.
The precise demographics of the town in which our retail location resides 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 three customer segments:
- Millennials: The town has a significant population of millennials. These individuals are more likely to be wellness focused. This demographic is well connected to each other and as such are a prime source of referral business. [Company name] expects to regularly acquire new customers from referrals.
- Professionals: [Company name] is located along a well-traveled commute route. By offering convenient location and exceptional service to the customer, [Company name] will draw in working men and women who want to attend a yoga or meditation session over their lunch break or at the end of the work day.
- Generation X: The town has a sizeable population of middle-aged people. As this age group finishes having children, they will increasingly focus on maximizing their wellbeing. In addition, this demographic has become increasingly proactive in maintaining their health as they age. [Company name]’s range of services include a variety of options to address these concerns.
