"The belief that populations
change slowly in times past is pure myth. Or rather,
static populations staying in one place for a
long periods of time have been the exception to
the rule. In the twentieth century it is sheer
folly to disregard demographics. That basic assumption
must be that populations are inherently unstable
and subject to sudden sharp changes—and
that they are the first environmental factor that
a decision maker, whether a businessman or politician,
analyzes and thinks through."—Peter
F. Drucker
The above quote from Peter Drucker re-enforces
the need for analyzing you local trading area.
Do you know what demographic changes are occurring,
or have occurred in the area in which you conduct
business?
When you are developing a marketing plan, focus
on what changes may occur. When changes do occur
(and they will), it may signal the need for a
new direction in your marketing efforts. It may
also indicate the need to develop a new product/service
mix.
Use demographics as an additional tool. It can
help you to improve sales and your profitability.
