To create a target market profile, make a list of all the following demographic variables that you feel will best suit your type of business. For example, if your business is situated in an ethnically-diverse neighborhood, include “Language” as a variable because this may impact your business operations in terms of service.
- Age
- Sex/Gender
- Race/Ethnicity
- Religion
- Occupation
- Education
- Family Size
- Marital Status
- Household Income
- Ownerships (home, car, pets etc.)
- Language
- Mobility
A solid market research study should cover all the angles when planning for your franchise’s future promotions and product positioning. Demographics are key but you can’t forget the supplementary factors such as lifestyle (daily routines, local traditions or patterns, social/communal dynamics and religious observation), geography (the distance threshhold that customers will commute to your franchise) and ulterior motives (indirect reasons for customers to patronize your business) .
Once you’ve covered all of these areas in your search for your target market, you will have a better idea on what products to sell, the type of services to offer, the perfect combination of price points and the best hours to keep, among other factors.
