Monday, July 28, 2008

Investing in research

Do you know your audience or customer? Really? When was the last time you looked at sharply focused market research? Given the current state of the economy, is your inclination to invest more or less on understanding the people you need to reach?
Radio One recently commissioned and shared the Black America Study, which helps us understand the texture and diversity of this community. Consider these findings about black Americans ages 13-19:
Technical Savvy
• 71% are online
• 30% listen to iPod/MP3
• 20% watch music videos online
• 23% play video/computer games
• At least half have cell phones
• At least half use text messaging
Household and Family
• 52% are being raised by a single parent
• 22% are already parents
• Only 3% are single parents
• 55% are very stressed by school
Business and Finance
• 69% believe that they will own their own business someday
• They are impetuous in spending – heavy spenders on clothing
• They are brand conscious – highest percent (24%) that buy for brand
Understanding the daily lives behind these numbers could translate to better marketing strategies, larger markets, and more loyal customers.
What do you need to know about your current customers - and the people you'd like to attract as customers?

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