Most businesses would like to think that they understand their target market pretty well, but when it comes down to it, how much do you really know about your customers?
The fact of the matter is that Australian demographics and population numbers are constantly changing and evolving, and businesses need to understand this lest they be left behind.
As evidence, one need only look at recently released Census statistics published by the Australian Bureau of Statistics (ABS).
According to ABS director of social and progress reporting Jane Griffin-Warwicke, the average person in Australia 100 years ago was a 24-year-old male.
Compare that to 50 years later, in the year 1963, when the average Australian was a 29-year-old male.
However results from the 2011 census have revealed that the average Australian citizen has now become a 37-year-old woman.
In a statement released April 10, Ms Griffin-Warwicke shed more light on this radical shift in demographics.
"While we know that no single person is average in all respects, the Census shows that if there was an average Australian, they would be a married woman, living with her husband and two children in a three bedroom house in a suburb of one of Australia's capital cities," she explained.
Data like this proves just how important it is to be constantly keeping tabs on the changing nature of your company's consumer base, in order to ensure that you are providing the best service possible at all times.
One way in which many organisations are looking to develop a better understanding of their customers is by utilising intelligent survey software.
By using such software – in combination with the right customer survey questions – it is possible to build a strong concept of exactly who your customers are and what is driving their buying habits.
With this data, you can determine whether any changes might be required in order to improve customer retention and reduce churn, thereby improving the profitability of your business.