ENTREPRENEURSHIP

Do You Know Your Target Market?

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When choosing a location or a marketing circuit for your business, it’s important you understand who your target customer is.

Demographics are personal characteristics used to classify consumers.

Those characteristics include: Age, income level, and marital status

This post shall be focusing on the economic class-status of Abuja residents, drawn from my Business plan of 2017.

It was a bit of controversy coming up with the following classifications.

Economic Classifications and Characteristics

CLASS-STATUS: Upper Class

CHARACTERISTICS:

Income level: This group of people earn above N650,000 monthly

Areas of Residence: Asokoro, Maitama and Apo Legislative Quarters.

Occupation: Top politicians and top entrepreneurs

Percentage by Population: They are less than 2% of the total population.

Disposition to Service: Higher quality and convenience of service

Disposition to Price: Not slightly bothered about price; always willing to pay for the best quality service.

CLASS-STATUS: Upper-Middle Class

CHARACTERISTICS:

Income level: This group earn between N350,000-N600,000 monthly

Areas of Residents: Wuse 2, Gwarimpa Estate, Life Camp and other popular estates.

Occupation: Directors, senior doctors, senior lawyers, contractors and business owners.

Percentage by Population: They are less than 6% of the total population.

Disposition to Service: High quality and convenience of service

Disposition to Price: They are usually willing to pay for quality services.

CLASS-STATUS: Lower-Middle Class:

CHARACTERISTICS:

Income level: This group earn between N150,000 to N300,000 monthly.

Places of Residence: Lugbe Estate, Kubwa Estate, and other moderate estates

Occupation: level 12, 14 public servants, fresh doctors, traders, small entrepreneurs.

Percentage by Population: About 22% of the population falls within this group.

Disposition to Service: Moderately quality services.

Disposition to Price: Price determines their choice of quality.

CLASS-STATUS: Lower-Middle Class

CHARACTERISTICS:

Income level: They earn less than N150,000 monthly

Places of Residence: Lugbe Village, Kuje, Nyanya, Zuba, Kubwa, Masaka, Idu,etc

Percentage by population: About 70% of the population belong to this group.

Disposition to Service: This group pays more attention to quantity than quality. They usually improvise to reduce costs.

Disposition to Price: This group are too price conscious; price controls their taste of choice.

You see, earlier this year, someone sought my advice on where to locate a gym centre in the city of Abuja. The above classifications was indeed of great help.

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