ESYB2 128 - Adding Demographics and Psychographics to Your Idea
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[00:00:00] In this video, I want to add more detail to how you come up with business ideas. Because in the last video, we went over questions for evaluating a certain business space. Like, can you create a product in it? Can you fix some inefficiency? Can you fix some problem? But, it may be a little bit hard to just think about it.

So, to help in that, let's look at demographics and psychographics. Demographics are measurable things like Sex, male, female, job, income, number of children, location, culture, etc. These are things that are factual. Psychographics are things that are not factual, but are still very real. Like people's desires, lifestyles, values, ethics, fears, likes.

So let me show you how to use that. And let's take the fashion example. We wanted to help fashion designers. [00:01:00] Understanding demographics, we know that There may be some differences in how different sexes experience that industry as a designer. It may be fair or unfair to some people. So maybe you address that problem or maybe there are different jobs within fashion.

So instead of just thinking about the fashion designer, well, you'll think about what about the people in the warehouses? What about the people who set up events right away? Fashion events. What if you start setting up your own fashion events? That's an exciting business. Very cool. Fashion events also have to do with media.

You put them on YouTube, they can go viral if they're positioned the right way. There's a lot of opportunity there. Also, you know, in fashion there's a lot of shipments, logistics. It's not as fun, but you see there are all these jobs and there are all these sub industries within fashion. And [00:02:00] Thinking through the demographics helps to identify what's an underserved subfield in fashion.

And let's say some demographics don't apply like political views like liberal or conservative. Maybe that's not applicable to fashion. But in some industries that may be applicable. Even in some unexpected ways. Let's say we use that group hiking example from before. Some people with some political views.

Some historical areas will be more or less important for them. Like people who love history or they love the United States Constitution, for example, they would be more likely to go on a trip to the past battlefields of the Civil War or even the War of Independence. That's within the United States. In case you're not in the United States, those are popular places in the United States.

So you see, understanding political [00:03:00] views, you can find immediately a sub market that may be underserved where there may be opportunity. And so these are just very, very good to think through. So try to go through this list of demographics and psychographics and see which might open up your thinking within your industry.

Like for example, right now, in many industries. Ethics are at the forefront of them. And so if you come up with an idea that rides that wave, that idea might have some potential. Or let's say, you take the fashion example. People in fashion, they're known to be creative, and so sometimes creative people can be kind of all over the place.

And so what if you actually create a habit building and a personal development The creative people, because I don't want to generalize, there are many creative [00:04:00] people who are also organized. But it's a common thing, at least something people say, that creative people sometimes are late or not organized, etc.

I don't know if it's true, but it's a thing people say. You don't have to create such an idea, it's just food for thought. But right away you might think, well, how to be a greater professional? So, instead of A designer getting rejected, maybe not because of their designs, but maybe because how they present themselves or they're late to meetings or they're not professional in some ways they don't even realize because the executives realize it, but the designer is just kind of all thinking about designs.

Maybe what you would do is career training for designers to help them increase the chances of getting their foot in the door, et cetera. So you see, whichever of these you look at. It spurns a lot of thinking and thus can give you a lot of potential ideas for businesses to pursue.

