Determining the US marketable population is a crucial step for businesses aiming to understand their potential reach and tailor their marketing strategies effectively. Leveraging the US Census data, conducted every 10 years, provides a comprehensive view of the demographic landscape, including the number of people living in various regions, and detailed insights into age, income, education, and occupation.
Step-by-Step Process to Determine Marketable Population
- Utilizing the Census Population Clock:
The Census Population Clock offers an up-to-date estimate of the US population. As of the latest check, the estimated population stands at approximately 336,574,465 (per June 12, 2024). - Downloading the Population by Age Pyramid:
The Population by Age Pyramid provides insights into the age distribution. For marketing purposes, we typically focus on individuals aged 18 and above. - Filtering by Age 18+:
According to the latest census data, 77.87% of the population is aged 18 and above. This key demographic percentage is derived from the detailed age distribution data available from census resources.
Calculating the Marketable Population
Using the above percentage, we calculate the marketable population as follows:
• For a population of 336,574,465:
336,574,465 x 77.87% = 262,090,536
Thus, the current estimated marketable population in the US is approximately 262,090,536.
Adjusting for the non-marketable Population
According to the latest data from the Bureau of Justice Statistics, the total number of people incarcerated adults (age 18 and above) in the United States was approximately 2.1 million. Adjusting the adult population for this:
• Adult population minus prison population:
262,090,536 – 2,100,000 = 259,990,536
It is important to note that a portion of the population has opted out of marketing communications. However, it is unclear how many have opted out, and thus, this figure is not factored into the current calculation.
Refined Marketable Population
After accounting for the prison population, the refined marketable population in the US is approximately 259,990,536
Implications for Businesses
- Targeted Marketing: With a refined audience, businesses can craft more personalized and effective marketing campaigns.
- Resource Allocation: Marketing budgets can be allocated more efficiently by targeting a clearly defined audience.
- Better ROI: Focusing on a more accurately defined audience can lead to a higher return on investment for marketing efforts.
Conclusion
Understanding the marketable population helps businesses make informed decisions, ensuring marketing efforts are directed towards the right audience. Leveraging the US Census data, along with adjustments for the non-marketable population, provides a clearer picture of the truly marketable population. This enables businesses to enhance their marketing strategies and improve their engagement with potential customers. For more detailed demographic data, refer to the US Census Programs and Surveys.
By integrating these factors, companies can make more informed decisions and achieve better outcomes in their marketing initiatives.