Demographics are defined as changes in population, its size, age structure, composition, employment, educational status, and income.
Of all external sources of innovation, Peter Drucker believed that changes in Demographics are the clearest. They are unambiguous, and they often have the most predictable consequences.
Demographic shifts may be inherently unpredictable, yet they do have long lead times before impact.
Lead times help to make the shifts more predictable.
Changing demographics is both a highly productive and a highly dependable innovative opportunity. Statistics are only the starting point.
For those genuinely willing to go out into the field, to look and to listen, changing demographics is both a highly productive and a highly dependable innovative opportunity.
What are the demographic factors that affect the market for your products or services?
Can you project these factors five to ten years into the future and see what opportunities do they create?