According to Marketing Sherpa, which I regularly read, the classic demographics are no longer making the grade. New niches are emerging in the current economic climate. In today’s blog post, they discussed three of them:

1. The New Frugal: Although they are doing O.K., they are “caught up in the national mood of poverty” and therefore are watching how they spend their money.
2. The New Cash Rich: This demographic is divided into two segments, the older segment who are flush with liquid assets after pulling money out of the stock market, and the younger segment who are still living at home after graduating from college.
3. The New Entrepreneur: “Every time we have a recession, a new crop of entrepreneurs springs out of those who were laid off.”

I share this with you to help you define your niche. The best way for your business to thrive while all those around you participate in the fear of the current economic times is to focus on your target niche. And, with new niches emerging, you can strategically appeal to these influences within your target niche. To learn more about the demographics discussed above, check out the Marketing Sherpa blog post here.