Market Research to Identify Your Best Customers
What kind of information do you need when looking for the “right” location for your business to be successful?
- Are there enough target customers in your trade area?
- What does the competitive landscape look like?
- What is the supply and demand picture for the prospective site?
- Are there feeder businesses in the area?
How to identify your best customers!
- The most valuable data that you can possess, from a marketing standpoint, is an address list of your customers. This list allows us to profile your customers and find more like them. This profiling data is used to evaluate the potential success of prospective sites.
- For start-ups that do not have existing customer data, we can help you develop a demographic model of your target customers for use in site prospecting.
What motivates your customers?
Our customer profiles provide four key views of your customers:
- Demographic makeup
- Socioeconomic range
- Residential preferences
- Behaviors – what they read, watch, & like to do
This information helps you to evaluate potential locations, find more customers, and create marketing and advertising collateral that will resonate with your customers and draw them to your location. The key is knowing where your customers live!
If you don’t have your customer’s addresses
Getting customers to provide you with their addresses can be challenging for certain types of businesses such as restaurants and retail stores, so how can you get customer address information? Usually, it means exchanging some type of value or benefit for the information. Some of the ways are:
- Customer Loyalty Programs – Get a two for one meal, a free desert, periodic “special” offers via mail or email, etc.
- Surveys – Ask Them
- Contests consumers – entry blank/ B2B – business cards
You don’t need every address for every customer. The real key is to get the addresses of your best customers or a large enough sample to be meaningful.
If you have your customer’s addresses
Customer address data is powerful and valuable. This information can be used to create accurate profiles of your customers.
The Community Tapestry profiling system is a third generation methodology, built on a “birds of a feather flock together” approach. The output of the profiles will identify:
- Neighborhoods where prospective customers live
- Income ranges help you accurately price products and services, and target your merchandising
- Education attainment levels that will give you insight into how to best word your advertising and marketing messages
- Behaviors & preferences that will let you know what your customers like to do, watch, read, & what products & brands they prefer
The Keys to Successful Growth Practical Examples You Can Use
- Develop a marketing ad that will resonate with your target customers
- Identify neighborhoods that are target rich environments
- Develop strategies to penetrate neighborhoods where you don’t currently have customer, but should
- Stock merchandise that the consumers in your trade area want
- Determine the best location for new stores and growth
If you can identify your best customers by profiling, you can grow more of them and enjoy greater success.
For more information, please contact us:
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