Businesses with employees, especially startups, play a vital role in the growth of the economy with new jobs. While most startups either fail or remain small, some grow to become large and successful firms, in the process transforming industries and the economy. Market research is invaluable to the growth and sustainability of any organization.
HERE is the world’s leading map and location services platform, providing the most accurate, up-to-date maps and location data. Businesses can use census data from HERE in their market research efforts in the following ways:
To locate potential sites for their business: As HERE is a cloud-based application, business sites are a relatively less pressing concern for them. However, several clients might want to approach them with concerns. In such a case, HERE can use Census’ Interactive Population Map to find and compare potential sites. This data will allow HERE to analyze the locations of businesses that avail their services the most and can select prime and easily accessible locations to open their business. Accessibility and visibility are played an integral role in the business’ success, and data census helps facilitate a company in achieving that.
To find target audience: One of the most critical factors to ensure business success is identifying the target market. HERE’s primary target market is companies. They can use census data to determine the geographic locations where there is a higher density of companies that are willing to join the large clientele base that HERE possesses. This information will allow them to efficiently market their product to the specified target market which will help save on marketing costs and increase profits. Once the correct target market has been identified, sales and success rate would naturally increase.
To identify potential markets for expansion: The County and Business Demographics Interactive Map (or CBD Map) is another useful tool that census data has to offer. Good, growing businesses are always looking for ways to expand and increase their clientele base. Census data can provide the means to do so. Rather than just focusing on companies that they generally market their product to, HERE can reach out to other companies that would be interested in the services it has to offer. Since competition is typically low for such companies, HERE would provide the perfect opportunity to help them expand, making it an even more valuable asset to them.
Data Census can prove to be a vital tool in the growth and success of a business. Due to several reasons and, in particular, the ones stated above, data census can prove to be extremely beneficial to HERE.