The thought of using the census data might not cross the minds of business owners, but census data can be a beneficial tool containing useful information as well as resources for the business. Through the use of census data, companies can analyze the economic and demographic data to obtain invaluable insights for determining the markets of potential customers. There are different ways in which the census data can be productively used for market research.
Creation of sample population: due to the availability of census data, it becomes quite easy to pick a sample by age, race, ethnicity, economic status, marital status, and household income. It not only helps to fill the sample but also to define the sample. It is difficult to decide who to target in a marketing campaign if a proper identification of the target population is not completed. The census data helps to determine the ideal potential customers who enable the business to develop a high impact marketing campaign.
Obtaining demographics: Demographics are useful for every business from setting up business plans to deciding the premise and creating targeted marketing campaigns. The economic census data provides information such as number and type of companies, employment counts, industry size and geography which you can use to do market research and launch a targeted marketing campaign.
Industry competition: the economic census data also provides in-depth information and statistics about various businesses like sales, receipts, shipments value, revenue, expenses, products, etc. It also has the information about the business owner characteristics by their industry, gender, race, religion, ethnicity, etc. It can be filtered to the level of city and county. This useful census data information can be beneficial for the start-up businesses that can use it to learn about the competition in their relevant industry and their target market. This information can also be utilized to expand the outreach to potential customers.
Locating potential sites for the businesses: the census data can be a useful tool to identify potential sites for the company. For instance, someone wants to open a casual restaurant primarily for the Hispanic families with young children then the census data can be used to identify the segment of the community by age, race, ethnicity and their housing status in a suitable area that shows the maximum amount of potential customers.