Download - Data conf 2010 bus demos
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Business Demographics
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Why Business Demographics?
Growing importance in business and economics.• Strategic advantage• Explanatory power
A “sleeper” discipline• Not widely taught• The “applied” advantage
Broad applicability
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Applications
Site Selection Human Resources Planning Trade Area Assessment Sales Territory Alignment Strategic Planning Target Marketing Logistics Financial Planning Economic Development
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How Consumer’s Create Data
Buying Behavior
Psychographics
Demographics
Consumer
Media Preferences
Completes Census Makes Purchase
Reads, Watches, Listens, Surfs Answers Surveys
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The Big Picture
Demographics – Who are they and where do they Live?
Buying Behavior – What do they buy?
Media Preferences – How can we reach them?
Psychographics – What should we say to them?
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The Essentials for Business Use
Data Integration
Demographic Perspective
Actionable Presentation
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Data Integration
Business Unit Data• Sales• Accounting• Applications• Website Registrations• Marketing Research• Competitive Analysis• Even Checks with ZipCodes
Processed to conform with demographic tabulations Added to Customer Records
• Address Correction• Merge / Purge / Dedupe• Match & Append
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Data Integration Example
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Data Integration Example
Education, Health Care, Social Services
Retail trade
Professional, Managerial, Administrative
Finance, insurance, Real Estate
Manufacturing
Arts, entertainment, Food Service
0% 10% 20% 30% 40% 50%
Customers
Trade Area
Sources: U.S. Census Bureau, 2006-2008 American Community Survey and Internal data
Trade Area vs. Customer Base by Industry
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The Demographic Perspective
Connects Demographics to Business
Rigorous and Analytic
Decision Focused
Action Oriented
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Demographic Perspective ExampleA blinding flash of the obvious …
The Baby Boom, Boom, Boom
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Demographic Perspective ExampleA blinding flash of the obvious …
The Baby Boom, Boom, Boom
• 1940’s• 1941 - A million cans
of baby food a week
• 2010’s and beyond• Weight-Management• Travel• Errand Services• Financial Advice• Specialty Contractors
• 1948 - Two million cans a day
• Beauty Salon/Spa• Cosmeceuticals• Health Clubs• 'Active Adults'
Residences
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Demographic Perspective Example
The Baby Boom, Boom, Boom - The Dark Side
Average Annual Spending 65-74 Age Cohort
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Actionable Presentation
Simple enough for Senior Management to Understand
• Simple tabulations
• Graphs & Charts
• Maps. Maps. Maps.
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Actionable Presentation Example
The Power of Thematic Mapping
Visualizing a Trade Area
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Actionable Presentation Example
The Power of Thematic Mapping
Visualizing Market Potential
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Strategies
Customer Profiles Executable Segmentation Market Sizing Cloning Net Names Precise Targeting Opportunity Analysis Sales Support List selection Et Cetera, Et Cetera, and so forth
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Selected Public Data Sources
Bureau of the Census
Bureau of Labor Statistics
Bureau of Economic Analysis
National Center for Health Statistics
National Center for Educational Statistics
Internal Revenue Service
Federal Reserve System
National Agricultural Statistics Service
International Trade Administration
Many Others
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Bureau of the Census
A Good Starting Point• Decennial Census
• Can be pretty dated for business use• American Community Survey
• Good Currency• Better to use 3 and 5 year averages
• www.census.gov
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Bureau of the Census
Economic Census• Every 5 years – years ending in 2 and 7• Consistent since 1967• Establishment Data• NAIC codes• www.census.gov/econ/census02/
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Bureau of the Census
Current Population Survey• Monthly• 50,000 Households• Mainly Labor Force Characteristics• www.census.gov/cps/ • Confidence Intervals
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Bureau of Labor Statistics
Consumer Spending – CES• www.bls.gov/cex/
Inflation Wages & Benefits Productivity Occupations Safety and Health www.bls.gov/
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National Center for Health Statistics
Population Health Status• Morbidity• Mortality
Health Care Public Policy Research Links to Registration Data by State www.cdc.gov/nchs
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National Center for Educational Statistics Enrollment Attainment District Data Education Trends www.nces.ed.gov/
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Federal Reserve System
Home Mortgage Disclosure Act Data Consumer Credit Household Debt Survey of Consumer Finances www.federalreserve.gov
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Selected State Level Sources
General• www.nebraska.gov
Labor• http://www.dol.nebraska.gov/ Click on Labor Market Information
Economic Development• www.neded.org/
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Selected Local Level Sources
General• www.omahachamber.org
Transportation, building permits, aerials• www.mapacog.org
Health & Human Services• www.uwmidlands.org
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Selected Private Data Sources
Population Reference Bureau• www.prb.org
American Heart Association• www.americanheart.org
Guttmacher Institute (reproductive health) • www.guttmacher.org
National Education Association • www.nea.org
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Selected Commercial Vendors
Dun and Bradstreet• http://dnb.com/us/
Infogroup / InfoUSA• www.infousa.com
Claritas• www.claritas.com
ESRI• http://redlandsbao93.esri.com/BAO93/main.map
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Other Sources
Search engines• http://www.istrategylabs.com/2010/01/facebook-de
mographics-and-statistics-report-2010-145-growth-in-1-year/
Trade and Industry Associations• http://www.ustravel.org/news/press-releases/comp
rehensive-travel-and-tourism-study-gays-and-lesbians-highlights-leisure-trav
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Retail Food Example
• British retailer’s U.S. Expansion
• Analysis of first sites• Population & Density• Earnings• Race/Ethnicity• Income Sources
• Expansion Recommendations• Two specific cities• Intersection selections
Used Land View 6 for radius data , ACS, 2000 Census, company data and published reports.
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Workforce Example
• Generation Gaps in the Workplace
• Life expectancy• Workforce participation• Geographic distribution
• Generational / Cohort Differences
• Challenges and Opportunities
• Recommendations for Managers
Used Urban Institute, Bureau of Economic Analysis, Bureau of Labor Statistics, Census Data plus work of generational theorists.
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Baby Boomer Example
• “Hip” Apparel for Baby Boomers
• Analysis:• Spending Patterns• Attitudes• Life Styles• Values
• Youth Orientation
• Propensity to spend on appearance
• Recommendations for clothing line
Used Metlife Mature Market Institute, Bureau of Labor Statistics Consumer Expenditure Survey, Roper AARP Survey, American Society of Plastic Surgeons, Food Marketing Institute, Census.
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Local Site Selection Example
• New Omaha Carwash Business
• Characteristics of car washers• Age• Income• Household Size• Marital Status
• 12 potential sites analyzed• Characteristics in each radii• Aggregate Rating & Ranking
• Competitor Locations identified
Used International Car Wash Association data, City of Omaha Metro Traffic Flow data, Land View 6 and InfoGroup counts.
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Questions?