Professional Documents
Culture Documents
Bill Ryan University of Wisconsin-Extension Jennifer Russell and Kathie Brown, University of Illinois-Extension
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
particular community.
3. To provide a foundation for
Poll
What is your role in downtown and business district analysis?
A. Extension educator B. Main Street or BID director C. City planner D. Economic development professional E. Retailer F.
Other
Poll
Has your community ever completed a downtown market analysis or other economic study? YES NO
http://fyi.uwex.edu/downtown-market-analysis/
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
Poll
The average Wal-Mart Trade Area in the U.S. includes how many people?
A. 10,000 B. 35,000 C. 85,000 D. 500,000
Factors to Consider:
Population Proximity of competing
Tools to Use:
Focus groups Mapping using geographic
features (distances, highways, drive-times, etc.) Mapping using customer addresses and zip codes
Rings
Drive Times
community?
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
Demographic Analysis
Types of Data
Population/households Age Income Education Occupation Ethnicity Residence
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Data Sources
Public Sources:
US Census Bureau State and University Data Centers
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Population/Households
What it tells us:
Market size Future growth Average number of people that live together (household).
Trends in the U.S.: 309M in 2010, double that of 1950 Average Household Size of 2.58 What does the data say about Winchester?
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Age
What it tells us:
Predominance of certain age categories (each with different
In 2011 vs. 8.1 % in 1950 (US Census) What does the data say about Winchester?
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Income
What it tells us:
Distribution of income in the trade area as an indicator of
spending power
Lifestyle Analysis
Demographic segments may have a lot of similarities, but
$75K income, home owner, enjoys live music, drives a Volkswagen
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into unique clusters that describe their demographic, lifestyle, media and purchasing characteristics
Includes Market Potential Indices that examine
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Spending Potential
Estimates for a trade area are based on demographic data and available from:
Private data firm reports Extension's Gap Analysis
Calculator
Data Note: The Spending Potential Index represents the amount spent in the area relative to a national average of 100. Source: Consumer Spending data are derived from the 2005 and 2006 Consumer Expenditure Surveys, Bureau of Labor Statistics. ESRI
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
Poll
Which of the following is the most important concern to local retailers in your community?
A. B. C. D. E. F.
How to co-exist with big-box stores How to sell over the Internet How to capture more tourist business How to encourage residents to buy local How do we deal with the recessions impact on consumer spending? How do we respond to changing demographics
Elmwood, IL
Home of Lorado Taft
Consumer Research
A market analysis should include local research to fully understand the uniqueness of your particular market and its consumers.
Focus Group
Mapping
Cons Need trained interviewers Variability in implementation Time consuming Costly Time consuming Limit to scope of information Limit to geography Variability in implementation Need lead time Need skilled facilitators All or nothing for the event Develops high expectations
Observation
Do it yourself Quick to design and implement Forces a focus Encourages engagement Immediate information Uses few staff
Facilitated Meetings
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Sample Surveys in the Downtown & Business District Market Analysis toolbox
Business Owner Survey Consumer Survey University of Illinois
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
study group members Recognized downtown successes Research websites of downtown or Main Street organizations
planning.
Exchange followed by a
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant
Reasonableness Check
Poll
In Wisconsin, the top three categories of business that line Main Streets include?
A. Grocery, drug stores and apparel shops B. Restaurants, bars and hair salons C. Hardware, furniture and home dcor stores D. Gas stations, auto parts and auto repair
build on downtowns
character and offer products and services not found in big box stores.
Searchable by Type of business Size of community
Funding - North Central Regional Center for Rural Development (NCRCRD) Seed Grant