Geo-Demographics

Demographic data is about understanding the diversity of consumers and therefore being able to market and locate in order to attract, engage, and ultimately keep your best customers. It enables businesses to enhance their competitive advantage and increase profitability by tailoring their strategies to the unique characteristics of different geographic and demographic segments. It covers age, gender, income, family dwelling, mobility, visible minority, education, employment, labour force, occupation, visible minority, education, religion, language, immigration, ethnicity and more. Data includes 5-year projections for some population and income variables.

Retail Location Optimization: Demographic data is useful in retail location optimization planning. It helps define where the opportunity is to reach the right type of customer (by market, region, postal code, etc.). For example, if selling a luxury item such as a Lexus where are the households that have a higher than average household income?

Optimize Product Offering: Businesses can use demographic data to determine the next best steps on how to expand and optimize their product offerings. By understanding the demographic profile and segments of consumers, business can focus on offering the right product mix to meet needs of their customer base.

Prospecting: This data is valuable in targeting top prospect households for your marketing efforts. For example, which households have young children in a trade area around a store that will be most likely respond to a direct mail item promoting children’s goods.

Targeted Marketing: This data is used for geo-spatial applications using the lat/long coordinates to build heat maps and thematic maps visually displaying the areas of highest potential for target consumers. This enables them to create highly targeted marketing campaigns, increasing the efficiency of their advertising efforts. Demographic data is often used to group customers into similar groups or clusters. By grouping customers using demographic data, businesses can better understand what each segment wants and how to best communicate product offerings with them.

Sales Forecasting: Geo-demographic data can be used to predict sales trends and patterns in different regions. This helps retailers allocate resources more effectively and adjust their strategies to respond to changing market conditions.