If you haven’t taken the opportunity to do some marketing research on the surrounding area and your competitors, you may be missing out on sizeable information that can enhance your business in many ways.
Company profiling basically is market research within your surrounding area. It is used to gather business intelligence on competitors, customers, suppliers and possible prospects. It can help with evaluating new business opportunities, planning marketing strategies and campaigns, preparing sales and financial forecasts and tracking trends in your specific industry.
Some of the awesome information you can gain from investing in a company profile are:
- Advertising Targeting Zones—what areas to target when you advertise pieces
- Household counts
- Median household income
- Distance to your store
- Age median
- Surrounding areas where there is increased propensity to purchase products (ie: Pet, Lawn & Garden, etc)
As an example, a local business (Feed, Farm, Pet, Lawn & Garden) in Vermont had a company profile completed. Based on the information that was provided to them, these were the top two items that they focused in on:
- Pet and Lawn & Garden stores were not in the immediate area. There was not a direct competitor within 25 miles of their business. Focusing on customizing flyers and special offers on their website to enhance the Pet and Lawn & Garden presence is a must.
- The age median was 50-59. Focusing on that median age and possibly creating a 55+ discount program on slow days can really target in on that age group.
If you would like to maximize a targeted consumer base, have an edge on your competitors, better prepare your business’ sales and financial forecasts, track industry trends, and help evaluate new business opportunities, utilizing marketing research is a sure win for you and your team!