Schaumburg, Ill., Sept. 24, 2009 — Correctly identifying population expansion and projecting significant shifts within your current market are critical in reaching consumers before your competition. Understanding the continually evolving behaviors and lifestyles of the people who reside in your target markets is essential to effectively connecting marketing messages to the receivers and the key to growing your business.
Experian’s new white paper, Finding High Growth Markets in a Challenging Economy, identifies the top 10 overlooked and underestimated growth markets and provides a unique look at the people living in them — the insight marketers need to reach target audiences.
Leveraging data from Experian’s INSOURCESM consumer database is a key measure of growth in local areas, and the information is used to create a geosummarized version of INSOURCE that includes key data elements to help identify neighborhood conditions to realize where the growth is occurring. The geosummarized INSOURCE data is critical to driving business decisions and adjusting strategy as the markets continue to evolve.
“Being in tune with changes in population and knowing where they are occurring are imperative to making strategic marketing decisions,” said Kym Kulle, director of product development and management for Experian. “This is especially true as businesses of all sizes struggle to survive — and even grow — despite current economic conditions.”
Until recently, the traditional alternative for understanding household counts in local areas was the U.S. Census, which is estimated annually and statistically based on decennial count. While some marketers utilize physical address statistics which includes many other types of addresses - businesses, occupied, unoccupied, etc. -as another data point; typically it can take months or even years for an address application to turn into an actual, occupied address. Leveraging this information allows for better, more informed decisions; highly targeted marketing efforts; and reduced wasted marketing dollars.
For example, the top underestimated ZIP CodeTM for growth, according to 2000 U.S. Census projections, was 85242, Queen Creek, Ariz. Census estimates predicted this community’s population in 2007 at 10,306. Experian’s INSOURCE data shows that there were actually 26,788 occupied households, more than 162 percent more than what the census predicted.
Insights from the geosummarized INSOURCE data reveal that Queen Creek, Ariz., consists of residents represented by 20- and 30-year-olds, mainly Caucasian and Latino households, who are looking for opportunities to support their growing family needs and activities. This neighborhood consumer mix is best represented by these top-ranking Mosaic® segments: Prime Middle America, Nuevo Hispanic Families and New Suburban Families.1 Of those residents surveyed, 72 percent viewed their quality of life in this community as excellent or good and had plans to stay in the community for the next five years. This information allows marketers the opportunity to identify local markets that show new growth and stability in communities.
Download a copy of Experian’s white paper: Finding High-Growth Markets in a Challenging Economy.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2009, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
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1The Mosaic lifestyle segmentation system classifies all U.S. consumer households into one of 60 lifestyle types, aggregated into 12 overarching groups, which provides a comprehensive understanding of the demographic, socioeconomic, lifestyle, behaviors and cultural diversity of all U.S. consumers.
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