Free Market Research, Part II :: Demographics

Tracy Johnson for Business.gov

You may have seen our post last week on market research performed by the government that you can leverage (for free) to build your business plans, monitor the market, and stay on top of the trends.  In that post, we focused on business data available on the market, the economy, and general information about your type of business and your location.  Now, let’s dig a little deeper.

So you have surveyed the market and are closely monitoring the economic landscape for your business type.  Now, you need to consider your customers.  Who are they?  Where are they? And how can you better target them to match up your goods and services with their needs?  The following demographic resources provided by the government can help you answer those questions.

There are three agencies that are the go-to agencies for free demographic info: The Census Bureau, the Department of Labor, and the Social Security Administration.

General Demographics

The U.S. Census Bureau provides information on population, housing, economics, and geographic data.  You can search information on groups by age, gender, education, disability, income, origin, race, ethnicity, etc. You can also obtain information specific to the state in which you do business.  The same type of inquiries can be made on this narrower level.

Identifying Consumer Behaviors

The Department of Labor’s Bureau of Labor Statistics provides data on specific demographic categories of the United States labor force.  Some of the categories available to search are consumer spending and injuries or illnesses.  You can even search data on the amount of time people spend doing various activities, such as paid work, childcare, volunteering, and even socializing!  This type of information can be incredibly helpful when trying to target to certain customer groups and understanding their behavior and lifestyle.

Earning Information

The Social Security Administration provides Fact Sheets by demographic groups listing income information for each group.  This information, when combined with the demographics above can help your business further target your ideal customer base.

Ready for the Big Leagues: Doing Your Own Research

The SBA has compiled a market research guide for small business owners to give an overview of the why market research is helpful, what kind of market research you may need, and points small business owners to additional resources for performing both primary and secondary research.

Similarly, the Missouri Small Business Development Center (SBDC) has produced a research workbook applicable for small business owners of any state, not just Missouri.  This workbook walks you through the necessary data you will need to compile a comprehensive business plan.  Good luck!

Tracy Johnson is a Senior Manager with ENC Marketing & Communications. She has the pleasure juggling a variety of clients from both the Information Technology and U.S. Government worlds. She brings a fresh perspective to problem solving for clients often integrating interactive marketing solutions with traditional communication methods. One of her top current clients is the Business Gateway Initiative, where she and the BG team provide marketing and outreach services for Business.gov.