Population churn – the best demographic indicator you’ve never heard of
By Mike Hathaway, Sr. Location Analytics Consultant, Gadberrry Group
We’ve all “grown up” with a basic, useful toolkit of demographic metrics that help us research markets. Households, median age, median income, race and ethnicity…these are the building blocks of a solid demographic research program. But without one key piece of information, you can’t draw any conclusions about how an area changes over time. We’re talking about demographic churn.
By Mike Hathaway, Senior Location Analytics Consultant, Gadberry Group
Our colleagues at Trade Area Systems recently wrote an insightful blog post that compares and contrasts different methods for demographic data “retrieval” or allocation.
Kidney beans? Black beans? Pinto beans? What beans are best for your target markets and trade areas?
Would your stores stock the shelves with Vegemite, blood pudding, and haggis and expect to get great sales results? Unless you're a Fresh & Easy alumnus, probably not. Sure, these foods all come from English-speaking countries, but culturally they do not fit in with the way most Americans eat. Similarly, there is a great diversity of food preferences among Latin American cultures, and it takes different types of beans to satisfy different Hispanic cultures. So, let's talk about the best way to use ethnicity and ethnic data in your trade area analysis programs and planograms to drive increase sales.