Target Marketing: How the Library Can Help with Market Research

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Target MarketingHow the Library Can Help with
Market Research

• Sponsored by
• October 3, 2003

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Presented By

• Cathy Bakken
• Business Librarian at the Downtown Library
• Phone [phone], ask for Cathy
• Email cbakken_at_spokanelibrary.org

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What Well Cover

• Finding Demographics
• Finding Psychographics
• Finding Consumer Spending Patterns
• Where to Advertise

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Why Are These Important?

• They are an important part of a business plan.
• They help you understand your market and make
  predictions about it.
• They help you figure out where to spend your
  marketing dollar.

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How Canthe Library Help?

• We have created a Business Resources web page.
• http//www.spokanelibrary. org/research/librarygui
  des/ business.asp

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The Librarys Web Site

• From this site, you can link to all the web sites
  and see the names of all the books mentioned
  tonight. The most useful for this topic are
• Marketing your Business/Product
• Demographics Research

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Marketing Web Site
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Demographics Web Site
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How Canthe Library Help?

• Business books and magazines.
• Friendly, knowledgeable staff.
• Free computers with Internet and word processing.
  
• Your costs travel, photocopying, and your time.

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At the Library

• All the books mentioned are at the Downtown
  Library, on the 2nd floor.
• They cannot be checked out, but you can
  photocopy.
• Ask for them at the 2nd floor Reference Desk.

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Before You Begin, Ask Yourself

• What statistics do I want?
• Income? Consumer spending?
• What geographical level?
• Zip code? County? State?
• What will I to do to get it?
• Internet only? Visit the library?

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Demographics

• Quantifying
• Your Customers

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Demographics Defined

• Understanding your potential target market
• how many people
• where they live
• their characteristics

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Examples of Demographics

• Age and Sex
• Family patterns
• Income
• Education level
• Race/Ethnicity/Language
• Occupations

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How Can Demographics Help Me?

• Knowing your customers helps you reach them in a
  cost-effective manner.
• Where to put a store
• How and where to advertise

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Demographics for Counties

• Demographics USA, County edition, published
  annually by Market Statistics.
• Population, income levels, educational levels,
  etc. for every county in the nation.

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Demographics for Zip Codes

• Sourcebook of Zip Code Demographics, a book
  published by ESRI, that we purchase every other
  year.
• Population, income levels, educational levels,
  etc. for every zip code in the nation.

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Market Profile Analysis

• Demographics by census tract/zip code for Spokane
  county.
• Includes population, income levels, educational
  levels, etc.
• A powerful source.

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What is a Census Tract?

• A small subdivision of a county, averaging about
  4,000 residents.
• Usually bound by visible features like roads.
• A census block is an even smaller subdivision of
  a census tract, sometimes as small as a city
  block.

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The US Census

• The Census is taken every 10 years, but some data
  is updated more frequently by estimates.
• www.census.gov, click on Factfinder.

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Geographical Data

• Data available by
• state or region
• city or county
• zip code
• census tract
• census block

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Data Limitations

• Not all information is available for all
  geographical levels.
• Sometimes you have to go up a level to get what
  you want.
• Feel free to ask us for help with the US Census.

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Psychographics

• Understanding Your
• Markets Lifestyle

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Psychographics Defined

• The attitudes, opinions and lifestyles of the
  people in your target market.
• Psychographics help you understand how to
  interest your target market in your product.

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Examples of Psychographics

• Hobbies
• Recreational activities
• Cultural interests
• Religious activities
• Sports involvement

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A Useful Magazine

• American Demographics
• Available at Downtown Library and via our
  magazine index.
• Recent Articles
• Spending patterns of the wealthy
• Target marketing to RV Owners
• The upward trend in Kosher foods

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Business and Company Resource Center

• Find articles in a variety of business magazines,
  including American Demographics.
• Available remotely if you have a library card, go
  to the librarys Marketing web site.

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Psychographics for a Particular Area

• Lifestyle market analyst, a book published
  annually by Standard Rate and Data Service.
• For every MSA demographics, PLUS the most
  popular lifestyles, and how that MSA ranks in
  dozens of lifestyles.

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Consumer Spending Patterns

• Wheres the Dough?

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Consumer Buying Power

• A measure of the financial resources of your
  county, MSA or media market.
• It is usually expressed in a buying power
  index, telling you how an area rates compared to
  others.

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Consumer Buying Power

• Survey of buying power, a special issue published
  annually by Sales and Marketing Management
  Magazine.
• What people spend their money on in many US
  cities.

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What People Spend Their Money On

• Household spending Who spends how much on what,
  a book published by New Strategist, 2001.
• Statistics on household spending in a variety of
  target markets.

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Best Customers

• Best customers demographics of consumer demand,
  a book published by New Strategist, 2001.
• Who are the best customers for particular
  products?
• What is projected for the future?

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Consumer Expenditure Survey

• Consumer expenditure survey, by the US Bureau of
  Labor Statistics. Available on the Internet
  http//www.bls.gov/cex/home. htm
• A survey of spending habits of Americans.
  (Interview, Diary)

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Examples of Data Available

• By age/income level/origin, how much is spent in
  all kinds of categories such as
• food, housing, furnishings
• transportation, health care
• apparel, entertainment, gifts

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Consumer Expenditure Survey

• 2001 data released this April.
• Geographic coverage
• Nationwide data
• Regional data(west, south, etc.)
• Data for selected MSAs (closest Seattle)

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Data Highlights

• In 2001, people spent 11.1 more on personal
  insurance than in 2000.
• 4.8 increase in spending on entertainment over
  one year.
• 50 of those under 18 spend half their food
  budget on food eaten away from home. For those
  over 65, its just 35.

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Consumer Expenditure Survey

• This is a powerful database of information.
• But it is fairly complicated! Read the overview,
  FAQs and instructions.

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Where to Advertise

• Reaching Your Market

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Local

• Media guide, a book published annually by
  Communications Concepts.
• Lists Spokane/Inland Northwest newspapers, radio
  and TV stations.

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Community Publications

• SRDS Community publication advertising source, a
  book published monthly by Standard Rate and Data
  Service.
• Lists US community magazines and newspapers.

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Newspapers

• SRDS Newspaper circulation analysis, a book
  published monthly by Standard Rate and Data
  Service.
• Lists US newspapers and their advertising rates.

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Consumer Magazines

• SRDS Consumer magazine advertising source, a book
  published monthly by Standard Rate and Data
  Service.
• Lists US magazines by interest, e.g. hobbies,
  news, etc, along with advertising rates.

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Business Magazines

• SRDS Business publication advertising source, a
  book published monthly by Standard Rate and Data
  Service.
• Lists US business magazines (Fortune, etc, as
  well as regional publications e.g. Spokane
  Journal of Business) with advertising rates.

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Direct Marketing

• SRDS Direct marketing list source, a book
  published monthly by Standard Rate and Data
  Service.
• List providers of all kinds of mailing lists and
  their rates.

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Radio

• SRDS Radio advertising source, a book published
  monthly by Standard Rate and Data Service.
• Lists US radio stations and their advertising
  rates. Arranged by radio market.

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Television

• SRDS TV and cable source, a book published
  monthly by Standard Rate and Data Service.
• Lists US TV and radio stations and their
  advertising rates. Arranged by TV market.

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Thanks for Your Attention

• Please feel free to ask for me when you come in!
• Any questions?

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Library Books on Marketing

• How customers think essential insights into the
  mind of the market, 2003.
• Advertising and the mind of the customer what
  works, what doesnt and why, 2000.

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Library Books on Marketing

• The next economy will you know where your
  customers are, 2002.
• The Clustered world how we live, what we buy,
  and what it all means about who we are, 2000.
• Why we buy the science of shopping, 1999.

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Library Books How To Market

• Marketing your product, 2002.
• Marketing your service, 2002.
• Marketing professional services, 2002.
• Marketing to women, 2003.
• Marketing to moms, 2002.

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Library Books How to Market

• Market research made easy, 2002.
• Marketing with newsletters, 2002.
• Low-budget online marketing for small business,
  2003.
• Effective e-mail marketing, 2002.

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Library Books How to Market

• The Media handbook a complete guide to
  advertising media selection, planning, research
  and buying, 2003.
• The Market planning guide, 2002.