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Area Profiles

Area Profiles / Determining Market Size

One of the basics of launching a new business or opening a new store is that you need to determine whether there is demand for your products/services, that is to say what is your potential market size.

Spectrum Marketing Segmentation helps you figure out the potential economic opportunity available to you in a given geographic market. Whether you sell products or services to consumers, market sizing provides you the basis you need to use resources effectively.

You can also use it to rank or prioritize several potential markets - if you hope to open 5 new stores, which order should they open in, which have the greatest chances of success?

You can also use these numbers - how many potential customers are there to determine market size which in turn will give you potential revenue but it will also allow you to calculate your current market share penetration in a market that you are already fully committed to - how much more potential is there for you to expand in this area?

With the Area Profile you select the geography that you want information about and it will give you a list of all of the profiles for the entire area selected. For example a list of all of the profiles for each of the block groups in a state.

For example if your market was selling to owners of older homes. Then when we look at the number of homes in the zip codes in NJ by age of housing unit (historic, modern, new) we see that Zip code 07001 is a mix of all 3 but none of them strongly. As opposed to zip codes 07002 or 07003 both of which strongly correlate to Old, Historic Homes by rank AND have large Counts for the Historic Homes.

Zip Code Old, Historic Homes Rank Old, Historic Homes Count Modern Homes Rank Modern Homes Count New Homes Rank New Homes Count
07001 10.6 367 31.6 2727 14.6 566
07002 98.7 12335 68.6 7398 9.9 386
07003 94.1 7751 47.6 4410 31.9 1250
07005 52.6 1993 27.5 2339 17.4 676
07006 56.7 2217 47.3 4380 29.5 1152


        

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