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3 Ways You can Use Census Data to Your Advantage

how the Census Bureau Economic Program can offer businesses, marketers and aspiring entrepreneurs

The United States Census Bureau is the “nation’s leading provider of quality data about its people and economy”. At least, that’s what they say on their website. So you might be asking yourself: What can this free and infinite database of knowledge do for me? Well, it can influence anything from your brand strategies to your business solutions. Let’s take a closer look and see some examples on how this data is utilized.

Building A Target Consumer

As marketers, we always begin by figuring out our customer profile. You can build it based on data insights on Census. Not only data insights like age, population by ethnicity and total population but also more personal insights like education, average employment rate or average household size. You can even search up the spending habits of consumers in your selected area. Let’s say I wanted to see how Miami-Dade County would adopt a new vegan bakery. Would the location match the key demographics I am looking for? People who are vegan, vegetarian, environmentally friendly or live with dietary restrictions. Would this county have a higher percentage of this kind of consumer than Broward County? The Census data will help compile up a customer profile so I can see who would frequent my bakery.

Locating Opportunity Areas

To establish a better picture of the businesses and consumers in your area use the tool The Census Business Builder. If I am looking to expand the reach of my vegan bakery I can access specific demographic data related to my industry, business patterns and number of competitors in that industry. It can help me find gaps in areas where I can fill in my business. For example, I can make sure I create baking goods with creative decorations to attract younger people who use social media regularly.

Creating a Small Business

There are always challenges to starting your own business. Census Data will help you identify possible competitors and businesses to partner with. Let’s say I want to look into starting my own bakery in Miami, Florida. American Community Survey is a tool to identify potential bakery goers that I can market my business too. I can also use the Census business data to find the locations of competing bakeries like Pinecrest Bakery or Vicky Bakery. I can also establish the comparisons of payroll per employee to gain insights on pay expectations for employees. All this info can be compiled into the application that can be submitted for my small business loan.

The U.S. Census data gives its users a free gold mine of data. From start to finish, it can help you get your business up and running. If you take the time to analyze this data you can have a competitive edge as a marketers and business owner. You might not know it yet, but it’s already influenced your favorite bakery nearby.

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