Transcripts
1. Market Research Mastery Intro: Welcome to market
research mastery, unveiling free resources for consumer and business insights. This course is
designed to empower you with the knowledge
and tools needed to conduct comprehensive
market research using three free resources
of market research data. By the end of this course, you will possess the skills to develop demographic,
geographic, psychographic profiles for
specific market segments, enabling you to tailor
your products and services to your target
market audience effectively. In today's highly competitive
business landscape, understanding your customers and their preferences is crucial. Market research will
allow you to gain deep insights into
consumer behavior, which will enable you to make
the strategic decisions for your business to
drive growth and maximize your
competitive advantage. This course will equip you with the necessary expertise
to harness the power of three leading resources for market research data all
available to you at no cost. Our first free market
research resource is the tapestry market segments provided by Esri at esri.com. Esri is the undisputed leader. Combining a wealth of
geographic data with an equally deep well of demographic and
psychographic data. The tapestry market
segments from Esri provide a comprehensive understanding of geographic and
lifestyle patterns. By utilizing this resource, you'll uncover in
valuable information about your target markets, preferences, their behaviors,
and their interests, allowing you to refine your marketing strategies
and messaging. The second free market
research resource that we will explore is the census business
builder tool provided by the US Census Bureau,
ED census.gov. This tool provides a wealth of demographic information
that can be leveraged to understand
the characteristics of various market segments. You will learn how to access and navigate this tool effectively, extracting valuable insights to support your business decision. Obviously, the Census Bureau has decades of data and
reports to draw from, but the inclusion of the most recent 2020 Census data makes this resource even
more valuable and timely. And lastly, we'll delve into
the prism premier segment is provided for free by
Claritas at claritas.com. This resource offers an
in-depth understanding of consumer behaviors
and spending habits. You'll learn how to utilize
this tool to develop consumer persona's and
target market profiles, enabling you to create
highly tailored products and services that will resonate
with your ideal customers. I provided access to
spreadsheet templates specifically designed for data capture that you can use
throughout this course. I've also included templates
for persona development. These templates will streamline your market research process, ensuring that you can have
effectively compile and analyze data from
the three resources covered in this course. Now, let's get started.
2. How to access Esri Tapestry Segmentation Data.: Hi there. If you're thinking about
starting a business or maybe you're running
a small business today, or maybe you're a
marketing professional, but you've got a limited budget. Well, the day I want
to share with you a free resource for an amazing amount of
market segmentation data. In this video, I'm going
to show you how to use esri.com to access
S3 is very powerful. Tapestry segmentation data. Ezri, Tapestry
segmentation includes 67 unique lifestyle
tabs or segments, each taking into
account factors such as household income, occupation, and education levels,
among many others, this is valuable
data available to you to use in your target
marketing efforts. It will help you understand
the behavior, attitudes, and motivations of
potential customers in a specific area. And I'm going to
walk you through the steps you need in order to access the ESRI Tapestry
segmentation data for free. Your goal is to utilize
this data to inform your target market
personas and build a deeper understanding of the individuals in
your target market. In order to access the ESRI
Tapestry segmentation data, you're first going
to go to esri.com, which is obviously
this we homepage. And on the ESRI homepage, you're going to go up to
the top left corner by the logo and you're going
to click on products. Then on a large menu that
drops down from products, click on the link that
says all products and that's gonna take you to
the Esri products page. And on the Esri products page
you're going to scroll down quite a bit to a section
is labeled data. And the first link under
that is esri data. You want to click on
that link and that's going to take you to
the esri data page. Now, you're going to scroll down again quite a bit down to a section titled discover
the power of data. On that page, you're going
to click the link that says Explore your zip code. And when you click on that link, it launches an app called
ESRI know your neighborhood. In this app is where
you're going to find access to the tapestry
segmentation data, the actual market segments. In the center of the
screen, you'll have a field as for your zip codes. So there you'll enter the zip code that you
are doing research on. Once you enter the zip code, you're gonna be taken
to the data dashboard for that particular zip code. Here I'm looking at a
zip code in Syracuse, New York, it's 13041. I'm been doing
research on rain where product in Syracuse
is on the list of the 30 cities in the US with
over 150 rain days annually. That's not the total
amount of rainfall, but the amount of days each year where there's
measurable rain. So let's look at the know your neighborhood
dashboard for 13041. Here on the left
is obviously a map indicating the boundaries of the zip code that
we're looking at. If you click on the data
categories on the right, the map will switch to
that corresponding data. So the first area bottom-left
is disposable income. Going to the rat. The next set of data is
demographic population. And again, as you click on that, the map changes to indicate the demographic
population data. Then on the top right, there are three categories of
annual spending habits. Each one of those has
data underneath it. Now, all of this
data provide you a quick snapshot
of the zip code. Now the next area on the top left is tapestry segmentation. And that's where
you want to focus. In this section, you will see the tapestry segments present in the zip code that
we're looking at, which this one is 13041. These are the
primary segments and the percentage of the
population that they make up. The key to unlocking this data for each of the segments
is to scroll down within this tapestry
segmentation area on this dashboard to the segment
that you want information. And at the end of
the small amount of data provided for each segment, there's a link that
says learn more. This is the link you want. This is a link to
a four-page PDF of tapestry segmentation data
for that market segment, four full pages of demographic psychographic
data for that market segment. And using this process, you can access PDFs for
all 67 tapestry segments. This is a wealth
of data that can help you understand
the individuals in these segments are
research for the rain wear brand UV motor lead
us to Syracuse, New York again because it's on the top 30 cities
with the days with the most amount of
rain pulled up. Zip code 13041. And in that zip code, it shows 43.7% of the
approximately 12,000 population or in the workday
drive tapestry segment. That segment has a median age of 37 with a median
household size of 2.97, which is good for
our target market. It is obvious that
this market segment is an excellent match
for you via motor. Whatever your target market is. Wherever your target market is, you should be able
to find value in this free tapestry
segmentation data. I highly recommend that you
use this data to inform the target market personas
for your business. The more you understand
about your customer, the easier it is to
deliver for that customer.
3. How to use the Census Business Builder: Now we'll look at the census
business builder data tool that can not only give
you demographics, but also help you pick the location for
your new business. To start. You can find the census business
builder several ways. The easiest is to go
to cbgb.census.gov. Also, you can go to the Data Tools link from
the Census Bureau homepage. And lastly, you can use your preferred search
engine to find CBGB. First, let's select
the geography by tapping into the search box, we recommend that
you start with at the county level to
view the most data. In this case, we're
tapping Fairfax County, Virginia into the search box. Once you've selected
your geography, the dashboard will populate with the default data variables. This includes total population, median household
income per cent, high school degree or higher, all employer establishments
and home-ownership rate. You can also customize
your dashboard to display the information that is relevant
to your business needs. Say you'd like to find
the best place to open an upscale bar or lounge. And you'd like to know about your potential customer base, then you might want to
focus on variables such as total population over 21 years and median household income. You might also want to know about other businesses
like yours. In that case, you can
look at variables such as total number of employers
and non employers, average payroll per employee and population per employer for
bars and cocktail lounges, there are a few ways to do this. You can select your
first map variable from the top banner or
within the dashboard. In this case, let's add percent 21 years and over as
our first variable. Since we are looking for
a demographic variable, we want to make sure that our primary category is set
to consumer's residents. And our secondary category is set to demographic
characteristics. From here, select percent
21 years and over. And you'll notice the dashboard
is automatically updated. Click anywhere outside
the menu to close it. You can add a second
variable as well. Again, you can do
this by clicking on the top banner or selecting
within the dashboard. In this case, let's target
median household income. Look for median
household income under the socioeconomics
characteristics subcategory and make this selection, Let's click on the
chevron to collapse the dashboard and see
our updated map better. You now have an information
visualization that shows you the concentration of both of these
variables on the map. Use the legend to
guide you here. The first map variable is located in the first
section of the legend, percent 21 years and over. Scroll down to see the
second map variable, median household income. The first map variable
is displayed as colors and the second map variable will always be
displayed as circles. The size and color
represents the number. The census business builder
allows you to create reports based on the geographies and industries
that you selected. These reports will
provide you with all the variables available in the census business builder, not just those on the dashboard, including information about similar businesses
in your industry, which could help you guide
your business decision. So first, let's settle on a
geography for our business. Looking at the map,
Arlington County, Virginia seemed like
a strong candidate because we see it has a high percent of
population over 21 with a higher income level. Clicking on Arlington County, we can open the dashboard
to see the statistic. Once we select this geography, we want to create an industry profiles
so that we can better understand local economic
conditions for this industry. There are a few ways to select your industry selector industry. At the top left, you will
see all detectors option. You can select an
industry by tapping it in the search
for industries bar, you can search by
industry name or by the North American Industrial
Classification System code. You can also click on
Add industry button. This brings you to a
pre-selected list of industries, select food services, and then select bars when the
options available. If you'd like to learn
more about the next code, click on the arrow next
to the industry and select Create Report
from the dashboard. This census business builder will generate a downloadable, customizable and shareable
report in a separate tab. Scroll down to the
business summary section. In this section,
you can evaluate economic data for similar
businesses in your geography. Such data includes number
of employer establishments, average payroll per employee, and average revenue
per employer, average revenue per employee, job gains and losses, etc. This will give you
a good picture of the economic conditions
that are weights you, if you decide to
open a business in this location and
there you have it. Within a few minutes, we're able to
visualize and identify potential geographies
that might make sense for opening
and upscale bar
4. How to access Claritas PRIZM Premeir Market Segments: And now we'll go through
the prism premier market segments from Claritas. Hey, there, are you
starting a new business? Well, if you are doing the research to define
your target market, should be one of your
very first steps. And to help you with this, I wanted to share a resource for free consumer market
segmentation data. In this video, I'm going
to show you how to access cleric Thomas prism
premier segmentation data. Claritas is a leading
data-driven marketing company that provides insights and solutions for businesses to reach and engage with
their target audiences. Claritas incorporates various offline and
online data sources into these prism premier
segments including demographics, lifestyle, purchase,
and media behaviors. In this video, I'll show
you where and how to access Prism premier segmentation
and location data for free. To access the Claritas prison market segments
you're going to need to go to this specific
URL is Claritas, three-sixteenths dot claritas.com
slash my best segments. You're not going
to find a link to this on the Claritas homepage. So you'll need to go
to that link directly. Now once you get there
to start your search, click on the zip code lookup link at the top
center of the page. Obviously on the ZIP
code lookup page, you're going to
enter the zip code that you're researching. And once you hit Enter, the zip code data is brought
up right on that page, you're just going to need
to scroll down to see it. Now once you scroll down and
see that data on the right, you're going to say a
map with that zip code highlighted at the
top of the map is a quick facts tab where you can see some basic data
for that zip code. It will show you the
population number, median age, and median income. On the left of the map, the
prison premier segments are listed that are
included in this zip. Now, before you look
at those segments, Let's look at the
rest of the date of parameter directly on this page. On the bottom left of the page, there are four links
that will bring up data charged for that zip code. The first one is
households by income than household composition
in population by age, and population by
race and ethnicity. Now once you take a look at that and get a feel
for that data, go back up to the prism
premier segments. And you can click on any
one of these segments to get more data on that segment. Once you click on that segment is going to take you
to the segment page, which contains the top-level of segment data that Claritas
is providing for free. This includes demographics and some level of
psychographic data. This is all good data
that you can utilize. The map on each
segment page shows the counties for that
particular segment is dominant. And below the map is a list of the top five counties in United
States for that segment. Along with a legend that shows
the color-coding used to indicate the percentage of county population that
is in that segment. Now, this is the
full level of data that Claire Tom's
provides for free. Additional functionality and links on the segment page are reserved for those who have a paid subscription to Claritas. But this is good data
5. Market Research Mastery Class Project: For the course project, your task with
utilizing the templates provided to capture data from
the business builder tool, the tapestry market segments, and the prison premier segments. With these templates and the data that you
will access from these three free market
research resources. You'll then create your
own customer persona's enabling you to understand your potential customers
and develop products, services, and marketing
messaging that will effectively target and engage your
desired audience. Please share your completed
templates here in this class for input and review. And also how would
really appreciate it if you would give me a
review of this class, I'd love to hear your input
and be sure and check out the other classes that I
have here on skillshare.com
Ken Vernon, Life Lessons 4 Business
