Market Analysis Services

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Market Analysis Services

• East Central Illinois Development Corporation

Clark County Business Networking Education
Dinner Martinsville Bible Church November 16, 2009
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ECIDC History

• 1984-2009

11 County Nonprofit Economic Development
Consortium Christian, Clark, Coles, Crawford,
Cumberland, Douglas, Edgar, Effingham, Jasper,
Moultrie, and Shelby Mission Foster a regional
approach to economic development while providing
support services to our membership and aiding in
current local and regional development efforts.
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Informed Decisions for Your Business

• Finding the Guidance and Data

• Informed decisions are made based on a
  combination of factors.
• To ensure your decision is informed I suggest you
  take the following steps
• Contact the IECC SBDC or Business Solutions
  Center to assist in guiding you in the right
  direction.
• Doing the research on what your current or future
  market holds when looking to start or expand a
  business and developing your business strategy.

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Market Analysis

• Know your market, explore your alternatives, and
  present your case with facts

ECIDC has access to large datasets and the
expertise to utilize GIS to perform in-depth
analysis on consumer markets. GIS stands for
Geographic Information Systems and essentially
allows us to link data to spatial location to
analyze patterns and populations. The data is
converted into layers that can then be mapped and
linked with the coinciding spatial location.
Data comes from relevant and reliable sources,
such as, U.S. Bureau of Census and Bureau of
Labor Statistics. GIS we use is an ESRI product,
who is the leader in GIS products and
applications.
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ECIDC Market Analysis

• Know your market, explore your alternatives, and
  present your case with facts

• Gather information and generate reports and
  analysis on business and consumer climates for
  specific target areas used to aid communities and
  business owners in making informed decisions on
• Effectively Reaching Target Audiences/Customers
• Finding Potential for Expanding Operations or
  Product Offerings
• Researching the Competition

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ECIDC Market Analysis

• Know your market, explore your alternatives, and
  present your case with facts

Access to Information Detailed
Demographics Traffic Counts Consumer
Expenditures Market Potential Information Medical
Expenditures Recreational Expenditures Household
Budget Expenditures Supply/Demand Gap
Analysis Tapestry Segmentation Employment
Business Data ALL THIS FOR THE ENTIRE UNITED
STATES
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City of Marshall

• Expanding Business Operations

• Two Empty Buildings near I-70
• Looking to Recruit Restaurants
• Obtain Mexican Restaurant Prospect
• Prospect has Restaurants in Nearby Communities
• We Performed a Comparison Analysis Between
  Marshall and
• The Other Community Showing Prospect
• Higher Traffic Count on I-70 22,800 in
  comparison to Comp. Community6,000
• Higher Avg. Household Income Supporting Smaller
  Families
• Primary Tapestry Segments are Same in Both
  Communities Heartland Communities and Midlife
  Junction

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Tanger Outlet Mall

• Recreation Retail Recruitment

• 1.Tanger Outlet Mall is located along I-57 and
  Large Draw for Tuscola
• Looking to Fill Empty Storefronts
• Mall Releases Top 50 Zip Codes Outlet Mall
  Shoppers Reside
• Analyze Each of 50 Zip Codes for Tapestry
  Segments to Find Out Where They Live and
  Lifestyle Preferences
• To Identify Stores to Fill Vacant Spaces
• To Identify Other Offerings Tuscola Could Attract
  to Cater to Shoppers

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Mill Creek

• Target Marketing/Finding Customers

• Mill Creek attracts many people from outside of
  Clark County in. This park is important to Clark
  County because it funnels outside dollars into
  the region. We wanted to demonstrate just how
  many people come to Clark County to camp at Mill
  Creek within the past year. By identifying where
  these people live, then you can increase the
  effectiveness of your marketing dollars, increase
  community support for the venue, and learn more
  about your existing customers and what their
  spending or recreational patterns look like.

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Market Profiling

• Target Marketing/Finding Customers

• If gather zip code data about your customers,
  then can use those zip codes to further analyze
  your market
• Profile your customers and learn how they spend
  their money.
• Finding where the most dollars are coming from
  for more concentrated marketing efforts.
• With this profiling done, then able to find new
  customers and new markets.

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Market Profiling Examples

• Tapestry Segmentation

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Market Profiling Examples

• Consumer Demand

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Thank You and Good Luck!
No Question is a Dumb Question What Do You Have
to Lose By Asking? Confidentiality is Important
to Us!