From Thought to Floor V- Demographic, psychographic, and general marketing data
I have chosen Portland Oregon as my headquarters. This was based on tax incentives for small business ownership and demographic structure.
The first image will show the largest market segment for age and sex within age.
The chart above shows, the largest age market is 30-34. This is great. The product we are creating fits the market if women between the ages of 25-40 years of age. This brings me to the next breakdown. The largest anatomical sex market within the age segments.
As you can see the largest two segment of women are between the ages of 50-59 years of age. This may be a issue where you may have to add in products that capture this market as well. However, we are still looking at the overall state and not the metropolitan area of Portland. The next chart will be a breakout of age and sex for Portland.
The chart above shows us that the largest market in the Portland metro county is 25-29 years of age. The second largest is 30-34 years of age. This tells me that the target market I have is more metropolitan. As well as that the older market that is largest for the state actually live outside of the city. Possibly more of a suburban setting.
The next chart will show the income levels in Multinomah county( Portland Or.)
The target incomes are between 20,000 to 50,000 dollars. The income levels help me when I will need to price my garments and hire help. This also seems low. But as I get into the living arrangements , marriage, family, student, levels this may also help me to better understand the population.
The chart above shows that 141,000 people are living in non-family households. And there are 163,00 family households. With a average size of 3 people per home. Over 82,000 homes with a minor. Between the income and household data, I can estimate that majority of people that are single maybe living in a roommate situation. This would help my customers live a more realistic lifestyle with a lower income.
I will be drilling down to the neighborhood where I will locate. This is a gentrified area in North East Portland. The zipcode is 97211. Below is additional data that I pulled from Prizms by Claritas.
The neighborhood that I chose to locate myself in has a healthy income level over the city average. The age ranges are within the target market I have chosen. The next chart will show types of households as well.
The chart above shows that many homes May have newly married couples, gay partnerships, and room mates.
The next charts are psychographic data collected by Prizm. These are snapshot or general shared interests. The more detailed information will have a fee they charge. I will show other ways of getting to know the target market.
This area has a broad mix of people who live in the same community. They shop at retail stores from Old Navy to Nordstrom. Many are educated and like to be informed about the products, politics, and community round them. Some other methods I use for gathering information is the local newspaper and new stations. They will post information on entertainment, restaurants, and other stores. The newspaper and news stations also cover a wide variety of issues facing the city and state. Knowing the economic climate of a location is equally as important as knowing the customer.
I want to stress the habit of always being connected to your consumer and being a participant in the city as well. The ability to remain relevant is a big challenge for many small buisnesses.