In an earlier entry, we discussed the Market Analysis that were conducted for Alburtis, Coopersburg, Hellertown and Macungie. We've had a couple of questions about how people can conduct their own Market Analysis so I figured that this might be the best venue to try an answer those questions.
The process is actually incredibly simple. First, for a period of 2-3 weeks, ask your customers for their zip-codes. You'll notice that many big box stores ask for this information when you shop. Grocery store bonus cards are another advanced way that these stores collect this data. When you are tracking the zip codes, make sure to ask them of every customer and make sure that the survey is done during a normal business time (not during a particularly slow period or the holiday season).
From there, you can tally the information and use it to determine where your customers are coming from. This very basic information can tell you where your customers live, which obviously can give you some useful information about places where it may be a good idea to promote your establishment.
If you want to take this data one step further and dig a little deeper into your customers, check out the demographic information available at the Census website or Epodunk. Both of these websites can give you a great deal of information about your customers within the selected zip codes. From there, you can use that information to determine possible areas of expansion for your business and see what sort of new business you can generate within the effected zip codes.
For a relatively little amount of effort, you can yield some very important results.