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• <br /> STEP 5. WHO ARE THE CUSTOMERS AND WHAT DO '1'H I Y WANT? <br /> Ah <br /> CURRENT AND POTENTIAL DOWNTOWN CUSTOMERS <br /> Savvy entrepreneurs know that it is easier to get existing customers to buy more goods than it is <br /> to attract new customers.Similarly,the best opportunities for expanded downtown markets will <br /> come by building on existing markets.Customers who are already patronizing downtown stores <br /> are the best targets for new businesses and for expanded lines of goods and services in existing <br /> businesses.The business development team needs to know who the existing customers are,their <br /> needs,and their perceptions about the shopping district. <br /> To Do: <br /> The best ways to find out this information are to: <br /> 1. ask businesses who their customers are(Business Owner Survey), <br /> • 2. survey customers on the street to fmd out who they are and their shopping preferences <br /> (Customer Intercept Survey), <br /> 3. go to specific target groups of customers and ask them their perceptions and preferences <br /> (Focus Groups),and <br /> 4. survey residents of the trade area(Telephone Survey)to ask them where they currently <br /> shop and why. <br /> • <br /> A general discussion of each of these techniques follows, but consider having a professional <br /> review the survey questions and methodology,and train survey volunteers.Surveying is a highly <br /> technical skill and it is easy to make a mistake that will result in unusable or incorrect data. <br /> Other Methods of Documenting Current Customers <br /> To fmd out where customers live, conduct: <br /> • a zip code survey of customers at the cash register, <br /> • an analysis of business mailing lists; and <br /> • a license plate survey in parking lots downtown,at the strips and at the mall(some states <br /> put county names on their Iicense plates). <br /> To find out more about specific groups of customers,develop: <br /> • EmpIoyee profiles.Major employers may be willing to provide a profile of their workers <br /> with se;age ranges,salary ranges,numbers of persons in types of jobs and summaries of <br /> where they live. <br /> • Tourist profile. The local and state visitor and convention bureaus may have data on <br /> tourists,and local hotel/motel owners may be able to provide some data.Consider working <br /> with the local visitor center to administer a short questionnaire to travelers. <br /> • <br /> 20-STEP BY STEP MARKET ANALYSIS <br />