7.0. HRSR 06-28-1999 - Laserfiche WebLink

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sales and for understanding who its most likely customers might be. Market analysis doesn't involve difficult numbers of complicated formulas, but it does require patience, diligence, • attention to detail and an understanding of the district being examined. It won't provide any ready-made answers,but should serve instead as a starting point for making decisions about the revitalization program's priorities and activities. When doing a market analysis,the following three points should be considered: p • Local involvement in the market analysis process is crucial. Although outside market �. consultants can conduct most of the research needed for a comprehensive retail market analysis,much of it can also be done by committed volunteers and staff. Doing some of p. the work will save the organization a significant amount of money. More importantly, however,it will give revitalization leaders a better understanding of the local market and help them make informed decisions that will shape the district's future. Besides,no one will understand the community better than its own residents; local insight is an essential ingredient of all successful market development strategies. • Market analysis is an ongoing process. Because the district's market changes all the time, it should be measured on an ongoing basis. And, since the revitalization organization is intentionally trying to stimulate economic change,there is an even greater need to monitor the district's retail sales,property values and customer base. Once the organization has gathered and interpreted base-line information about the district,it should °- update that information every few years, fine-tuning business development and promotional activities accordingly. p . • The market analysis should be integrated into all other elements of the downtown or neighborhood revitalization program. The conclusions reached by the revitalization organization during the market analysis process should help shape the promotional programs implemented downtown, the scale of any financial incentive programs the «.. organization offers and many other important elements. Market analysis can help the commercial revitalization program in a number of ways,including recruiting new businesses, helping existing businesses expand or add new product lines, improving the effectiveness of advertising, launching successful promotional events and designing incentive programs-for building improvements. This workbook outlines some of the basic steps of the retail market analysis process for a historic commercial district. Using this process can help a revitalization program make informed decisions about the economic direction its commercial district might take. There are many uses for the data that will be collected during the exercises in this workbook. The following are some of the more common and useful: • C r ii-STEP BY STEP MARKET ANALYSIS 1