By asking a few key questions in a survey about your local economy and consumers’ future spending, your survey can measure the health of your market.
Surveys that measure consumers’ spending habits are a vital benchmark of economic development.
We often see national and local agencies using consumer confidence surveys to measure the population’s sentiment in the economy. Consumer confidence surveys can also measure consumers’ plans for spending. They provide a timely opportunity to advertise and market your business and services.
Surveys also measure how confident people feel about their financial and income stability. Their confidence impacts their economic decisions and their spending activity. As a result, consumer confidence is a key indicator for the overall shape of the economy.
Economic indicators such as the unemployment rate, gross domestic product (or GDP) and the inflation rate indicate how well the economy is doing. These indicators are available for most local market areas.
Online surveys add another indicator to measure a market’s well-being. In addition to statistics that measure a market’s population, housing and business growth, employment growth, cost of living, retail sales growth, etc., they add other key performance indicators. They provide a look at the attitudes of consumers in the market.
While confidence indicators can help in market and economic development, it can also be a vital measurement for your marketing and branding initiatives.
If consumers have high confidence in your products or services as well as your market, your marketing and branding initiatives have more impact. Your customers will welcome research that shows people are confident in the market. If you can show that consumers intend to spend more in coming months, it will also help you advertise and market your products or services.
Surveys that measure your local market conditions have many benefits. For example, they provide:
Confidence in the economy spurs consumer spending power. It is a terrific opportunity to market your business especially when consumers are ready to spend.
Research Director On Demand has conducted numerous surveys including measuring the local economy. For more information about how we can conduct one for your market, feel free to contact Ted Stasney, senior consultant, at tedstasney@gmail.com or Robin DiSalvo, senior consultant, at rdisalvo2@verizon.net.
