There’s not much that’s more frustrating than missing out on business opportunities close to home. Understanding the numbers that surround your business’s trade area is critical to determining what may be flying under your radar. Through analytics, you can interpret those numbers and take advantage of what they tell you.
In this episode, Nick Ogle talks to Victoria and Mark about how using trade area analytics can help businesses with growth and strategic planning.
Nick is the Bath & Kitchen Buying Group’s executive director, and brings more than two decades of kitchen industry experience to BKBG, having previously served as director of strategic partnerships and national accounts for Masco Cabinetry. Nick received his degree in selling and sales management from Purdue University, and currently lives in Michigan with his wife and son. BKBG is also RA’s newest strategic partner in helping our members grow their businesses.
There’s so much information and data available, but you’ve got to pick the right numbers to analyze — and look at them the right way. Trade area analytics break down the numbers in your surrounding market and let you compare it to your own business model and services. It can be eye-opening, Nick says. He talks about how a remodeler can find the right data and how to use it, including:
- Starting at your local library
- Resources you can use for little to no money
- What data to look for
- Demographic and housing stock to analyze
- What to compare your local data to
- Setting benchmarks
- Why it can help you grow your area or do better where you already are
- How to identify the hot remodeling areas
- Understanding your area’s history to predict the future
- How to look at the numbers the right way
- When to ask for outside help
- Who to ask
- And more …
Analyzing your local numbers can help you make the most of your marketing budget, reach the right people in the right places, and make more money. To find out more about BKBG, you can go to the website, or you can call Nick at 440-313-4275.