Archive for the ‘Colesville’ Tag

Creating A Picture of Your Local Marketplace – Demographics

Image Credit:  Briggs Chaney-Greencastle Farmers and Artisans’ Market

To effectively grow your business footprint, you have to understand the context of the market in which you operate.  One of the small businesses that I am working with is looking to expand its presence in the Colesville, Maryland area.   In order to be most effective in its outreach methods, I suggested doing an assessment of the local area demographics and trends in zipcode 20904.  Several tools are available to find basic demographic data such as average income, race, gender.etc.  I would recommend using sites like city-data.com and neighborhoodlink.com to compile basic stats.   Here is what we found:

Age and Sex of Residents in zip code 20904               Zip code 20904 races chart

Source: City-Data.com

The small business we are working with is a fitness business targeting women 18-49.  The Colesville population fits the target quite well

  • Median age (Women):  36
  • Median HH income:  $90k per household ($20k more than the statewide Maryland average)
  • Ethnic Makeup:  Highly diverse (majority non-white)

Demographics are good starting point to creating a picture of your market but this is only the beginning.  To create a more complete picture of your marketplace, you need to understand the behavior and activities of your customer.  We will take a look at this in the next post.

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