Are You Missing Out on Customers or Are You in an Overcrowded Market

Understanding your potential market, and understanding the competitive landscape in that market are two of the most valuable business planning activities you can undertake.

The University of Wisconsin—Milwaukee website has provided a valuable tool to help you understand different markets in the US.

Its Purchasing Power, Business Activity, and Workforce Density Profiles for Residential ZIP Codes tool utilizes Bureau of Labor Statistics Consumer Expenditure Surveys and U.S. Census data to provide a breakdown of the customer base and business type in any US zip code.

Simply enter any zip code into the form, and it returns a purchasing power profile, a workforce profile, and a profile of business types operating in the area.

Sample uses for this data include:

• Selecting a customer base to target
• Finding a location with few competing businesses
• Setting market-specific pricing
• Choosing a location for a new retail store
• Evaluating the potential for a new product line or service
• Comparing two or more markets