Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 4.22 Market Value of Owned Home by Race Nationally Analysis Questionnaire
What is the use of the Market Value of Owned Home by Race analysis in a business plan for Lights On Electrical, Inc.?
Understanding your industry and also the purchasing trends of the customers is key for any business to succeed. If a small business owner like Andy Powell does not fully understand the market value of owned homes broken down by race nationally as it pertains to his or her industry segment, he will not be able to come up with a sensible marketing strategy for a small business like Lights On Electrical, Inc. The analysis of market value of owned home by race on the Electrical Contractor is an excellent analysis that gives the reader of the business plan a clear idea of value of homes for folks from White, Black and Asian races at a national level.
How should the results from the Market Value of Owned Home by Race analysis be interpreted by a small business owner like Andy Powell?
When looking at the race - this analysis is divides the population into three major categories - White & others, Black and Asian. Hispanics are not classified as a separate race since folks from all races can claim Hispanic heritage. This analysis also covers 5 years worth of data and so business owners like Andy Powell are able to see just how the spending has been trending over the past 5 years and draw conclusions accordingly.
Thus if the analysis were to reveal that homes owned by Blacks have increased the most in market value as compared to homes owned by folks of the Asian or White races, then it indicate a subtle shift improvement in the economic conditions of of the African American population as compared to what the analysis revealed 5 years ago. Thus, if a smart business owner like Andy Powell may choose to shift their marketing strategy and start marketing more aggressively to African American neighborhoods. Clearly this national level analysis would have to be confirmed by analysis done at the local target level, but the results of trend shifting should never be ignored. If, homes owned by Asian Americans have declined in value more than homes owned by other segments, it could well mean that they may not be feeling as well off and may not be in the mood for spending on high ticket items. If you are a roofing contractor, you may consider creating a free roof consultation special and throw in additional coupons and incentives when marketing to homes in your target market where Asian American dominate.
Should a business like Lights On Electrical, Inc. adjust its marketing strategy based on the Market Value of Owned Home by race analysis?
Every small business like Lights On Electrical, Inc. must take a careful look at the results of the market value of owned home by race analysis and pay particular attention to the changing trends in the patterns of consumer spending on their particular industry segment. Even in the case of manufacturers and wholesalers who do not deal with the retail public, it is very important that they understand the purchasing trends of the end client since it indirectly impacts them. If for exmaple you are a supplier to a local Asian grocery stores and you find that the home value of Asian homes has increased a lot, you may stand to benefit from this pattern and choose to expand your business and add more trucks, equipment and personnel to take advantage of this trend.
A marketing strategy is based on the understanding of your market place and like most other strategies and tactics it should be subject to change. Using the annual market value of owned home by race analysis is one way to give you and edge in understanding an industry segment like Electrical Contractor when compared to your competition who may not have as keen an understanding as you. Thus if you supply home heating oil to a neighborhood with many Black families you may consider adding an extra coupon for free oil burner service for every 1,000 gallons of fuel purchased or some other incentive. Your competition who may not be aware of this subtle shift and over time will certainly cede market share to you.
Why choose a time period of five years for the annual market value of owned home by race analysis in a business plan for Lights On Electrical, Inc.?
We feel that five years is a fairly good interval of time over which a small business owner like Andy Powell should measure the changing spending patterns of market values of homes by different races and it's possible impact, on his or her industry segment like Electrical Contractor. A time period of more than five years may not make sense since consumer tastes do change over long periods of time, and likewise a time period of less than five years may not adequately capture the nuances of changes in consumer spending by race on an industry segment like Electrical Contractor.
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