Anderson Economic Group completed a market snapshot for the Traverse City Area Chamber of Commerce (TC Chamber) in Michigan. The purpose of the market snapshot was to help bolster plans for attracting and recruiting business, provide a marketing piece for promotional efforts, and to uncover potential strengths and opportunities in the area.
We worked with the TC Chamber to determine downtown Traverse City’s center of market activity and its likely primary and secondary market areas in terms of drive-time distances. We next used our Geographic Information System (GIS) to plot the location and delineate the drive-time boundaries on a map. To provide a visual display of key data in the community, we customized maps to display the current year per capita income and population density, and projected percent population change, all at the block group level.
The primary and secondary market areas and the state were further analyzed to provide a detailed understanding of Traverse City’s demographic and socioeconomic make-up for the current year and projected trends over the following five years. Relevant categories, including age, income, households, education attainment, and consumer expenditures were detailed in a table and summarized in a narrative to explain the trends and key points.
The market snapshot product is being used by the Traverse City Chamber in their business and other attraction efforts, and was used as a marketing handout at their annual Economic Forecast Breakfast in November 2009. Patrick Anderson, Anderson Economic Group’s CEO, also spoke at the event, and contributed to the region’s “2010 Economic Outlook” report.
For a copy of the market snapshot, and the 2010 Economic Outlook report, you can visit: http://www.tcchamber.org/events/economic-forecast-breakfast