2018-03-14 08:21:49Business TrendsEnglishLook at compelling ways to use Statistics Canada's census information in your business. Get tips on using the census data to determine the...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/Entrepreneur-Reviews-Census-Data-Before-Making-An-Important-Business-Decision.jpgUse Census Data to Inform Business Decisions

Use Census Data to Inform Business Decisions

2 min read

Data is king in the marketplace right now, with businesses of all size making decisions based on facts gleaned from market research. If you’re a small business, you may feel that you don’t have access to the data you’d like, but the Canadian government may be able to help you. Every five years, Statistics Canada uses the census to collect valuable data, which is available to you as you make business decisions.

Identify Business Opportunities

If you’re thinking about opening a new business, launching a new product or service, or taking your business in a new direction, you could use the census to learn about demographics. You can then use the census’ demographic data to help you hone in on a business opportunity.For example, imagine that you’re trying to think of a new business. You look at the census data and see that the population of seniors is increasing in Canada. With that information in hand, you might decide to pursue ideas related to elder care. If you discover that the population of school-aged kids is growing in your area, you might decide to open up a tutoring centre in your community.

Assess Your Potential Customer Base

Statistics Canada breaks down its wealth of census information by area. In addition to seeing what’s happening throughout the country, you can focus on your local community. For instance, if you run an existing business, you could check the data to see what languages besides English and French are spoken in your community. You could reach a broader audience by advertising in those languages.

You can get to know your potential client base by analyzing census information. Find out how many people live together, what types of homes they live in, and their education levels. Then, use these details to refine your products or shift your marketing approach.

To illustrate that process, imagine you own a small grocery store. Historically, your store has always had success with newspaper ads, but lately, your marketing hasn’t been producing the desired results. When you look at the census data, you find that the average age in your town has shifted downward. With a younger potential client base, it could be the ideal time to embrace a more youthful, irreverent marketing campaign. that relies on social media advertising to reach your new customers.

Learn About Your Competition

Sometimes, you start with information from the census and work your way forward, but in other cases, it’s better to work backward. If you see a business that’s working well in a particular area, check out the census details in that area to see if those details are similar to your area’s demographics. This comparison will give you a sense of whether that concept or business model might work in your area.

Flesh Out Your Business Plan

Census data can give you some of the details you need to create a compelling business plan. If you’re applying for loans or trying to find investors, a high-quality business plan is essential. When you have hard facts about the local client base, your business plan is more persuasive.

To learn more, check out Statistics Canada’s census information. Typically, Statistics Canada releases the information slowly in the year and a half after census day. The data may inspire more interesting ideas for incorporating details about local demographics in your business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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