Chicago based Realty, a commercial real estate company based in Chicago, has found immense value in using GeoMetrx for their market research needs. The population and demographic estimates provided by GeoMetrx have become a crucial asset for the company, offering confidence, cost savings, and valuable insights for decision-making.
Enhancing Confidence in Demographic Data:
Chicago based Realty’s trust in the accuracy of GeoMetrx was solidified when they compared the data with another vendor in an Arizona test market. GeoMetrx identified a significant population that the other vendor’s product missed entirely, in accordance to user selected locations. This disparity highlighted the reliability and precision of GeoMetrx, as it estimated 3,000 and 6,000 people in one-mile and two-mile trade area rings respectively, whereas the other data provider showed no population in those areas. The Realtor recognized that such accurate population estimates could significantly impact the success of their projects.
Cost Savings through Streamlined Research:
With the high confidence placed in GeoMetrx’s numbers, Chicago based Realty was able to reduce the number of housing studies conducted in growth markets. Traditionally, the company would conduct numerous housing studies, incurring substantial costs for field services and research. However, GeoMetrx’s demographic data and consumer spending reports based on selected geographic areas proved so reliable that they replaced the majority of housing studies. The data’s ability to capture evolving populations in growing markets allowed Chicago based Realty to make informed decisions without the need for extensive and expensive research efforts.
Effective Marketing and Alignment with Retail Clients:
Chicago based Realty leverages GeoMetrx data to effectively market their properties to potential clients. By showcasing existing population figures and expected changes, they provide valuable information for businesses considering their properties. Additionally, many of the Realtor’s retail clients, including grocers and restaurants, already use GeoMetrx data in their market research activities. This shared language and reliance on accurate population counts foster seamless communication and understanding between Chicago based Realty and their retail partners.
Chicago based Realty’s adoption of GeoMetrx has proven to be a game-changer in their market research endeavors. The company has gained confidence in the data’s accuracy, resulting in cost savings through reduced housing and workplace studies. GeoMetrx has provided valuable insights into seasonal population trends and enabled effective marketing strategies. Chicago based Realty’s success in leveraging GeoMetrx exemplifies the benefits of utilizing reliable demographic data for informed decision-making and achieving business goals.