Top 3 Sectors Using Demographic Data to Make More Confident DecisionsMarch 22, 2019Data VisualizationBy: Jason HolteShare: TwitterFacebookLinkedInEmailDemographic data is a powerful resource that enables leading professionals to conduct thorough market analysis, plan for growth, and much more. Here’s how.Our rich library of map-ready content is used by professionals in more than 15 industries to make more confident decisions. Today we’re taking a look at a few industry-specific solutions that rely on demographic data.Demographics Supercharge Real Estate Market AnalysisIt’s no surprise that demographic data is of vital importance to the real estate sector. Commercial and residential real estate professionals alike depend on an accurate understanding of markets and neighborhoods when acquiring, developing, and selling properties.Commercial real estate brokers leverage demographics to determine whether a property meets a prospective tenant’s market requirements. This includes an analysis of population density and household income statistics, to name a few. These same factors influence the land acquisition strategy of builders and land developers as well.On the residential side, online real estate companies utilize general population breakdowns to help prospective renters and buyers understand the median age and income level of an area. They also deploy crime statistics within their web portals and apps to allow their users to find a safe home for their families. Combined with other content such as school rankings and points of interest, this information allows renters and homebuyers to fully understand the lifestyle they can expect and who will be their neighbors when living in a given area.Communications and Utility Companies Plan for Growth with Demographic DataJust as demographics contribute to an in-depth analysis of neighborhoods and real estate markets, they also help inform the distribution of many consumer resources and services. Telecommunications and cable providers map their coverage areas and then overlay population growth statistics to prioritize areas to expand their networks. Similarly, utility companies and oil and gas distributors use the same metrics to identify the best locations for new assets and infrastructure within their service territories. Demographic data such as household income can also be used to send targeted communications to specific subsets of a company’s client base. For example, a utility provider with a rebate program for low-income households can send mailers to individual communities within their territories where a minimum percentage of the population would qualify for a rebate on their services.How Demographics Impact the Public SectorWhile the use cases we have explored so far have mainly applied to the private sector, both local and state governments also rely heavily on demographics to serve their constituents. Combined with hazard data, local governments leverage population density in their emergency preparedness efforts to plan for where affected populations may require additional resources in the event of a natural disaster. Health & Human Services personnel also use demographic data to plan and respond to a public health crisis. Demographics aren’t just useful in the event of a crisis, however. Using demographic data in conjunction with property-level insights such as transaction history, governments are able to conduct economic planning with an informed understanding of the macro trends affecting their constituents. Learn MoreToday’s post only scratches the surface of how demographic data is used to inform business and government operations, but our business development representatives would love to show you how you can start using this information to make more confident decisions. Contact us today to learn more, or sign up for a demo to see our demographic data layers in action! You can also request a sample of our category-defining nationwide parcel database, SmartParcels®, using the form below.