Market Research and New York City
For generations, New York City has been held in the heart of the world’s population as a land of opportunity, the city that never sleeps and a city where just about anything is possible. Because of that, the industries in New York City not only drive the state’s economy but it is a driving force for the national and global economy. According to Fortune, New York City is the ‘center of the business universe’. There are more industries, more companies and dozens of new start ups every single day. With that in mind, market research is more important than ever in NYC.
New York, the center of the business universe
Historically, New York has been the hub of numerous industries such as construction, media, publishing, tourism, the clothing and financial sectors. Lately, it is the hub of incalculable industries. There are also many new and upcoming industries and brands in the city, NYC is now home to new industries such as biotechnology companies and science industries; other industries such as the health sector, the arts and film industries are thriving here now more than ever. New York has so many new industries and innumerable established industries that it makes it difficult to stand out in such a competitive market. That’s why it’s more important now than ever to get your brand name out there and have it resonate with the right people. New brands need to make an impression with their target audience and more established brands need to reinvigorate their brand amongst existing and prospect customers. This seems like an overwhelming task in such a competitive market until you realize there is only one step that you need to take in order to make this a lot easier for you and your brand: research.
Where to start
Every inch of New York is wrapped in logos and slogans, sponsored and product placed which means that that valuable space is becoming more and more expensive. The New York City subway is laced with advertising and there are more advertisements in Times Square than in a lot of small towns. And that’s only one corner of the city; every single corner of this city has been marketed. There are so many that it all becomes white noise to New Yorkers. Don’t forget New Yorkers consume traditional media as well. At some stage, New Yorkers have to start drowning it out. Hence, if you don’t have a deep knowledge of your target audience – all of your costly marketing efforts will be drowned out and it will all have been in vain. The only way to avoid this is by researching your target audience before you do anything.
People are more different than they are similar
The population of New York City is projected to grow to 9 million people by 2040. People move to New York from all over the United States and from foreign countries daily. There are more people moving to New York City than are moving out. This means that the market is growing everyday and it is one of the most culturally diverse markets in the world, the people in it are more and more complex and less difficult to make assumptions about. New York is more diverse than any other city in the USA; there are more ethnicities, there is a bigger range of income, there are more members of the LGBTQ population here, and marriage trends are unconventional in New York– everything about everyone here is unpredictable. The only thing you can predict about a New Yorker is that they all more different than they are similar!
Therefore, your brand needs to conduct research accordingly if you plan to thrive in NYC.
For more information on how to research your target audience, have a look at Provoke Insights blog here. Market research can at times be time-consuming; therefore brands often reach out to market research companies, like Provoke Insights for a helping hand with this important research. As a New York City based research and consultancy firm, they have a great understanding of New Yorkers and the perfect base for conducting research in this complicated and sometimes dumb-founding city. Sign up for the Provoke Insights newsletter here.