According to US Census Reports, by 2042 50% of the U.S. population will be comprised of minority groups. For the market research industry this is great news. As more and more companies continue their quest for the next “latest and greatest” product or service, the ability to reach an ever-evolving target market has never been more prevalent than now. Bridget Austin from Demand Media stated, “Although racial and ethnic differences are usually the first definitions that come to mind when companies tailor their marketing campaigns for certain groups or demographics, other dimensions of diversity include gender, religion, age and sexual identity. Under these broad categories, companies can also segment consumers and clients based on language, marital and parental status, education, income and occupation.”
Diversity Makes Baltimore the Ideal Location for Market Research
Baltimore is an incredibly diverse city, making it the perfect location for market research:
- Over 750,000 African-American residents.
- 200,000+ other minority residents.
- The Baltimore-metropolitan area is home to over 100,000 LGBT individuals, the 18th largest population in the United States.
- Baltimore’s population is 51% female and 49% male.
- 689,160 residents under the age of 19.
- As of 2013, there are over 35,000 veterans residing in Baltimore City.
The Importance of Diversity in Market Research
As the population of the U.S. continues to evolve, market researchers have an opportunity to help clients improve their product/service offerings by identifying more diverse end-users in a given market. Michael P. Krone in “Diversity Marketing & Cultural Awareness” says companies should ask themselves whether their business resembles the communities and customers they serve. Krone warns, “If your customers are different than you and they feel unrecognized, you will begin to lose them.” With an openly embraced Melting Pot community, Baltimore City is a prime target for companies seeking to develop more diverse market research studies. At Observation Baltimore, our goal is to help clients hone in on the diversity to not only improve their research, but to also increase awareness of all that Baltimore has to offer to the market research community.
About Observation Baltimore:
We take great pride in creating a special environment for research to thrive, which is why Observation Baltimore is Where The Magic Happens. We are one of the top Maryland market research facilities and rated “One of the World’s Best” by Impulse Survey. Our experienced recruiting is the foundation of our mission, as well as courteous and proactive hospitality and client services. Just six minutes from BWI airport and AMTRAK, our Baltimore research facility has a great location. Most importantly, we understand market research!