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GeoVALS™ — Where Do You Need to Go?
| I know my product, but need to know what its market potential is. |
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Market potential is defined as the universe of consumers in a given area who have purchased (within the last 12 months) products similar to the product you are offering. Carefully estimated market potential is a strong indicator of the influences of consumer demographics and psychographics on product sales; it can predict whether your product or service will succeed or fail in a particular region.
GeoVALS™ estimates market potential by combining consumer behavior data and geographical location data of the VALS segments. We can provide your product's market potential for just one VALS segment, or for all adult consumers within the specified region.
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Total number
of adults in
the region |
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x |
Percentage of adults in the
region that fall within the
selected VALS segment |
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x |
National product
penetration for the
selected VALS segment |
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| GeoVALS Data Packages: Market Potential |
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Product Potential: Get the market potential for your product in a specific geographic region. |
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Location/Potential: Find out where to promote your product based on its market potential. |
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VALS Target Potential: Get the market potential for your most likely customers in a specific region. |
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Location by VALS Target: Find out the best place to promote your product to your target VALS type. |
Market Potential: Sample Calculation of VALS Target Potential
Anne, proprietor of Silver & Gold (a fine tableware retailer in Miami, Florida), is considering opening a second branch location in Sarasota on Florida's west coast. However, Anne isn't sure her products will be as popular in the new location, so she asks the VALS team to calculate the market potential for her biggest seller, sterling silver flatware. Her primary target VALS type is Innovators.
Number of adults in Sarasota County, Florida: 282,353
Percentage of adults in Sarasota County who are Innovators: 10.4% = 0.104
National penetration of sterling silver flatware for Innovators: 23.5% = 0.235
VALS Target Potential = 282,353 adults x 0.104 x 0.235 = 6,900 adults
Anne's estimated market potential for sterling silver flatware is 6,900 adults, or about 2% of adult consumers in Sarasota county.
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SRIC-BI uses the VALS/Mediamark Research Inc. nationally representative database of consumer behavior data in its calculations. In cases where there is no exact match between your product or service and the available products listed in the database, the VALS team selects the best available proxy to calculate your product's market potential.
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