Market Demographics
We have recently invested in Prizm analysis of our markets and we have found it to be somewhat useful. Does anyone have some experience with using Prizm codes for media buying that they would like to share?
Rita - Thank you for the question and thanks for joining the class. I would like to ask for some assistance in answering this question as I have a member of my research team who can provide a more detailed answer. If you don't mind, I will forward this question to my coworker who deals with this on a more regular basis and I will get back to you by Monday at the latest.
Rita - I don't have any experience using Prizm codes for media buying. I asked a couple of members from our Direct Mail dept to lend a response and here is what they had to say...
As far as buying media we don't have much data on this but I can better explain some of the segments and some tools that might be able to help with this.
PRIZM is a segmentation system based on where you live. The principal behind the segment systems is birds of a feather flock together. So if a person resides in a particular block group they probably have the same lifestyle and media interest. One of the best tools I know that better explain these habits of the segments is a website maintained by claritas, www.mybestsegments.com . I believe you have to be set up with a password but I have attached an example of the sort of information they provide that could help with placing media. Another way I know we have used this program to better understand our markets and assist us with media buying is using the iXpress software combined with segments. This product is offered by Claritas as well that ties into the segments. We utilize this by uploading our clients student database into the system. We identify what segments are represented in this database as well as what zip codes. We then run this information through and it ranks the zip codes and segments by market potential index. The market potential index is the comparison of who lives in these zip codes versus how many you have in your database. Every zip identified at a 100 index is just as likely to become a customer where as 200 they are twice as like to become customers and so on and so on. We have used all zip codes that reach a 100 index or above to place our newspaper inserts.
Also, please see the attachment and let me know if you have any issues opening it. Thanks
