Business Improvement Districts (BID) Market Research
Business Improvement Districts (BIDs) often seek to enhance the economic vitality of their districts. At CARD Group Research & Insight, we specialise in providing comprehensive market research services tailored specifically to assist BIDs with achieving their objectives.
We have assisted BID clients with;
- Developing a plan for their town or city
- Establishing key performance indicators (KPIs)
- Planning to renew their contract for another term
- Aiming to track, evaluate and provide proof of progress
- Seeking to improve marketing effectiveness
Market research empowers BIDs to make informed decisions based on reliable data and insights. We conduct surveys, analyse demographics, and study market trends to provide you with invaluable information about your local community, businesses, and target audiences. This data-driven approach enables you to develop effective strategies, allocate resources appropriately, and prioritise initiatives that should have the greatest impact on your district’s growth and prosperity.
BIDs consist of diverse stakeholders, including businesses, residents, property owners, your board and local government. Our market research expertise helps you understand the needs, expectations, and challenges of these stakeholders. We utilise surveys, focus groups, and in-depth interviews, as required, to capture stakeholder insights and perspectives. This enables you to tailor your programmes and services to better meet their needs. This enhanced stakeholder understanding fosters collaboration, strengthens relationships and creates a thriving community.
Assessing Business Needs
BIDs often provide support and resources to local businesses. Our market research services help you understand the challenges faced by businesses within your district, assess their needs, and tailor your support accordingly. We incorporate surveys, depth interviews, and/or focus groups to gather data on business challenges, aspirations, and growth opportunities. This knowledge enables you to design targeted programmes, offer relevant resources, and provide assistance that meets the needs of your business community.
Measuring Impact and Effectiveness
We will assist you with measuring the impact and effectiveness of your BID initiatives in terms of your objectives and key performance indicators (KPIs). This performance measurement enables you to refine your strategies, improve your programmes, and demonstrate the value you bring to your district.
Effective Communication and Engagement
Communication and engagement are crucial for the success of any BID. We understand the importance of effectively engaging with your stakeholders. Our market research services help you understand their preferences, concerns, and marketing communication channels. This knowledge allows you to tailor your messaging, engage stakeholders effectively, and foster a sense of community.
Enhancing your retail and services mix over the longer term
Our consumer research shows whether existing shops and services meet the needs of both local residents and those living further afield. If residents are travelling to other towns and cities to find what they need, we advise you as to which shops and services are missing from your BID.
These insights enable you to develop an effective long-term strategy to optimise the retail and service mix to suit your catchment area in order to attract dissatisfied residents back to your BID. Improving the retail mix will also enable you to extend your catchment area and attract additional similar visitors from the surrounding areas.
Depending on the requirements of each market research project, we use tools such as:
- Face-to-face or shopper intercept surveys
- Local business surveys
- One-to-one interviews
- Online surveys
- Footfall monitoring
Our Expertise with Business Improvement Districts
Our involvement with economic development, town centre management and local councils, as well as Business Improvement Districts UK and Ireland, means that we have a wealth of experience to draw on thus providing you with the catchment and visitor insights crucial to developing an effective strategy. Read more about best practices for BIDs.
Our BID clients include Cheltenham, Belfast ONE, Better Bankside and Newry. We work with organisations in Northern Ireland, Ireland, the UK and Europe.
If you would like to find out more about our services, please get in touch.