Interested and motivated business and organizational leaders gathered this morning for the second session with the University of Minnesota Extension Service on the Market Area Profile for Northfield this morning. About 18 people reviewed the findings to-date, honed the search characteristics for the second phase, and began to suggest tactics for turning the findings into actions.
The Market Area Profile is a collaborative effort by the four partners of economic development, the Economic Development Authority, the Chamber of Commerce, the Northfield Enterprise Center and, of course, the Northfield Downtown Development Corporation. The project began in May and will be completed in July.
Today’s report included demographic information, a Lifestyle Segmentation Profile, a market potential summary, retail expansion recommendations, and behaviors and preferences of the local consumers. Potential follow-up steps included gathering the critical elements to kick off phase two, further exploring and analyzing our local market characteristics, helping businesses turn the data into tactics, targeting market clusters outside the ten-mile radius with the greatest potential, and more effectively promoting Northfield’s appealing package of offerings.
The four partners will be meeting soon to evaluate these ideas, consider additional ideas, and determine the most efficient and effective methods to turn the best ideas into quickly implemented action steps.