How to Market to NOLA’s Diverse Audience
Why wouldn’t a small business owner want to market in NOLA? New Orleans is a diverse city with pockets of districts attracting different tastes. And, the market is moving up, indicating more individuals, both families and millennials, are relocating to NOLA everyday. Trulia ranked New Orleans one of the best neighborhoods for living well with a population between 1 and 2 million people alongside of San Francisco.
However, marketing a small business goes beyond relocating to a largely popular city or putting out a great product. While having desirable merchandise and advertising via well-rounded web design, social media tactics and traditional marketing fundamentals like print and outdoor banners is important, knowing who to mold your marketing strategy toward will be the fundamental base of each channel.
Where your small business is located – in a family, residential neighborhood versus a bustling millennial hotspot, makes all the difference in the implementation of your campaign. Fortunately for business owners, real estate demographics can help define the majority share of patrons in a neighborhood.
Say your business is located in one of three very different neighborhoods in NOLA: Lower Garden District, Lakeview or Metairie. Here’s how to use Trulia’s real estate data in New Orleans to investigate those neighborhoods. From there, you can leverage the central findings to focus on your audience accordingly.
Lower Garden District
The median age in the Lower Garden District is 35 – which is just a bit older than the millennial age group, depending on who you ask. Nonetheless, 74 percent of residents are single, and just 21 percent are homeowners. Given the transient nature of Lower Garden District, this scenic spot is considered a younger, hipper ‘hood than some of the more residential areas of NOLA. Moreover, the median household income is slightly lower than the citywide average at $33,215 per year, which is more in line with entry-level salaries.
Lakeview is just a few blocks from the waterfront, bordered on the east by the New Orleans City Park. Given its proximity to Lake Pontchartrain, homes in Lakeview are slightly more expensive at an average list price of $561,100. Only a third of residents are single and 67 percent are homeowners, and presumably because Lakeview is already family-friendly community near facilities like parks and recreation. The median age is 34 with a median household income of $84,500, and the crime rate is very low compared to the rest of Orleans Parish.
Baby boomers seem to prefer the Metairie neighborhood, at least judging by the current state of residents in the neighborhood. Right now, the median age is 42 years old and 74 percent of residents are homeowners. Just 35 percent of people are single, and the median household income is $51,225 – higher than the NOLA median, but more on pace with the national average. Metairie real estate is less expensive than Lakeview with an average list price of $299,953, which would make sense from a retiree’s standpoint. Many baby boomers and empty nesters choose to downsize versus upgrade homes after retirement.
Small business owners must first recognize their audience in order to pattern strategies and capture the attention of their local market. Incorporating the desires of the resident market into your web design, print, direct mail, outdoor advertising – even the features of your store – will hopefully get you the return you need for profit.