Your Market Demographics are Changing: Are You Ready?

Your Market Demographics are Changing: Are You Ready?

Access the Latest Population Data for Better Strategic Planning

By Megan Reeves

The U.S. Census Bureau recently released the 2020 Census results, triggering conversations among marketers and planners everywhere about changing market demographics. These results track the nation’s diversity and how we’re evolving.

Key takeaways from the 2020 Census include the following:

  • The non-Hispanic white population nationwide got smaller, shrinking from 196 million in 2010 to 191 million in 2020
  • Almost all of the growth of the past 10 years happened in metropolitan areas
  • The share of children in the U.S. declined because of falling birth rates, while it grew for adults, driven by aging baby boomers
  • The nation’s 7.4% growth rate over the decade, the smallest since the Great Depression, was largely propelled by a Hispanic boom
  • Among all U.S. metro areas, the fastest-growing one was in The Villages, the Florida retirement community built on former cow pastures

For healthcare business development leaders, these population shifts should be a signal that it’s time to reevaluate their own market demographics, to ensure they’re set up to adequately meet the needs of their community. 

Stratasan, through the use of Esri's Tapestry Segmentation, is positioned to help in this endeavor.

iStock-1278579272Population Insights from Esri’s Tapestry Segmentation

While valuable census data is released once a decade, Tapestry segments are updated annually, and the entire Tapestry system is updated every three to five years to keep pace with rapidly changing neighborhoods.

“Tapestry Segmentation provides a detailed description of America's neighborhoods—U.S. residential areas are divided into 67 distinct segments based on their socioeconomic and demographic composition—and further classifies the segments into LifeMode and Urbanization groups,” according to the Esri Demographics website.

The 67 distinct markets of Tapestry data detail the diversity of the American population. Grouping the segments can simplify these differences by summarizing markets that share similar traits. To that end, there are 14 LifeMode groups and 6 Urbanization groups.

Stratasan’s Comprehensive Demographic Data

Stratasan’s team utilizes Esri’s data for several key reasons: 

  1. First, Esri ranks #1 in vendor accuracy. This means that of all the annual demographic datasets available, Esri's is the most accurate. 
  2. Secondly, they have a large quantity of age/sex/race/psychographic variables within their data that cover more than 3,900 attributes. 
  3. Third, Esri provides their data in GIS files compatible with ArcMap, also an Esri product, which Stratasan easily integrates into our map-based products. 
  4. And finally, the data comes with Esri's psychographic masterpiece: their Tapestry segmentation data.

Click here for a more complete explanation of the aforementioned points.

Our team of data analysts evaluates Esri’s Tapestry data alongside our state, federal, and other proprietary healthcare datasets. This comprehensive data foundation allows us to derive both big-picture and detailed, specific actionable market insights—from the block group level to the national level. 

Using Market Data for Informed Planning

2020 Census data and Esri’s Tapestry data both point to changing demographics in many areas of our country. As we receive this updated data, we’re working alongside our clients to identify where and how these changes can and should impact their strategic plans. 

As our clients look to reverse patient outmigration, improve access to care, and increase market share, we know that these detailed population insights are the key to their success. As populations change, marketers and planners need to know details such as the following about who they serve:

  • Socioeconomic and demographic changes in the last year
  • Interests, opinions, and shopping habits
  • Education levels, financial status, and buying preferences

Most importantly, our clients need to know how these shifts impact community health initiatives, if their current mix of service offerings is still the right one, and if they have enough of the right physicians to meet the anticipated needs of the community. 

The Takeaway

The good news is, our team has access to the best population data and our software is equipped to visualize this data. We make it easy for our clients to interpret their market data and use it for planning purposes. 

If you’re unsure of how your patient population is evolving, and if your hospital is prepared to address the changing needs of your community, then let’s talk about how we can help. Schedule a discovery call with our team to learn more about your market and determine how you can adjust your plans to meet their evolving needs. 

Article by Megan Reeves, VP, Strategic Partnerships for Stratasan 

Connect with Stratasan on LinkedIn or follow Stratasan on Twitter and Facebook

Tapestry eBook Download

demographics esri tapestry segmentation tapestry segmentation healthcare demographics