Statistics NZ has created a new section on its website dedicated to helping small businesses. The tool helps SMEs find information about customers, markets and their competition.
The toolbox allows people access to information that Statistics NZ has collated on its website.
Before the tool was created, the information was held among Statistics NZ’s resources for those who delved deep to find it, but it was notoriously difficult to find.
Those looking at starting their own company can use the tool for research, finding out where their target demographic is most densely populated and estimating their market share by comparing their business to others in their industry.
The company gives the example of a DVD shop owner in Wellington who wants to figure out her share of the DVD and video rental market.
Statistics NZ provides her with consumer spending data on video and DVD rentals by age group, then census data provides the number of people in each age group in the Wellington region.
The owner compares that data with her own sales figures to figure out her share of the market.
Another example is Steel & Tube, a supplier of steel products. They use the information provided to forecast the demand for steel, estimate the size of the steel market and the size of its competitors.
Statistics Minister Craig Foss says the toolbox is a valuable resource for the hundreds of thousands of small businesses in New Zealand.
“Since becoming the Minister of Statistics and the Minister for Small Business, I’ve been very interested in finding out what information is available to assist small business, how easy it is to access and whether it’s presented in a useful way,” he says.
“Digging down into data is one of the easiest and most efficient ways for a business to identify customers and gain insights into what they really need or want.”
To learn more about the information tool, visit Statistics NZ’s website.