Customer tracking data is extremely valuable, he says.
Customer tracking data is extremely valuable, he says. Whenever cell phone customers download apps, companies download data about the customers and sell it to other companies.
Buxton and Placer.ai are two companies that capture such information. With information from cell phone apps, these companies can acquire customers’ marital status, income and education level.
For example, the data show that 73% of visitors to the Founding Fathers Collective in Prescott live within 25 miles of the entity, but they also come from Phoenix and Bagdad, Arizona.
“They know where you live so they can tell how much you make and have customer profiles,” said Jones. “They can tell how likely someone is to visit Founding Fathers.”
Jones points out that grocery stores like to serve a population of about 14,000 people. While Chino Valley’s population is slightly below that, the Safeway there remains one of the busiest in the country. Thus, data helps companies determine their market reach based on elements beyond simply the number of people who live in the area.
He said the data reveals that 27% of the workforce in Chino Valley and 30% in Prescott and elsewhere in Yavapai County commute to Maricopa County for jobs. Also, the Prescott area is one of the most expensive in the state for cost of living.
One of the reasons for residents working in Maricopa County is the difference in salaries. The median salary 2020, while the national wage average for job postings in the U.S. has gone up 17% during that time. in Chino Valley is $38,200, and Prescott is $38,600, while the median salary in Phoenix is $42,600, compared to $43,400 for the country.
Meanwhile, wages advertised for job postings for Chino Valley and Prescott have increased 33% since 2020, while the national wage average for job postings in the U.S. has gone up 17% during that time.
Jones says Chino Valley has more jobs than expected with workers in government, retail and construction. He said the government jobs are considered secure while construction jobs are risky. Sixty percent of the workers in Yavapai County are employed by small businesses.
Using 2020 census figures, Jones reports that Chino Valley’s population has grown by 21% since 2010, while the state has grown 14% during that time.
Fifty-five percent of the residents are 18 to 64 years old, while 29% are 64 or older.
He also reported a trend that many Chino Valley residents are moving to Wyoming, noting that Chino Valley and Wyoming both have cowboy cultures and an appreciation for freedom.
Jones moved here from Minnesota 18 months ago. His degree from the University of Wisconsin is in financial investments and banking. He also studied business and economics in China. QCBN
By Stan Bindell, QCBN
Photo by Stan Bindell: Regional Economic Development Center data analyst Ryan Jones shared the importance of customer demographics with Chino Valley businesses.
