Businesses use demographics to reduce loan repayments

Businesses are increasingly using demographics to help them find new customers, obtain business finance more readily and reduce their business costs.  Have a look at this video put together by the Sunshine Coast Council which explains it from the bank manager’s point of view.

On the same theme, the CCIQ (Chamber of Commerce and Industry Queensland) recently held a successful breakfast at the Rockhampton Leagues Club for local businesses as part of a series of events in the Wide Bay and Sunshine Coast regions.

Geoff Lee from Wide Bay Australia bank addressed the packed venue about the way banks calculate risk and how this affects interest rates – and ultimately how much you will pay on your business loan.

He explained how including relevant local demographic and economic information in your business loan application can dramatically reduce interest costs by reducing the risk profile.

Jim Myhill from .id then explained how this local demographic and economic information can be sourced from the .id tools available via the Rockhampton Regional Council website, and showed how to specifically apply market segmentation and target marketing to local businesses and products.

He described how the tools can assist businesses wishing to market their products locally, as well as to develop new products and services to meet the needs of emerging local markets.

Many thanks to CCIQ for allowing us to re-distribute this article from their August 21 members newsletter.

Read more in the the CCIQ newsletter article.

We’ll be writing more soon about the video series the Sunshine Coast created for their launch of economy.id and how they are promoting it their business community.