DR. JAMES SMITH
Site Selection Servicetm
~Sample~
Jacksonville/St. Augustine,
Demographic &
Psychographic Report
To Support Site
Selection
&
Practice Marketing
Prepared June 2006
www.AmericanDentalMarketing.com
TABLE OF CONTENTS
PART
1: SUMMARY PROFILE
Motivation for this Site Selection Service
Delineation of Practice Area
ZIP Code Analysis and Numerical Ranking
Practice Area Highlights
Conclusions & Recommendations
Practice Area
General Dentist Locations by ZIP Code
ZIP Code 32259 –
ZIP Code 32082 –
ZIP Code 32258 –
ZIP Code 32225 –
ZIP Code 32224 –
ZIP Code 32223 –
ZIP Code 32080 –
ZIP Code 32250 –
ZIP Code 32092 –
ZIP Code 32256 –
ZIP Code 32226 –
ZIP Code 32095 –
Tapestry Lifestyle Segment Descriptions
Data Sources & Tapestry Methodology
PART 1: SUMMARY PROFILE
Motivation for this Site Selection Service
Dr. Jim Smith graduated from dental school and
has spent the past year as an associate in several
general dental practices in
capability to generate an extremely high rate of
clinical production. At this time, Dr. Smith believes
he is ready to launch his own general dental
practice, and already done significant research on a
suitable practice location.
An additional important consideration for Dr.
Smith is his desire to invest in real estate, meaning that
he wishes to purchase and own his new practice’s
physical space. Therefore, his initial investment
in his new dental practice will require him to
make a long term financing commitment of
approximately $1,000,000. We recommend that Dr. Smith
proceed with the extensive due diligence
in advance of assuming this major financial
responsibility – hence, our motivation for a demographic
analysis proposal as being appropriate in light of his
goals and desires.
He seeks to attract a primarily upper middle
class clientele, with a 70/30 mix of professional and
blue collar occupational background. He desires
patients who truly appreciate a soothing and
classy, but comfortable rather than elite, office
atmosphere. Disposable income in the practice area
should be sufficient to support him spending 30-40%
of his time performing highly elective
procedures such as cosmetic dentistry not covered by
insurance.
Dr. Smith would like to avoid treating young
children, or the extreme elderly whose primary needs encompass palliative and denture
care. At the same time, he does find the “baby boomer” and recently retired
population to
be a highly desirable segment, as they will
likely have a strong interest and the means to seek fixed
prosthodontic and implant dental care.
Delineation of Practice Area
Dr. Smith has identified his ideal location to
be an office condominium currently under construction
south of
perspective, we defined the area of analysis to be the
extension to the south for an additional 30 miles. This
area covers all of Duval (
Johns (
ZIP Code Analysis and Numerical Ranking
For each of the 41 ZIP codes, we obtained data
on 80 unique demographic characteristics related to
the success of a family dental practice. These
are spread among broad categories to include
aspects of discretionary and non-discretionary
spending, income and wealth, population distribution
and growth, education, employment, density of
general dental practices, and lifestyle characteristics.
Our approach was customized for a general
dental practice by focusing on population growth,
housing growth, household income, net worth, and
expenditures on health care, dental services, and
discretionary health products/services.
Using a proprietary model developed by GamePlan Solutions, these factors were simultaneously
analyzed across all 41 ZIP codes in the practice area,
and each ZIP code was assigned a score. The
scores were ranked from high (best combination of
factors) to low (worst combination of factors).
Our ranking results are based upon refinements
to the set of factor weights, where higher priority
factors are given greater emphasis relative to lower
priority factors. Only a select few ZIP codes
remain consistently highly rated regardless of the
weighting scheme applied. This sensitivity analysis
allows us to establish with certainty the very best
ZIP codes for locating your new practice. The
rankings were found to be robust; that is, across
twelve refinements of the model, only six ZIP codes
were consistently ranked in the top 5. This report
summarizes demographic, economic, and
competitive conditions for the 12 highest ranked ZIP
codes. These ZIP codes cluster together and
are referred to as the Practice Area.
Chart 1 below shows the ranking of all 41 ZIP
codes by attractiveness. Dr. Smith’s target ZIP
code
(32259) is ranked #1 out of all ZIP codes we
analyzed. Also, the ZIP code
adjacent to the south
(32095) is ranked #10. In fact, the 12
top-ranked ZIP codes are all clustered around Dr. Smith’s
target location, which suggests that the overall
area is ideal for patient acquisition and growing a
successful practice. The map on page 9 shows the clustering
of the 12 practice area ZIP codes.
Practice Area Highlights
This section of the report provides summary
information for the 12 highest-ranked ZIP codes
combined (“practice area”) and for individual ZIP
codes. Detailed profiles of each ZIP code begin on
page 15.
Table 1
Legend: 1=ZIP Code 2=Rank from Analysis 3=Area Name 4=Size (land area)
5=Population 6= Population Density 7=Population
Growth (2005-10) 8=No. General Dentists
9=Dentists/sq. miles 10=Population/Dentist 11=
Competition Level
1 2
3
4 5 6 7 8 9
10 11
|
32259 1 |
|
32082 2 Ponte Vedra
Bch 59.0 35,272 598.0 26.0% 15
0.3 2,351 Low |
|
32258 3 |
|
32225 4 |
|
32224 5 |
|
32223 6 |
|
32080 7 |
|
32250 8 |
|
32092 9 |
|
32256 10 |
|
32226 11 Jacksonville 99.8 9,706 97.3 15.2% 0 0.0
None |
|
32095 12 |
ALL 594.0 301,702 507.9
17.8% 114 0.2 2,647 Low
Population Size and Growth (Table 1)
Competition (Table 1)
·
Population-per-dentist
ratios provide approximate measures of competition in each ZIP code.
·
Most dental practices
have, on average, 1,200-1,500 patients per full-time doctor.
·
Areas with fewer than
1,200 residents per dentist are considered highly competitive, those with
1,200-2,000 residents per dentist are considered moderately competitive, and
those with 2,000 or more residents per dentist are considered to have low
competition.
·
While most residents see dentists
located near where they live, others go to locations near where they work.
Practice Area
·
Residents may see
dentists outside the area and vice versa. Thus, population-per-dentist ratios provide
a general rule of thumb for competitiveness, but they are not definitive.
·
Because there are twice
as many residents per dentist as the average practice (2,647 residents per
dentist), the overall level of competition in the 12-ZIP code area is low.
·
Target ZIP code 32259 and
other Jacksonville ZIP codes 32224, 32225, and 32258 have very low competition
as well, with over 4,000 residents per dentist.
·
·
Jacksonville ZIP code
32223 and
·
Augustine ZIP code 32080 and
Jacksonville ZIP code 32256 have high competition with fewer than 1,200
residents per dentist.
·
Jacksonville ZIP code
32226 and
TAPESTRY ANALYSIS (excerpts)
©ESRI BIS
Metropolitans (2.3%):
Metropolitans residents favor city living in older neighborhoods populated by singles
or childless couples. These
neighborhoods are an eclectic mix of single- and multifamily structures, with a
median home value of $183,000.
Residents include both
Generation Xers and retirees, most of whom are prosperous with a median household
income of
more than $55,000. Busy and actively living the urban lifestyle, Metropolitans
residents participate in
yoga, attend rock concerts, and
visit museums. They listen to jazz, news, talk, and sports radio and rent
foreign
videos.
They travel for business or pleasure, belonging to three or more frequent flyer
programs. They
participate in numerous
civic activities such as volunteering for environmental causes.
Green Acres (2.2%):
A "little bit
country," Green Acres residents enjoy homes in a pastoral setting. This upscale
market represents
developing
fringe areas, with more in the
aged 6–17 years. Their median
household income of $61,200 and median home value of $168,000 are high
compared to
that of the
do-it-yourselfers and are not afraid to tackle home improvement projects such as
painting and installing decks,
patios, and
spas. They are enthusiastic about gardeners and own a separate freezer to hold
the bounty. For
leisure,
they watch Home and Garden Television, NASCAR races, and pro football games on
TV. Their favorite
outdoor activities
include hiking, hunting, and backpacking.
Rural Resort Dwellers (1.7%):
Rural Resort Dwellers
residents follow the scenic route. Favoring milder climates and pastoral
settings, they live
in rural nonfarm areas throughout the
mobile
homes with a significant inventory of seasonal housing. With a median age of 46
years, the population is
older than the
officially
looms for many,most are still working. Many in Rural
Resort Dwellers neighborhoods are self-employed
with a median household
income of $43,000. Simple living and consumer tastes describe the Rural Resort
Dwellers residents. They own equipment so they can work on home and garden
improvement projects. Domestic
four-wheel
drive trucks are popular. Their lifestyle includes baking and preparing
home-cooked meals as well as
participating in local civic issues. They read magazines that focus on fishing,
hunting, and home improvement.
They go hunting, listen
to country music, and zoom around in power boats.
DATA SOURCES & TAPESTRY METHODOLOGY
Data Sources:
Demographics – ESRI BIS forecasts for 2005 and
2010, based on Census 2000 data
Socioeconomics – Income, value of owned
houses, education, and occupation: ESRI BIS forecasts for
2005, based on Census 2000 data
Psychographics – Tapestry™ segments: ESRI BIS (see
below); household budget and medical
expenditures: ESRI BIS forecasts for 2005, based on 1999-2001
Consumer Expenditure Surveys,
Bureau of Labor Statistics
Competition – Number and locations of dentists
by ZIP code were derived from American Medical
Information, a division of InfoUSA
Tapestry™ Segmentation:
The Community Tapestry segmentation system
provides an accurate, detailed description of
neighborhoods.
Using proven methodology introduced more than
30 years ago by the ACORN segmentation system,
neighborhoods with the most similar characteristics are
grouped together, and neighborhoods showing
divergent characteristics are separated.
Each neighborhood is analyzed and sorted by
more than 60 attributes including income, source of
income, employment, home value, housing type,
occupation, education, household composition, age,
and other key determinants of consumer behavior.
Data sources include Census 2000, proprietary
ESRI BIS 2003 demographic updates, the Acxiom InfoBase consumer database, the Mediamark
Research Inc. national consumer survey, and other sources.
Tapestry combines traditional statistical
segment analysis methodology with the latest ESRI BIS data
mining techniques. These techniques complement and
strengthen the traditional methodology used in
working with large amounts of geo-demographic data to
produce a vigorous and compelling
segmentation of