Market Research in Long Island, NY
Long Island lies to the southeast of New York State. It extends 118 miles east-northeast from the mouth of the Hudson River. The Long Island Sound separates it from the southern shore of Connecticut, and most of the island is parallel to that state’s southern coast. Queens, Kings, Suffolk, and Nassau are its four counties. New York City’s Brooklyn borough is in Kings County, while Queens County has a borough of the same name.
Why is Long Island Important?
Long Island is a vibrant, attractive region. As a matter of fact, it combines into a single market two thriving counties with large populations. Both have wealthy economies and are close to New York City. Another great thing about this region is that employment rates are high, and poverty rates are low. What’s more, Long Islanders have high rates of home ownership and a highly educated workforce. Another key point is that Long Island accounts for about one-eighth of the state’s GDP, second only to New York City.
Cities, Regions, and Neighborhoods in Long Island
Oyster Bay, Hempstead, and North Hempstead are the three towns in Nassau County. That county also has two cities: Long Beach and Glen Cove. The towns in Suffolk are Brookhaven, Babylon, Huntington, East Hampton, and Riverhead. Other Suffolk towns include Islip, Shelter Island, Smithtown, Southold, and Southampton. It also has two Indian reservations: Shinnecock and Poospatuck. Moreover, some of these towns have local hamlets and villages within them.
Key Industries in Long Island
The key industries in Long Island are:
- Manufacturing. Long Island has at least 21 industries in this sector. Food production has shown the most growth over the last decade or so
- Construction. This sector is booming across several sectors, including healthcare, education, and home-building
- Trade, Transportation, and Utilities. High rents in New York City have forced many wholesalers to move to Long Island.
- Healthcare and Social Assistance. Healthcare has been the region’s best performer. It accounts for almost one in every five jobs.
- Professional and Business Services. This sector includes a range of industries. It reflects Long Island’s many skills in Science, Technology, and Engineering
- Leisure and Hospitality. This sector is the second-fastest-growing in the region. But, workers tend to receive lower pay than the other sectors.
Why Businesses Need Market Research in Long Island
Market Research provides vital data about your market as well as your business landscape. It also plays a vital role in creating your products and services. It tells you when to bring them to the market and how to convince people to buy them. For many firms, Market Research is crucial to forming a Go-To- Market Strategy. It provides a fact-based starting point for gauging sales and profits.
Opportunities and Key Success Factors in Doing Business on Long Island
Pharmaceutical and biotech companies have done well in Long Island in recent years. So have tourism and hospitality businesses. Notable vineyards, fisheries, and other agribusinesses dot the landscape. Still, small companies tend to do well in Long Island, making up most registered companies. Long Island’s size could be a factor. The area covers 1400 square miles, with around 2.8 million residents. Its gross economic output is about $170 billion per annum. In New York State, it’s second only to the Greater NYC area.
The following are the success factors needed to keep Long Island on track:
- Consistent and transparent planning and policy-making by city authorities
- Ease of doing business
- Careful handling of conflicts between short-term business interests and long-term city development
- Channels for businesses to contribute to strategic planning.
About Market Research in Long Island
To start a business in Long Island, you’ll need to do Qualitative Market Research. This type of research goes further than surface-level stats. It answers questions like, “how do people feel about X brand and why?” Such nuanced data helps grasp the buyer’s point of view. Quantitative Market Research is the converse of Qualitative. It is the process of amassing figures for research purposes.
Before investing in Long Island, you’ll need to do Market Entry Research. It is the basis for all you do, including preparing your Go-to-Market Strategy. SIS International Research can help you with this aspect. We can show you how to put your business plan into action. Contact us now! Let’s step forward and open the gates for business in Long Island.