Over the years, economic development strategies for local business districts have gone through several cycles and trends. The goal of the Hamilton Economic Gardening approach is based on our community’s specific needs and support appropriate responses and strategies that are built and sustained from within. To be successful in business today, data-centered planning is essential for decision-making. Economic gardening is centered on the basic tenant that Hamilton is stronger when all the business districts work cooperatively to share knowledge and combine resources to support their “competitive advantage.”
One of the most important pieces of a business strategy is a understanding of the market your business in located. This starts with a definition of the geographic market area, alongside a careful look at available data of the customer base (psychographics), market potential, the surplus and leakage of local spending and puts it together to define your market position.
This Toolbox will take you through these steps.