Developing a new location isn’t just a manner of rolling the dice and hoping the company sticks. Unfortunately, far too many businesses start a new company by jumping in both feet without having location intelligence. After a few months, companies struggle to build a brand. They become disheartened, and they question viability. Maybe the products aren’t working. Perhaps the consumer doesn’t like the product. Location intelligence provides critical information about every aspect of business, from geological information to consumer behavior and everything in between.
Building Consumer Understanding with Location Intelligence
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With the development of AI, machine learning, GPS tracking, and psychographic information, businesses are able to develop an understanding of customers in a way never possible. Analysts can determine consumer movements, build profiles of interests and preferences, build economic profiles, and more. Demographics can determine ideal price points for multiple products without needing to petition local communities. Even market saturation with local competitors has a place with location intelligence. After all, you don’t want to start a business in an area with steep competition.
Companies can now quantify business returns of a new location far more accurately than they’ve ever been able to do in the past. These strong connections to information should be a catalyst into business decisions. Making informed decisions makes financial sense. Using data available through mapping software can establish ideal locations for new brick-and-mortar stores.
How to determine ideal locations
Mapping software uses location mapping to model and analyzes large data quantities within a single database. Integration includes multiple sources, bringing a solid visualization of patterns. This interpretation of points starts with user input. Users can plot multiple locations on a map, starting with personal records. Demographic information integrates into the mapping software and Google Maps for real-time analysis.
Location intelligence can offer to filter and categorize data. The data develops comprehensive profiling of specific geographic locations, including competitor analysis. These details can integrate from multiple sources, whether census data or private data sets.
Companies can assess specific geographic locations for sustainability, territory development, or ongoing support using the map software. Emerging patterns and continuous growth assessment determine future growth for any company, whether a small business or large enterprise.
Developing Sales Territories
Mapping software that integrates with Google Maps, for example, can highlight future sales territories and underutilized resources for site location. Openings within the market suggest a potentially viable site location, particularly if the target audience within the area matches with the company brand. Additionally, identifying a suitable place should include analysis of current sales territories to minimize site overlap. Determine the reach of any current locations and how to reach market potential with the new location. Regions will change over time, with development and purchasing power. Redrawing the lines and establishing the parameters need to remain fluid over time.
Use Site Location to Establish Brand Growth
Location intelligence can optimize site location for multiple sectors by building a systematic approach to growth. As your company continues to grow, a better understanding of the target and current customer can develop a pattern of habits. For example, knowing where your customers go after visiting your current location helps assess different sites for future locations. If you know that a customer visits your area and then travels to a park, finding a place near greenspace or parks makes geographical sense.
Knowing your customers visit your establishment after working in an office might dictate a commercial location for your company moving forward. Access drives growth, particularly if they’re in the central areas of your target audience.
Remove the Question from Location
Access to data-driven information removes the question of specific locations. It refines and improves site selection by adding location-based data for a company or business. The process, when used correctly, enhances profitability and the identification of new growth opportunities. Having a comprehensive analysis also reduces the overall risk for future business locations. Companies can confidently identify areas of growth, geographical sites for expansion, and the best products and services to offer within each store based on statistical data. Businesses can shift marketing tactics, competitor analysis, and pricing strategies to customize their approach further. These custom options, products, and marketing efforts ensure optimized results for virtually any industry.
