Executives turn to their real estate teams when it comes to expansion strategies and market analysis. But did you know these site selection professionals have access to customer data that can also make a big difference in operations?
Your company’s customer data, when spatially enabled, is a treasure trove of intelligence that can be used to inform more successful business decisions. In fact, there are likely more uses for site analytics than even your internal team has realized.
Use your spatially enabled customer data to:
Want to make your current sites more successful? Use site analytics to clearly define the customers around each store: where they’re coming from, when they shop, why they buy and what they need. When grocery chain Winn-Dixie used location-based customer analysis to remodel existing stores for high-income shoppers they identified in the area, the resulting Wi-Fi coffee spots and localized departments immediately boosted the number of daily transactions and sizes of individual purchases.
Select retail partners
Use your spatial data to select the best retail partner locations for selling your merchandise. This manufacturer, for example, analyzed customer data to hand-select department stores—and watched sales soar.
Optimize your merchandise
Your analytics team can help determine the right mix of products for each individual location based on the customers you know will be shopping. If a specialty clothing retailer’s Panama City, FL location knows a high percentage of customers are visiting from Midwest states during football season, they’ll know to stock up on Ohio State and Michigan winter apparel. A simple data analysis like this can mean maximum profits.
Select new markets
And finally, if you’re not using spatial data to guide expansion strategies, now’s the time to start. With the right tools, a quick analysis will accurately narrow down a list of prospective sites and markets to a handful of locations with the greatest potential. One retail director of stores put it this way:
“I can profile an entire market and map out the perfect locations for our brand. I don’t even have to get on a plane!”
Are you facing other business challenges and wondering how spatial analysis can help? Email us today. Our executive team monitors messages and will answer your business-specific questions directly.
Photo thanks to dirtyblueshirt (Winn-Dixie)