General
Leverage Retail Location Analytics to Expand Your Business
Starting a new business can be a challenge but expanding into new territories can be even challenging. Unfortunately, many expansion endeavors fail and cause major losses to businesses. This can be avoided with the help of location intelligence software. You can get access to the precise information regarding different locations and make informed decisions.
- Assess Performance and Potential of Current Locations
Before you think about expansion, it is a good idea to see if you can get more out of your current assets. Collect information about your present branch locations with the help of a network planning software. Study the data and map carefully to identify any missed opportunities like an untapped demographic, marketing hotspots, nearby locations, competition, etc.
Optimising your current store locations and getting the most out of them is a great way to increase your resources considerably. You can then use those increased resources to expand your business. You will have more options and a better budget for expansion.
- Find Locations That Aren’t Competitive but Have Potential
Location analytics can reveal a lot about the untapped potential of different locations. For example, a location might be an ideal spot for a Japanese cuisine restaurant even if there are dozens of restaurants serving different cuisines around it. You need to look for the market gaps and opportunities.
Consider the data carefully and determine whether the location is underutilised or has a gap in the market. For example, if the location has a premium residential project in the pipeline, you can use the mapping software to look at the local demographic, current competitors, purchasing power, and other such factors. You can try to predict what kind an impact a new residential development will have on the local market and then think about your investment.
- Study the Competition in Popular Locations
Popular locations often have intense competition. With retail location analytics, you can easily study the competition, understand the traffic flowing through the location, and spot opportunities. You can seek prospective customers who might be interested in your products but aren’t targeted by your competitors.
By understanding the competition’s network and studying the location data, you can get an idea of how to break into popular markets and be successful in them.
- Expand into Different Countries
Expanding into a different country requires a different strategy, especially if the country has a different culture. A location’s history, culture, and tradition have a big impact on buyer’s behaviour. Using GIS mapping software and big data research, you can find your target customers and create a strategy that will allow you to have a good stronghold in the industry.
Investing in location mapping software can help you find the best locations, establish a strong foothold and successfully expand globally.