Using geographical intelligence to choose the best location for your business
Whatever stage of business you are at - whether you are drafting a business plan to accompany a loan application, or an existing multi-site business looking to expand or rationalise sites - location intelligence can make the difference between a thriving and profitable store, or a failed venture.
Who are your customers?
If you are fortunate enough to be expanding an existing retail store network, then your existing customer demographic should play a central role in choosing a new location. However, even if this is your first business venture, you may be able to gain insight from similar businesses, or from your vision of a desired audience. We can overlay our P2 People & Places geodemographic profiling data onto your existing customer database or find the demographic group that most closely matches your desired audience. We can then find and map similar audiences around potential store locations with our Prospex GIS to ensure that you have a fertile site for your new outlet. If you have existing customer behaviour or purchase data we can also pinpoint the ideal audience most likely to visit your store and, importantly, likely to spend the highest amount on your products.
How easily can customers get to you?
Few stores can rely solely on people living close by to support them, so travel infrastructure is an important consideration when opening new premises. We have created TimeTravel data, which accurately calculates average travel distances and times to and from any given UK location. This allows us to map realistic catchments for your store based on travel time. We can use the same process to work out how efficiently a business offering local delivery could get out to service its clients. Many of our clients use this same data once their business is established as the basis for a “where is my nearest store” web application, making it as easy as possible for customers to find their most conveniently located store.
Complete location analysis
Outside of the customers themselves, a full location analysis is vital to ensure that you have a competitive environment:
- Does your store have its own parking or do you need to ensure proximity to public parking or public transport hubs?
- How saturated is an area with potential competitors?
- What other businesses and features are likely to help attract customers to your area?
Targeting high propensity customers is important, but attracting new customers is also vital for a long-term, thriving business model. We can map points of interest, that might draw customers from your targeted demographic group from further afield to your location and bring them past your door. We can also map the location of your competitors to allow you either to avoid them, for a local monopoly, or position your site prominently amongst them, if you have a very competitive product set.
How we can help
We have 25 years of experience working with geographic and demographic analysis and have worked with major brands such as Vision Express, Majestic Wine and the RAC alongside smaller single-site businesses. We pride ourselves on finding the most competitively priced solution for any client to allow them to make informed decisions about location and audience selection. Get in touch if you’d like an informal chat about the solutions we can offer.
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