How to create the best branch expansion strategy?
Tuesday, March 15, 2022
To ensure the success of branch expansion
strategies for site selection plans, it’s necessary to compare the business model with the the potential market needs and build the corresponding strategy, location and foot traffic analytics are the best tool to do so.
fic data gives retailers
a competitive advantage in site selection by helping to visualize how local market dynamics have changed over a long period of time, uncovering new opportunities and insights in real time that would not necessarily have been evident through more traditional or one-dimensional data sources.Location analytics
gives insight into whether a business will succeed in a given area, by mapping key area demographics, buying habits and competitor locations, it is possible to identify where there is active demand for any given product or service.
Also Read: “Predictive modeling for site selection strategies
Using location analytics to create a market area profile minimizes the risks of failure by helping to integrate your business into the needs and buying habits of an area, can give you a competitive advantage and ultimately avoid costly mistakes. Read the complete article here
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More on this topic
Footfall analytics for site selection strategies
The secret to site selection in such a competitive market is based on the ability to analyze the right data and be able to understand and interpret the site selection strategies of nearby locations to stay ahead of their expansion plans and gain a competitive advantage.
Where? This is the fundamental question that guides any site selection decision. Tools such as
enable the aggregation, analysis and visualization of spatial data and bring significant advantages to the
Micro-mobility to determine where to locate retail stores
Micro-mobility analytics improve retailers’ expansion strategies by accurately identifying consumer demographics, understanding customer behavior, and understanding how their competitors are performing.
is a methodology that combines
to solve several problems and improve
strategies by helping to understand how people move around specific
brick n’ mortar
locations, allowing companies to analyze movement patterns around specific locations, such as retail stores, to extract meaningful information.
Foot traffic analytics: Mercadona Vs. LIDL
Supermarkets can apply location intelligence techniques and footfall analytics to understand consumer mobility patterns, generate efficient site selection strategies, understand the performance of their stores, and estimate competitor turnover.
The correlation between foot traffic visitation, sales, and the success of retail supermarkets have been studied and proven, so the development of this type of analysis has become a priority in the site selection process and expansion strategies.
Big data and Market Share
Big Data together with mobility analytics and location intelligence techniques allow increasingly accurate estimates of the levels of visits received by points of sale, revealing geographic patterns of brand loyalty and market penetration.
Get to know the competition and how they behave in the market is now possible, thanks to technological tools that provide an overview of mobile device activity associated with brand locations, helping to visualize a detailed picture of
engagement, brand loyalty, and market share.
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