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Look Before You Lease: Keys to Site Selection and Renewals
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Apply your customer data to
nearby demographics
You know who your best customers are. How old they are.
How much they make. The activities they enjoy. Some
demographics represent a large percentage of total sales,
but a smaller percentage of your customer base. Others are
irrelevant to your business, unlikely to buy your products or
care about your brand.
This data is vital to site selection. It's how you determine
the value of a site to your business, not just some generic
company. But you can only do that when you apply this
customer data to the actual people living in and around the
target trade area. Do the people who live there represent
your best customers? Where are your customers in relation
to the site? How will they get there? Answering these
questions helps you gauge the scope of the opportunity a
site represents. It's a starting point, which you'll refine as you
dig into the site's specific characteristics and incorporate
more variables.
When it comes to renewals, you may find that a location
no longer represents the opportunity it once was.
Perhaps a change in local government has brought major
developments to a grinding halt. Or a refinery shut down,
and a sizable portion of your target demographic moved.
Maybe a new demographic has emerged as your ideal
customer, and they live somewhere else. Before your renewal
window arrives, it's worth taking another look at how your
customer data aligns with a site's local demographics.
