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7 Ways to Use Your Proprietary Data in Site Selection
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While some retailers will need to rely on third-party
data to learn about their customers, others will have
vast amounts of their own customer data to utilize
in site selection. And the reality is that whatever you
know about your current customers will be incredibly
useful in this process. Using site selection software with
geographic information systems (GIS) capabilities, you
can see how your customers are distributed on a map.
Here's how it looks in Tango Transactions.
Visualizing where your customers live or work and
how they're concentrated geographically will help
you understand how far each location reaches in its
respective trade area. Seeing how far most customers are
willing to drive to your location (or how far away they'll
order from it) can help you analyze your potential in
comparable areas. This also helps you evaluate whether
relocating would put you in a better position to serve your
most valuable pockets of customers, or if there's already
sufficient demand in a nearby trade area to justify a new
location.
