Using Data Science for Site Selection
Your franchise has tens, hundreds, or perhaps even thousands, of locations. As a business owner, you are focused on ensuring efficient, cost-effective operations so that you can best serve your customers and drive revenue growth at each location. Aside from operational controls, a key factor in the success of each location is your ability to deliver a consistent experience and value proposition to your customers. Yet, the individual results of each store make it clear to you that some locations consistently perform better than others. Why do some locations struggle while others thrive? How much are you spending to address this problem (or losing by ignoring it)?
The Solution: Data Science
At IdealSpot, we’ve built a business on the premise that data holds the key to discovering the unique components of success for any business. Just like a fingerprint or DNA profile, no two businesses have the exact same success archetype. This DNA is often buried within thousands of data points, but the right science and right analysis allow us to tease out these success factors. Once these key performance indicators are established, they can be applied to assess locations, hatch expansion plans and drive profitability.
Imagine having a data-driven watermark for making strategic location or asset deployment decisions. This is what we do at IdealSpot.
- Conduct a correlation study of all locations to tease out the success archetype and key performance indicators.
- Upload the KPIs to our web-based platform to establish a watermark for comparing all locations and expansion regions.
- Utilize the IdealSpot platform to make incisive, data-backed decisions on commercial real estate assets.