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Don’t Just Look for What’s Available

By January 24, 2018 September 18th, 2018 No Comments

If you are in the process of looking for a new business location, you need to ask yourself what factors are you considering in your site selection process. If your answer is only “where are there available spaces”, you’ll only have one piece of the puzzle.

You need to know about the demographics of your target customer – age, gender, education, income, etc. You need to understand how much traffic there is in and around an area. And most importantly, what if you can see where there is demand for what you’re selling.

What if you can get insight into where there is demand for what you're selling?

If you don’t know where you are going, you’ll never get there. Likewise, if you do not have a clear picture of where your customers are, you will never reach them. Success favors the prepared.

So how do you find out where your customers are located? Read on…

Understand Demographics

We are living in one of the most economically and culturally diverse times in the United States. As a business owner, you need to know not just who your customers are – like age, gender, race or income – but their lifestyles, such as their shopping patterns, how they spend their free time, do they exercise regularly, which forms of media do they use the most, etc. IdealSpot’s demographics data provides the insight you need to find where the greatest market opportunities are for your business.

See the quarterly number of employees for five locations of your choosing.
Understand Traffic

When it comes to looking at traffic in and around a potential location, you need to know both the traffic count and how this data relates to your business. IdealSpot breaks down INRIX data sourced from more than 300 million different services including GPS, cell towers, mobile devices, cameras, etc. into easy-to-read reports that clearly paints the picture of your local area as it relates to traffic.

See traffic counts for both sides of the street by time of day, day of week, and weekly averages.
Understand Where There is Demand for Your Product or Service

Not everyone who falls under a certain demographic will behave the same way or like the same things. That’s where IdealSpot’s unique demand insight comes in. Through social media and search engine analysis, we can pinpoint where the people are that are searching or have shown interest in what you sell.

Heatmap that shows where there are market gaps and demand for your product or service.

Along with these insights, IdealSpot provides additional insights into psychographics, where your competition is around your location, where your customers are coming from, household income, workforce, spending, and market void analysis.

Want to see these insights for your business?

Sign up and get a report for your location.
Marc Smookler

About Marc Smookler

Marc Smookler has founded 6 companies—2 of which have been acquired and 3 of which are market leaders in their respective spaces—the leading brick-and-mortar retail analytics company (IdealSpot.com), a leading online retailer (SakeSocial.com), and a cutting-edge marketing services platform (Written.com). Marc’s companies have generated over $300M in lifetime revenues and sold over 150,000 products worldwide.

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